Ticket prices for the New Jersey Grand Prix will be sold at an average price of $563 according to UBS.
The Swiss financial services company which sponsors Formula One is behind an initiative to generate $100m of funding for the race as reported by the Daily Telegraph.
Passes for the prestigious Paddock Club will be priced at $4,255 for the race which will be run on a street circuit in front of the Manhattan skyline.
Race organizers expect 240,000 people to attend the three-day event which is slated to join the Formula One calendar next year.
Plans for the race were originally announced in 2011 when race organizers intended the Port Imperial street circuit to hold its first race this year. But it was struck from the calendar as work on the event fell behind schedule.
The New Jersey race will join the Circuit of the Americas as one of two Formula One grands prix to take place in the USA.
Leo Hindery, the former racing driver behind the planned race, claimed last month he had secured a 15-year deal with Bernie Ecclestone for the race.
F1 last raced in New York state when the Watkins Glen road course hosted the United States Grand Prix in 1980.
Will Power posted the fastest lap in the third practice session for the Grand Prix of Alabama at Barber Motorsports Park in Birmingham, Ala. with a speed of 122.953 mph.
Rookie Robert Wickens (122.552 mph) was second fast, foretelling a continuation of his incredible rookie season.
Scott Dixon (122.237), Ryan Hunter-Reay (122.231) and Alexander Rossi (122.106) rounded out the top five.
The practice was interrupted several times for incidents.
Ed Jones spun off track in turn five after locking up his brakes with 30 minutes remaining in practice three. He was able to drive back to the pits under his own power.
With 20 minutes still on the clock, Jordan King took a trip into the fence after posting a fastest lap of 121.753 mph. He sustained substantial left side damage to his car and came back to the pits on the hook.
“I’m annoyed really,” King said afterward on the live stream at IndyCar.com. “I slightly locked the inside front, then just stayed off onto the grass and that was it. But I wasn’t really even pushing that hard.”
With two minutes remaining, Charlie Kimball lost power and pulled off the track, bringing an end to the practice session.
Dixon also had an off-road excursion.