Related affiliate to buy Citi Bike operator

REQX Ventures plans to double the bike-share program's fleet
October 27, 2014 08:30AM

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