An agreement that would provide Citi Bike with a substantial capital investment—greatly expanding its geographic reach and number of bikes—is in final stages of negotiations, according to the Wall Street Journal.
"Citi Bike and its operator stand to get tens of millions of dollars to expand New York's popular bicycle-sharing program in a deal that could close within a week," reports Andrew Tangel.
"REQX Ventures, an affiliate of real-estate giant Related Cos., is close to hammering out an agreement that could enlarge the footprint of Citi Bike to upper Manhattan, into Queens and further into Brooklyn over the next few years, these people said. The number of bikes would nearly double, from 6,200 to about 12,000."
Tangel also states that the additional infrastructure would make it easier for U.S. Alta, which runs Citi Bike, to raise the price of annual memberships to the bike share program. Membership could rise to $140, speculates Tangel.
Read the full story: Citi Bike Poised for a Big Infusion of Cash
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