Iron Man hopefuls can expect to pay up to $1,000 to enter the New York metropolitan race in August 2012, Bloomberg reports.

World Triathlon Corp. announced on Wednesday that an Iron Man race will be held in the greater New York City area on August 11, 2012.

Officials told media that they have spent several million dollars on permits, medical personal, law enforcement and other expenses for the 140.6 mile race that will wind through New York City as well as suburban New York and New Jersey.

This is permitting on steroids, World Triathlon CEO told Bloomberg in May.

For the swim portion of the three-leg race, barges will be leased and placed in the Hudson River to be used as a starting point for the swim competition.

The average entry fee for the Iron Man is about $575.

A portion of the 1K entry fee will be donated to the Robin Hood Foundation, a New York-based anti-poverty charity. The goal of the partnership is to raise $250,000.

World Triathlon officials told Bloomberg that they do not expect the amount of the entry fee to turn away most potential competitors, explaining that 2,000 of the 3,000 competitors in the 2010 New York City Triathlon worked in the financial services industry, a relatively high-paying field, and that Iron Man competitors have an average annual salary of $161,000 overall.

Registration for 2,500 atheletes will begin on June 15.