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Taxis For All Campaign News Blog

Tuesday, August 9, 2011

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Last Updated: 11:31 AM, August 8, 2011

Posted: 2:37 AM, August 8, 2011

There's still at least one bull market in town.

Three taxi medallions sold last week for record high prices -- including two for a whopping $705,000 -- despite speculation that the good-as-gold aluminum plates would plummet in value because of Mayor Bloomberg's five-borough taxi plan.

The previous high price for a taxi medallion was $695,000.

Such strong sales are evidence that giving certain liveries the right to pick up street hails in upper Manhattan and the outer boroughs won't dent the value of medallions, city officials said.

"The Taxi & Limousine Commission does not believe that the five-borough plan will hurt yellow taxis," said TLC Commissioner David Yassky.

But some in the industry are not convinced.

Last week's purchase was negotiated before the plan passed the state Legislature, said a financier of one of the record-breaking sales.

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