On July 9, 1952, New York Airways launched the first ever helicopter passenger service in the United States. New York Airways was originally founded as a mail and cargo carrier but saw a potential niche market in scheduled passenger service and commenced passenger operations in 1953. The company used modified Sikorsky S-55 military helicopters when it began - a rather noisy and small helicopter. In the years ahead, advances in technology allowed New York Airways to use a more civilian-friendly helicopter such as the Boeing-Vertol CH-46.

One New York Airways goals was to be able to ferry passengers between the downtown core and major airports like the JFK airport. The plan would create heliports in downtown New York, that would cater mainly to executives and businessmen who had the resources to pay for the service and who were on tight schedules. Unfortunately, the market never really developed as they hoped at the time, and most of the heliports opened were closed by the 1970s. Today though, a Downtown Manhattan Heliport is commonly used by high profile executives on Wall Street and for the delivery of time-sensitive documents.

In its best years, New York Airways had partnerships with 24 international and domestic airlines flying to destinations such as the Wall Street Heliport, Newark Airport, JFK Airport, and others. The company faced a major setback in 1977 when a landing gear failure on one of its Sikorsky S-61 helicopters caused its rotor blades to tip over and maim four passengers. In addition to this public relations nightmare, an energy crisis in the 1970s severely hurt the company's profitability, and eventually the company was forced to file for bankruptcy in 1979. (Look at some past recessions and energy crisis' in our article, A Review of Past Recessions.)

Related Articles
  1. Budgeting

    How to Travel to Tokyo on a Budget

    Planning a trip to Tokyo? Here are a few ways that you can make the trip more affordable.
  2. Professionals

    Top Stocks to Short, Go Long On to Beat the Market

    A long/short portfolio can help weather a variety of market scenarios. Here's how to put one together.
  3. Investing

    How Aliko Dangote Became the Richest African

    An overview of how Aliko Dangote turned a local commodities trading business into a billion-dollar conglomerate.
  4. Investing News

    Austin Set to Rival Silicon Valley

    Over the years, Austin, Texas has lovingly embraced its quirky reputation with the slogan “Keep Austin Weird.” Today, the capital city is attracting several tech startups and investors, making ...
  5. Entrepreneurship

    Top 3 Most Successful Korean Entrepreneurs

    Discover the backgrounds of some of the most successful Korean entrepreneurs and information about the companies and projects leading to their success.
  6. Entrepreneurship

    Top 5 Most Successful Swedish Entrepreneurs

    Understand what makes Sweden a great place for entrepreneurship. Learn about five successful Swedish entrepreneurs who are making big impacts.
  7. Entrepreneurship

    Top 3 Most Successful African Entrepreneurs

    Discover the educational backgrounds and entrepreneurial ventures of some of the most successful and well-known African entrepreneurs.
  8. Personal Finance

    Top Resorts for Multigenerational Family Vacations

    After a week at one of these resorts that cater to families of all ages, you might swear off those exhausting road trips to Grandma’s for good.
  9. Investing

    Essential Tips on Making Your Hobby Your Career

    Here are some ways to turn what you love to do for fun into your job.
  10. Entrepreneurship

    Top 5 Most Successful Mexican Entrepreneurs

    Understand why so many socially conscious entrepreneurs have come out of Mexico. Learn about the top most successful Mexican entrepreneurs.
  1. Can I buy insurance to reduce unlimited liability in a partnership?

    Partnership insurance is actually quite common. Most of the time, partners buy insurance to safeguard against the possibility ... Read Full Answer >>
  2. What are the benefits of prorating expenses?

    When a person prorates expenses between personal and business expenses, he is able to capture the maximum amount of tax benefits ... Read Full Answer >>
  3. How can an investor profit from a fall in the utilities sector?

    The utilities sector exhibits a high degree of stability compared to the broader market. This makes it best-suited for buy-and-hold ... Read Full Answer >>
  4. What is the relationship between research and development and innovation?

    Although it's possible to achieve innovation without research and development and it's possible to conduct research and development ... Read Full Answer >>
  5. How does the notion of the American Dream influence the US economy?

    The notion of the American Dream influences the U.S. economy because it creates the driving force behind the free enterprise ... Read Full Answer >>
  6. How do venture capitalist investors view sustainable growth in a startup?

    Venture capitalist investors view sustainable growth in a startup as necessary when considering investing in it. Typically, ... Read Full Answer >>

You May Also Like

Hot Definitions
  1. Term Deposit

    A deposit held at a financial institution that has a fixed term, and guarantees return of principal.
  2. Zero-Sum Game

    A situation in which one person’s gain is equivalent to another’s loss, so that the net change in wealth or benefit is zero. ...
  3. Capitalization Rate

    The rate of return on a real estate investment property based on the income that the property is expected to generate.
  4. Gross Profit

    A company's total revenue (equivalent to total sales) minus the cost of goods sold. Gross profit is the profit a company ...
  5. Revenue

    The amount of money that a company actually receives during a specific period, including discounts and deductions for returned ...
  6. Normal Profit

    An economic condition occurring when the difference between a firm’s total revenue and total cost is equal to zero.
Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!