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46 NYC Taxi Medallions Sell for Under $200,000 in Auction "Credit News 24"

Crain's New York Business is reporting that 46 foreclosed New York City (NYC) taxi medallions sold at auction for $186,000 each.

The foreclosed tax medallions were bought by the hedge fund -- MPGE, Inc.

The $186,000-per medallion bid was for all 46 of the placards, which prevented the auction house from accepting one-off bids that would have priced a single medallion north of $200,000.

According to the story, taxi medallion prices have not been this low since the mid-1990s.

This would suggest additional losses await credit unions that originated or participated in NYC taxi medallion financing.

Read the press release.
Title : 46 NYC Taxi Medallions Sell for Under $200,000 in Auction "Credit News 24"
link : 46 NYC Taxi Medallions Sell for Under $200,000 in Auction "Credit News 24"