The introduction of Formula 1 to the US state of New Jersey from 2013 is "huge news" for the sport, says former team owner Eddie Jordan.
The New York skyline is the backdrop to the 3.2-mile circuit which will be the second US track on the calendar alongside a race in Austin.
"New York is one of the major cities in the universe," said Jordan.
"We have been wanting to go somewhere like this for a decade now, this is huge news."
Formula 1 has been held at various venues in the United States, but November 2012's United States Grand Prix in Austin will be the first time the country has hosted a race since Lewis Hamilton's victory in Indianapolis in 2007.
The New Jersey race, which is to be called the Grand Prix of America, is predicted to attract up to 100,000 spectators throughout the race weekend.
BBC F1 chief analyst Jordan believes that the event represents a unique showcase for the sport.
"It is the jewel in the crown, not just in terms of America, but in terms of grand prix racing and brand awareness, bases and venues," he added.
"A race in the centre of a major city has huge upsides. There are difficulties in terms of getting around, but it pales into insignificance compared with the benefits for the teams, the country, the city, commercially for Formula 1 and just the whole euphoria of the thing."
The 2012 season is made up of 20 races across five continents and Jordan, who ran the Jordan F1 team from 1991 to 2004, believes the addition of New Jersey the year after will strengthen both the racing pedigree and commerical value of Formula 1.
"The mix now is such that we have some very great classic venues like Spa and Monza and street circuits like Valencia, Monaco and Singapore," he said
"The other circuits coming on stream are hugely important. We have focused very strongly on Asia and that showed vision and foresight in my opinion.
"While Europe is steeped in Formula 1 history, the major commercial bugbear for Formula 1 is that we haven't penetrated deeply enough into the United States.
"The States has always been one of those sketchy areas but this is the remedy of all remedies.
"Whether it can boost sponsor revenues or not, it will certainly maintain it. Global corporations will be able to say, 'wow now we can continue in Formula 1' or 'wow this is the time to come in'.
"It is the only sport that is able to offer that."