Friday, December 26, 2014

The Uber Impact? Taxi King Liquidating Real Estate

Jennifer Gould Kiel writes at NyPo:
Is Symon Garber, the “taxi king” of New York, liquidating his assets?...

The President and CEO of Yellow Cab SLS Jet Management Corp...has listed his TriBeCa penthouse at 101 Warren Street for $27 million with Nest Seeker’s Ryan Serhant.

Now we can reveal that he is also selling his 21st-floor unit at Trump World Tower for $4.1 million — down from its original $4.395 million asking price. The three-bedroom, three-bathroom unit at 845 United Nations Plaza is 1,976 square feet...

He owns and operates more than 1,000 cabs from New York and Chicago to New Orleans.
For the first time in decades, medallion prices have not been climbing in value as Uber drivers have been able to undercut the prices charged by government protected cartels, in many cities (SEE: Under Pressure From Uber, Taxi Medallion Prices Are Plummeting)

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