Related affiliate to buy Citi Bike operator

REQX Ventures plans to double the bike-share program's fleet

New York /
Oct.October 27, 2014 08:30 AM

REQX Ventures, a real estate company affiliated with Related Companies, along with Equinox, will buy Alta Bicycle Share, the company that manages the city’s bike-share program.

REQX aims to double Citi Bike’s 6,000-bike fleet, according to Capital NY, and will be allowed to raise the rental fees. The deal was reached after negotiations between REQX, Alta and members of the de Blasio administration.

Citi Bike has been troubled by problems with its software and management as well as damage due to Superstorm Sandy. The mayor has said he wants to expand the program  — but  he doesn’t want to invest any more public funds into the operation.

REQX will also be in control of the company’s bike-share programs in Toronto, Chicago, Columbus, Chattanooga, Boston, the Bay area, Washington and Melbourne, Australia. [Capital NY] — Claire Moses


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Clockwise from left: Stefan Soloviev, Steve Cohen, Marc Holliday, Stephen Ross, Steven Roth, and Joseph Sitt (Illustration by Kevin Rebong for The Real Deal)
Going for the jackpot: A look at the high rollers competing to build NYC casinos
Going for the jackpot: A look at the high rollers competing to build NYC casinos
Mark Zuckerberg with 55 and 30 Hudson Yards
Meta to cut Hudson Yards office space
Meta to cut Hudson Yards office space
From left: Ilitch Holdings' Chriistopher Ilitch and Related Companies' Stephen Ross with 2250 Woodward Avenue
Ilitch, Ross propose $1.5B Detroit development
Ilitch, Ross propose $1.5B Detroit development
Related Companies' Stephen Ross with One Flagler, 360 Rosemary, and 515 Fern (Getty, Related Companies)
Mapping out Steve Ross’ South Florida empire
Mapping out Steve Ross’ South Florida empire
Mayor Eric Adams, Related Companies' Stephen Ross and Sterling Equities' Fred Wilpon with a rendering of the soccer stadium (The Related Companies, Sterling Equities, Getty)
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
Related, Sterling to develop Queens soccer stadium, hotel, 2,500 apartments
From left: Related Companies’ Stephen Ross, Sterling Equities’ Fred Wilpon, and Willets Point in Queens (Getty, Jim.henderson/Public domain - via Wikimedia Commons)
Related, Sterling file first plans for Willets Points housing
Related, Sterling file first plans for Willets Points housing
A photo illustration of Related Companies' Stephen Ross along with 514 West 36th Street (left) and 517 West 35th Street (right) in Hudson Yards (Getty, Google Maps)
Related files plans for Hudson Yards office tower
Related files plans for Hudson Yards office tower
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...