Provided below is sales data from the sale of 14 taxi medallions as reported by the TLC for November 2017. The foreclosure sales prices for the two medallion sales at $750,000 are the result of foreclosure sales and those prices may be inflated because the banks “credit bid” at those foreclosure sales (they bid up to the amount of their loan balances); therefore, they may not accurately reflect the fair market value of a taxi medallion. Similarly, the estate sale at $150,000 may be too low a value because these sales reflect a sale by the estate of a taxi medallion owner who died, and those may “desperate sellers.” Medallion owners with “underwater” medallions (where the loan balance exceeds the value of the medallion) should contact Jim Shenwick to discuss their options under the law.
Price
|
Type of Sale
|
Number of Medallions
|
$750,000
|
Foreclosure
|
2
|
$750,000
|
Foreclosure
|
2
|
$400,000
|
1
|
|
$350,000
|
2
|
|
$350,000
|
2
|
|
$250,000
|
1
|
|
$190,874.15
|
Partnership Split
|
1
|
$150,000
|
Estate
|
1
|
$150,000
|
1
|
|
$0
|
Estate
|
1
|
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