$600 000 for NY cabby licence
30/05/2007 19:11  - (SA)  

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New York - The price of a license to operate a New York taxi cab hit a record $600 000 (about R4.2m) in May, according to a lending company which financed the purchase.

Medallion Financial Corporation said it had financed the purchase of two medallions (the license to operate a yellow cab in New York) for a total of $1.2m by a large corporate fleet operator.

"Prices of corporate medallions have increased from $195 000 in 2001 to the record $600 000 this week," Andrew Murstein, president of the lending company, said in a statement on Tuesday.

It said the previous record was about $550 000.

New York has about 13 000 yellow cabs.

A typical $10 fare would cover a trip from the Empire State Building in Midtown Manhattan to the Financial District at the south of the island - assuming no time stuck in traffic and without a tip.

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