The company that runs Citi Bike is in advanced talks with an affiliate of a major real-estate developer about an investment that would fuel an expansion of New York City's bicycle-sharing program, according to people familiar with the negotiations.
Alta Bicycle Share Inc. of Portland, Ore., which runs Citi Bike, has been negotiating a deal with REQX Ventures, an investment firm formed by the upscale fitness center chain Equinox and its parent, Related Cos., these people said.
Both parties have signed a term sheet outlining a deal to inject capital to help bring the Citi Bike program to more neighborhoods in New York City, according to the people. The potential investment would also fund improvements to Citi Bike's software, one person said.
It was unclear how much capital REQX Ventures might invest or what kind of stake in the Citi Bike program the company might get in return. It remains to be seen whether the two sides would close the deal, or whether city officials would approve it.
5 comments:
Massive amounts of no-strings-attached cash from a real estate developer to an unsustainable nonviable project like Citi-Bike. Something does not add up here.
These bikes are for tourist to use while visiting. Hipsters too who can't afford their own bike because the "Rent is to dam high" and a bike can't fit a bike into a 300sq ft apartment shared with two or more people.
This is NYC, not Copenhagen. Bikers must deal with 18 wheel tractor trailers, buses, delivery trucks, taxis, potholes, millions of pedestrians, etc....
I ride my bike in Queens (glendale) and use Citibike in Brooklyn/Manhattan all the time. I'm pretty zealous about following traffic laws, and generally find drivers to be pretty friendly. I'm on business when I use a Citibike as it saves time and/or parking fees.
citibike is great and NY is the perfect city for it, pretty flat.
Bikes and bikes lanes are not going anywhere; so, my advice, get use to it.
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