A ten-year deal for a waterside American Grand Prix with the back-drop of the New York skyline was announced 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 said.
Tavo Hellmund, the Texas promoter, offered his congratulations and said the two US events - separated by more than 3000 kilometres - can co-exist.
"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."
Mixed reaction as F1 lands in India
Formula One's travelling circus has offered a mixed reaction after touching down ahead of the first ever Indian Grand Prix.
Tax, security and circuit construction issues made headlines many weeks ago, but a couple of drivers this week were still grumbling about the difficulty of obtaining a visa to the burgeoning south Asian country.
"I had a bit of a feeling that the Indians didn't really want to see us," Virgin driver Timo Glock is quoted as saying by Germany's T-Online.
"I hope the fans take us closer to the heart than the local immigration authorities did," he added.
It has emerged that fellow German Nico Rosberg, who arrived in Delhi on Tuesday, was initially denied entry to India.
Also grumbling is Finn Heikki Kovalainen: "I had to fill in about 70 pages of paperwork. It's unreal how complicated it was."
But Speed Week correspondent Mathias Brunner revealed that once his visa was in his hand, he was surprised that actually entering India was easy.
Then came the smog and his taxi journey to the hotel.
"If you're thinking of yourself driving a car in India - don't do it!" he jokingly warned.
"The typical Indian driver honks with one hand and talks on the phone and gestures with the other. There's not much capacity left to steer," said Brunner.
"And I have never in my life seen such a dirty city. The rubbish lying on the streets beggars description, as though the garbage men are on continuous strike."
Sutil insists Force India decision not made yet
Adrian Sutil insists he has not been ousted by Force India.
Reports are growing strength that the German, who has been with the Silverstone based team since its Spyker days, will be replaced in the race seat next year by Nico Hulkenberg.
Boss Vijay Mallya, however, will not be making the 2012 driver announcement until mid December.
"Vijay has told me that there has been no decision yet and that the (Hulkenberg) news is not right.
"I have no reason to disbelieve him as he has always been open and honest with me," Sutil told Germany's Auto Motor und Sport.
The magazine, however, is convinced that Sutil's "marriage to his long-time employer seems over", with new team co-owner Sahara meaning Force India is "no longer dependent on Sutil's sponsors".
His only alternative for 2012 appears to be Williams, with Sutil's manager Manfred Zimmermann reportedly ruling out a switch to Lotus, Virgin or HRT.
Renault has a vacancy for next year, but Sutil remains locked in a legal dispute with that team's co-owner Eric Lux.
For its driver choice, Williams is in a position of luxury, with Sutil but also Rubens Barrichello and apparently Kimi Raikkonen all keen on the seat alongside Pastor Maldonado.
Auto Motor und Sport said 2007 world champion Raikkonen has tired of rallying, has some sponsorship in tow and is "training hard" for his F1 comeback.
"A quick decision by Williams, as hoped for by Sutil, is not likely," said the German report.
New names line up for Abu Dhabi test
The rookie lineup for next month's young driver test in Abu Dhabi is taking shape.
Some brand new names are in the mix, according to Italy's Autosprint magazine.
One is the 22-year-old Monegasque driver Stefano Coletti, who has reportedly secured one of the seats that according to speculation has been sold by Toro Rosso.
Team boss Franz Tost is reportedly also in talks with Italian teenager Kevin Ceccon.
Another teenager, 18-year-old Estonian Kevin Korjus, will apparently run with Renault, as will the German DTM driver Christian Vietoris.
It was believed Frenchman Charles Pic was in talks with Toro Rosso, but the GP2 star will reportedly run at Yas Marina with Force India.