The Terrafugia will carry a base price of about $279,000.

A Massachusetts-based company called Terrafugia has been slowly working on building a street-legal flying car for the past several years.

It reached a major milestone last July when it obtained a series of special exemptions from the National Highway Traffic Safety Administration. With the biggest obstacle out of the way, the company announced that the first cars would be delivered to customers before the end of 2011.

That time came and went, and there was no word from Terrafugia about how the project was coming along, which led to speculations that it had been cancelled altogether.

Terrafugia has emerged from its silence and released a statement saying that the car, dubbed the Transition Roadable Aircraft, will make its world debut at the New York International Auto Show that will open its doors on April 6th.

At the auto show, the company will host wing-folding demonstrations, and it will hold a conference where it will talk about its future plans in order to attract potential customers and investors.

Terrafugia has confirmed that the Transition Roadable Aircraft is powered by a 100 horsepower flat-four engine built by Austria's Rotax. Power is sent to the rear wheels via a CVT transmission if the car is operating on asphalt.

The two seater's anticipated base price is in the vicinity of $279,000. For that sum, buyers get a panoramic moon roof, a golf club storage compartment, and five hours of flight instruction.

No word was spoken about when the first examples will be delivered, but interested buyers can preorder the car by sending Terrafugia a refundable deposit of $10,000.