They said last year that New York had a term sheet executed with Bernie Ecclestone’s Formula On Management for a similar race one hour from Manhattan. That was a week before Austin emerged, out of the blue, with a definitive agreement for the U.S.. Grand Prix.  They’re tilting at shadows here, besides needing to come up with $250M over 10 years.

The mayors of Weehawken and West New York, N.J., said Tuesday that they are in early stages of talks with a group of investors led by Leo Hindery Jr., a former chief executive of the YES Network, to bring an F1 event to the area as soon as 2013. The race would run on existing streets in these cities, with New York as the backdrop.

Formula One: New York Area Race Deal Almost Done | WSJ.com.