Mayor Bloomberg and the Public Art Fund have announced that Icelandic artist Olafur Eliasson has been commissioned to build four man-made Waterfalls in the East River, at the southern tip of Manhattan (one near the Brooklyn Bridge).

The artist has “designed what will likely be the city's biggest public art project since Christo and Jeanne-Claude's "The Gates". The installation will consist of a series of freestanding waterfalls in the East River…the waterfalls will rise about 60 to 70 feet above the water — more than half as high as the roadway of the Brooklyn Bridge.” From a New York Sun article titled “Waterfalls as Art To Be Installed in East River”. 

According to the article “Christo and Jeanne-Claude's "The Gates," attracted 1.5 million out-of-town visitors and generated $254 million in economic activity for the city. The project cost was more than $20 million and was financed entirely by the artists.”

The waterfalls project “will cost $15 million, funded by private donations to New York's Public Art Fund” and will hopefully “create $55 million in extra tourism revenue.” From Reuters.com: Artist to build four giant waterfalls in New York

To learn more about the artist, the Art Division owns several books on Olafur Eliasson.