Citi Bike has announced plans to double its fleet by 2017 after the sale of its parent company, Alta Bicycle Share, to REQX Ventures, a real estate company affiliated with Related Companies. The expansion calls for 6,000 bikes and over 375 new stations added to the system, starting in northern Williamsburg, Greenpoint, Long Island City and Bedford-Stuyvesant. The announcement also included news that Alta appointed Jay Walder, a former chairman of the Metropolitan Transportation Authority, as its new CEO.

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“Our system will double in size by 2017,” writes Citi Bike in an email update to members. “New communities will be added to our system beginning in 2015 and by the end of 2017 we will have 6,000 additional bikes and over 375 new stations. The first new bikes and stations will be installed in northern Williamsburg, Greenpoint, Long Island City and further into Bedford-Stuyvesant, all neighborhoods originally planned to be part of Citi Bike’s initial deployment.”

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But the expansion will come at a cost. Annual membership rates will increase to $149/year (a bit more than a monthly MetroCard), but current members may still opt to renew at the previous $95 rate before the price change is reflected.

+ Citi Bike