The latest TLC data reveals three transfers occurred in June and all were foreclosures. Three more foreclosed independent medallions bring total reported medallion foreclosures in NYC to 15 since the start of 2014. Another 89 Gene Freidman medallions in the process of foreclosure were recently ordered seized by a NY court (43 of 89 medallions were settled and are no longer the subject of seizure, most of which Citibank had second or third liens on, and the remaining 46 have $34 million debt and accrued interest/fees). A final hearing is scheduled for August 6. For comparison, there were only 4 foreclosures in each of 2013 and 2012.
Declines in NYC trips and farebox through May are consistent with the latest flurry of foreclosure disclosures. The prices, however, were a bit higher than the sole May transfer at $700,000, also a foreclosure.
In chronological order, foreclosed medallions #3D37, #9A30 and #3W67 transferred at $757,500, $777,000 and $740,000, respectively. The lenders were the same for the buyer and seller of medallion #3D37, Signature Financial LLC and Marn Associates LLC. Similarly, Signature Financial, LLC and Rapid Funding NYC, LLC are and were the listed secured parties for both the buyer and seller of #9A30, and according to a TLC attorney reached by phone, #3W67 as well. The lenders reportedly took losses in excess of $100,000 on each of the three transfers.
Medallion markets remain extremely illiquid. Excluding stock transfers, only 32 NYC medallions have traded hands since the beginning of September 2014 (11 of which were foreclosures, and not counting the 89 Freidman medallions). In comparison, there were 281 non-stock medallions transferred in the first eight months of 2014, and 283 such sales in 2013 (including auctions).
Signature Financial, LLC had no comment on the specific terms of the June foreclosures.
Disclosure: I am/we are short TAXI.