A Bangladeshi immigrant paid a record $360,000 at a city auction for a New York taxi medallion, which is required by the city to own a taxicab. Most cabdrivers in the city work for taxi fleets or lease time from a medallion owner.
Mohammed Shah, 44, mortgaged his house in the New York borough of Queens to help finance the purchase Monday of one of 116 new taxi medallions sold to the highest bidders.
The price of an owner-driver medallion rose almost $50,000 from last year. The average winning bid for a medallion exceeded $339,000, according to the Taxi and Limousine Commission.