Was Citi Bike just sold? According to multiple sources, REQX Ventures (an affiliate of real estate giant Related Companies) and its subsidiary Equinox recently purchased Alta Bicycle Share, which operates New York City’s famous bike share program. Although the sale has not been officially confirmed yet, there have been ongoing rumors for months about the potential multi-million dollar investment deal and its ability to help stabilize Citi Bike amidst various struggles..

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Inhabitat previously reported that the bike share company had caught the eye of REQX Ventures months ago. Recently, the company met with Alta Bicycle Share and Mayor Bill de Blasio’s administration to outline an agreement that would give REQX control over Alta’s various bike share programs in New York City, Toronto, Chicago, Columbus, Chattanooga, Boston, the Bay Area, Washington and Melbourne, Australia.

Related: Citi Bike Could Double Its Bike-Share Fleet with Multimillion-Dollar Investment Deal

Although details of the deal have not been made public, users of the NYC Citi Bike program could potentially reap the benefits of a major overhaul of the company. Specifically, the NYC fleet is poised to nearly double in size from 6,200 to 12,000 bikes. The Wall Street Journal has reported that the total cost for the program’s expansion and much-needed improvements is estimated at approximately $40 million.

+ Citi Bike

Via Capital New York