A pair of fleet medallions are being sold for a record $950,000 each – further proof they’re among the best investments in town.
The closing on the nearly $2 million deal is set for the end of February, according to financier Andrew Murstein. A single owner medallion was sold for $634,000 last month, also a record.
“These medallions are good as gold, and even better,” said Murstein, president of Medallion Financial Corp.
Between 1947 and 2009, the price of fleet medallions – which require the vehicle be driven more miles than an owner-driver cab – rose 9.8%. That’s more than the Dow Jones industrial average and even gold, Murstein said.
Experts say the yellow-cab medallions are always in demand because the city Taxi and Limousine Commission rarely increases the overall number available.
The city is working on a plan to allow livery cars to pick up street hails outside of Manhattan.
TLC Commissioner David Yassky said the outer-borough program shouldn’t affect medallion values because more than 97% of yellow cab rides begin in Manhattan or at the airports.
BY PETE DONOHUE