The idea of a New York-area Grand Prix predated the 2010s by several decades. A race was announced for the 1983 season, with candidate venues including the Meadowlands Sports Complex in New Jersey, Meadow Lake in Flushing Meadows, Queens, and Mitchel Field in Hempstead, Long Island — the same site that hosted the Vanderbilt Cup races in 1936 and 1937. It was postponed and then cancelled, and scheduling attempts for 1984 and 1985 also came to nothing. CART subsequently launched its own race at the Meadowlands.
In May 2010, Formula One chief Bernie Ecclestone announced plans to bring F1 to New York for the 2012 season. Several venues were examined — Jersey City's Liberty State Park, Staten Island, Floyd Bennett Field, and the Meadowlands — before all were deemed unviable.
In August 2011, The Wall Street Journal reported on a new proposal for a street circuit through Weehawken and West New York, New Jersey. On 25 October 2011, it was officially confirmed that New Jersey would host the Grand Prix of America on a 3.2-mile (5.2-km) circuit running through the Port Imperial waterfront, climbing the Hudson Palisades to Boulevard East, and returning along Port Imperial Boulevard. Christian Epp of Tilke America described the intended layout as similar in elevation change to Monaco but with a higher average lap speed. The race was planned for June each year, paired logistically with the Canadian Grand Prix in Montreal on a ten-year contract, to avoid clashing with the United States Grand Prix in Austin.
Leo Hindery, Jr. served as race promoter and director, with Dennis Robinson as COO and long-time NASCAR promoter Humpy Wheeler as a consultant. The event was projected to contribute over US$100 million annually to the regional economy.
In September 2012, Ecclestone announced the circuit contract had been annulled because the organisers had not met its terms, though the race remained provisionally listed on the 2013 Formula One calendar. In October 2012 the mayor of Weehawken confirmed postponement to 2014. A new 15-year contract between Hindery and Ecclestone was reported in June 2013 after permits were secured and paddock construction was described as nearly complete.
In August 2013, Ecclestone announced the 2014 edition was cancelled because promoters could not raise the $100 million required for event planning. Despite Hindery subsequently submitting entry fees for a provisional 1 June 2014 date — slotted between Monaco and Canada — the FIA's official 2014 calendar released in December 2013 excluded the race, citing long-term financial problems. Ecclestone said he would not schedule the race before 2016 at the earliest. The Grand Prix of America was dropped from all provisional calendars by 2016 and received no further announcements.
Formula E chief executive Alejandro Agag disclosed in March 2014 that he had been exploring bringing Formula E to the New York area, but was waiting on the Grand Prix of America's financial situation to resolve first. Formula E eventually established a New York street race; the Formula One Grand Prix of America never ran.