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A high-speed ferry service between Staten Island and Manhattan is set to shut down this week after only 11 months in service.

New York Fast Ferry, which provides a 20-minute sail for about 1,000 people a day from St. George Terminal in Staten Island to East 34th Street in Manhattan, cited a drop-off in business as cause for the impending closure.

Service is scheduled to end Wednesday.

But officials in the Giuliani administration say they've been negotiating with New York Waterway, the largest private ferry provider in the city, to step in and take over the route.

Pat Smith, a New York Waterway spokesman, said his company has no plans as of yet to take over the ferry route.

Fast Ferry charges $5 for a one-way trip and $9 for a round-trip ticket.

In November, the company filed a multimillion dollar lawsuit against the city, saying that the decision to eliminate the Staten Island Ferry fare cut into the high-speed ferry's profits.

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