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By Dan Rivoli New York City PUBLISHED 7:20 AM ET Apr. 01, 2021 PUBLISHED 7:20 AM EDT Apr. 01, 2021 SHARE NEW YORK When Ranel Collazo wanted to drive a cab, after 17 years behind a desk at a livery car company, he picked Queens Medallion Leasing. “I wanted a nice car, like you would have an Uber car or Lyft car, so I started researching companies that leased cars brand new, Collazo said. What You Need To Know Marblegate Asset Management, a private equity firm in Connecticut, controls about a third of the city s medallion market The firm specializes in distressed assets, and taxi medallions have been in distress since values plummeted from over a million dollars ....
Replies(3) Taxi cab drivers stop traffic on the Brooklyn Bridge on Sept. 17 during a day of action calling for debt forgiveness for loss of income amid work shortage due to the coronavirus. (Michael M. Santiago/Getty Images) NEW YORK CITY A new fund will provide much-needed relief for New York City s taxi drivers who owe big on medallions. But the $65 million Taxi Medallion Driver-Owner Relief Fund announced Tuesday by Mayor Bill de Blasio falls short of full forgiveness that many taxi drivers sought. As documented in a series of New York Times stories, many taxi drivers owe hundreds of thousands of dollars in predatory medallion arrangements. ....