Friday, June 15, 2018

Auction: 131 Medallions Sold at $170,000 Each, A Pool of 8 Medallions Fetches $250,000 Apiece

Crain's New York Business is reporting that a hedge fund paid $170,000 apiece for 131 New York City taxi medallions at an auction on June 14. The winning bid came to $22,270,000.

A separate pool of eight medallions sold for $2 million, or $250,000 apiece.

All 139 of the medallions were once the property of Evgeny "Gene" Freidman, a taxi operator known as the Taxi King.

This indicates that New York City taxi medallion prices are down about 80 percent, since peaking in 2014 at over $1 million.

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