HOBOKEN, N.J. (CBSNewYork) — The world’s largest free-flying flag honoring America was inflated in Hoboken in honor of Flag Day on Wednesday.

The specially-shaped hot air balloon goes up about five stories.

It’s 53-feet tall, 78-feet wide and weighs 530 pounds.

It can hold 700,000 standard sized American flags.

Wednesday marks the 240th anniversary of the adoption of our national flag.

The flag will be part of the New Jersey Festival of Ballooning this summer.

“During these times, with crazy things going on in the world, having a flag this big is what makes it all worthwhile,” event organizer Howard Freeman said. “This flag was built 16 years ago right after 9/11 to commemorate the fallen, it makes you really proud to be an American.”

The flag was inflated on the football field at Stevens Institute with One World Trade Center in the background.

“It is a beautiful sight,” Freeman said. “Betsy Ross would have never imagined a balloon like this when she built the flag.”

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