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. Retirement

    5 Reasons to Start a Business After You Retire

    It can be beneficial in any number of ways: mentally, occupationally and even financially.
  2. Entrepreneurship

    The Top 5 Women-Owned Businesses in Denver

    Take a look at some of the most successful women-led companies in the Denver metro area, and learn why Denver is a great place for female entrepreneurs.
  3. Entrepreneurship

    4 Things to Know About Your Company To Make a Successful Pitch to Investors

    Learn how to make a successful pitch to investors. Regardless of your industry, size or market, there are some questions all investors need to have answered.
  4. Entrepreneurship

    Top 4 Billionaires Living in Los Angeles

    Learn how these multibillionaires built their fortunes to stand out from the crowd of the countless ultra-rich who call Los Angeles home.
  5. Investing

    10 Cheap Vacations for the Ultimate Foodie

    If you are a foodie then explore one of these destinations in 2016.
  6. Investing Basics

    3 Business Tips from Restaurant Reality Shows

    The reality TV shows "Restaurant Impossible" and "Kitchen Disasters" offer lessons not just for restaurateurs, but for all business owners.
  7. Options & Futures

    Cyclical Versus Non-Cyclical Stocks

    Investing during an economic downturn simply means changing your focus. Discover the benefits of defensive stocks.
  8. Entrepreneurship

    4 Most Successful Indiegogo Campaigns

    Learn about some of the most successful crowdfunding campaigns on Indiegogo, which raised millions of dollars for everything from electric bikes to beehives.
  9. Entrepreneurship

    Top 10 Features Of a Profitable Rental Property

    Find out which factors you should weigh when searching for income-producing real estate.
  10. Wealth Management

    The Net Worth of the Shark Tank Cast

    Discover how the richest "Sharks" on the hit TV show amassed their vast fortunes, and learn how much they have to offer eager entrepreneurs.
  1. Does working capital include stock?

    A certain portion of a company’s working capital is generally composed of earnings; however, current short-term assets that ... Read Full Answer >>
  2. 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 >>
  3. 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 >>
  4. 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 >>
  5. 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 >>
  6. 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 >>

You May Also Like

Hot Definitions
  1. Cyber Monday

    An expression used in online retailing to describe the Monday following U.S. Thanksgiving weekend. Cyber Monday is generally ...
  2. Bar Chart

    A style of chart used by some technical analysts, on which, as illustrated below, the top of the vertical line indicates ...
  3. Take A Bath

    A slang term referring to the situation of an investor who has experienced a large loss from an investment or speculative ...
  4. Black Friday

    1. A day of stock market catastrophe. Originally, September 24, 1869, was deemed Black Friday. The crash was sparked by gold ...
  5. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  6. Barefoot Pilgrim

    A slang term for an unsophisticated investor who loses all of his or her wealth by trading equities in the stock market. ...
Trading Center