Crain's New York Business is reporting that the auction of foreclosed New York City taxi medallions owned by Aspire Federal Credit Union (Clark, NJ) on July 11 hit a new record low auction price.
Sixteen medallions were being auctioned, but only 3 medallions were sold.
The auction started at a price of $130,000 with the highest bid being $138,000 for one medallion. Two other medallions sold for $136,000 and $137,000.
When the auctioneer moved to a group of medallions with a floor price of $140,000, there were no bidders.
A year earlier, 131 medallions were sold in auction for $170,000 each.
The article notes that private sales of taxi medallions have recently gone for as low as $100,000, according to the Taxi and Limousine Commission.
This new price information would suggest that taxi medallion assets that are the possession of the National Credit Union Administration could experience an additional haircut.
Read the article.
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