The Obelisk is actually one of three Ancient Egyptian obelisks which were sent to cities around the world in the Victorian Era, being re-erected in London, Paris, and New York City.
Despite the gift being made in 1819, the obelisk remained buried in sand in Egypt until 1877 when Sir William James Erasmus Wilson, a distinguished anatomist and dermatologist, sponsored its transportation to London at a cost of some £10,000. It was finally erected on the Victoria Embankment in 1878.
For more on Cleopatra's Needle, see http://en.wikipedia.org/wiki/Cleopatra's_Needle
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