Global Motorsport Media
A ten year deal for a waterside American Grand Prix amidst the New York skyline was announced officially on Tuesday.
New Jersey governor Chris Christie made the official announcement but the street race, to debut in mid 2013, will be privately funded, headed by Leo Hindery, a well-known American businessman and Le Mans class winner.
Unlike Texas' purpose-built circuit for next year's US Grand Prix, Hindery said the roads for the street race are already in place and only need to be resurfaced.
"We build our stands, our pits and paddock club. We put up barriers and catch fences. We put it up and take it down," he said.
Also unlike Austin, there will be no government help.
"We are not receiving and never asked for any subsidies," he insisted.
Tavo Hellmund, the Texas promoter, offered his congratulations and said the two US events - separated by more than 3000 kilometres - can coexist.
You'll be able to see the Manhattan skyline on TV
"I am excited for the east coast and feel Tuesday's announcement is yet another acknowledgement of the viability, fan interest, economic benefits and prestige an F1 Grand Prix event brings to a region," he said.
Even more excited is F1 chief executive Bernie Ecclestone.
"I've been wanting to do this for years," he told the Bloomberg news agency via telephone. "You'll be able to see the Manhattan skyline on TV."