Formula One Cars to Race 250 mph on Streets Just Miles From Manhattan (Report)

Jun Yeon-Je/AFP/Getty Images

Estimates say that the racing car circuit could bring several hundred million dollars per year to New Jersey under a 10-year deal.

NEW YORK - Formula One car races will come to New Jersey under a 10-year deal set to be announced by Gov. Chris Christie Tuesday, the New York Post reported.

The world’s top racing car circuit will put on a Jersey Grand Prix race in June 2013, it said. London-based Formula One has long wanted to get into the New York City area. It has not held a U.S. race since Indianapolis in 2007.

The route of the Grand Prix of America is expected to start at JFK Boulevard East in Weehawken, just across from midtown Manhattan, the Post said.

Fewer than 20 races are held each year by Formula One, and fans pay several hundred dollars for their seats, according to the Post.

Christie’s office told the paper that he expects that Formula One will bring “a significant economic and tourism boom for our state.”

The Post cited estimates that the race could bring in several hundred million dollars per year.