How much does a taxi medallion cost?

Posted by askanewyorker 
How much does a taxi medallion cost?
September 07, 2010 10:17AM

It's the easiest way to turn aluminum into gold.

The value of a city taxi medallion has hit an all-time high -- with the permits now carrying a $609,000 price tag.

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Edited 2 time(s). Last edit at 02/27/2012 06:30AM by askanewyorker.
Re: Taxi medallions
September 07, 2010 10:19AM
Deflationconfused smiley

NYC taxi medallions hit $766,000
Updated 8/7/2009

A coveted taxicab medallion from the New York City Taxi & Limousine Commission.

A taxi zooms down a New York City street in this 2004 photo. Medallions authorizing a taxi business are getting more expensive all the time.

By Taylor McGraw, USA TODAY
NEW YORK — As Wall Street still wobbles under the pressure of a weak economy, one New York asset class stands firmly on all four wheels. Taxi medallions — required licenses fastened to the hoods of all New York City yellow cabs — have rocketed in value at a time when many investments have plummeted. The average rate in July for a corporate-licensed taxi medallion in the Big Apple was a record $766,000 — up 126% from $339,000 in 2004.


Edited 1 time(s). Last edit at 09/07/2010 10:21AM by askanewyorker.
Re: Taxi medallions
February 27, 2012 06:29AM
Two New York taxi medallions — aluminum plates that grant the right to operate a yellow cab — changed hands this week for $1 million apiece, the highest recorded sale since the city’s modern livery system began.


Edited 1 time(s). Last edit at 02/27/2012 06:31AM by askanewyorker.
Re: How much does a taxi medallion cost?
May 31, 2012 03:10PM
They’re better than gold and stronger than steel. drinking smiley 1.2 million$$$$$$

The market for New York City taxi medallions — which have outpaced gold and home values in the past 30 years — should remain bullish despite an upcoming addition of 2,000 yellow cabs, a new report found.


Edited 3 time(s). Last edit at 06/03/2012 05:30AM by askanewyorker.
Re: How much does a taxi medallion cost?
November 15, 2013 09:47AM
The taxi industry made history Thursday with record medallion prices for handicapped-accessible cabs.

The highest bid was a whopping $2.5 million for a pair of medallions — approximately $1,259,000 each — from Richard Chipman of Westway Medallion Sales.

During the last 2008 auction, a pair of handicapped-accessible cabs went for only a little over $1.3 million.

The Taxi and Limousine Commission sold 100 pairs of medallions for handicapped accessible cabs on Thursday.

“People in wheelchairs have historically had no access to the taxi and car service industry,” said TLC Commissioner David Yassky. “We’re finally changing that.”

Currently, passengers can call 311 for a taxi that is handicapped accessible. There are 233 of those cabs on the road.

“The disabled community deserves better taxi service,” said bidder Gene Freidman, who owns the majority of wheelchair accessible cabs in New York City as CEO of Taxi Cab Management. “Now many will get it.”

The medallions sold today are expected to almost double the fleet of handicapped cabs, lowering waits of an average of 14 minutes when riders call 311.

Yassky added that the high medallion prices are a “vote of confidence in the city, and the industry.”

Auction participants submitted their bids during four days this month in sealed envelopes, and their bids were unsealed and posted on a board throughout the day at the Borough of Manhattan Community College.

Andrew Murstein, president of the Medallion Financial Corporation, said his company wrote commitment letters to finance the bid of 60 other participants.

“Taxis are a lot better than art, real estate,” he said. “We’re pretty bullish on the industry.”

He added that the auction was stronger than he anticipated—with 245 bids for 100 pairs of medallions.

The city plans to auction of 1800 more medallions for handicapped accessible vans over the next three years.

The Metropolitan Taxicab Board of Trade said in a statement that the sale shows there is a market for wheelchair-accessible cabs, and described the auction as a “historic day for yellow taxi service in New York City, particularly for those New Yorkers with wheelchairs.”
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