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Sources Tell CBS 2: Citi Bike Negotiating Expansion Deal With Related Companies Affiliate

A Citi Bike rack is seen outside the Plaza Hotel in Midtown in Manhattan. (credit: Glenn Schuck/1010 WINS)

A Citi Bike rack is seen outside the Plaza Hotel in Midtown in Manhattan. (credit: Glenn Schuck/1010 WINS)

NEW YORK (CBSNewYork) – The Citi Bike program could almost double in size if a big new funding deal goes through.

Citi Bike is close to finalizing a deal worth tens of millions of dollars with an affiliate of real estate giant Related Companies, sources told CBS 2.

Deal Reportedly Close To Save And Expand Citi Bike

citibike Sources Tell CBS 2: Citi Bike Negotiating Expansion Deal With Related Companies Affiliate
Paul Murnane reports

The plan would add bike locations in Upper Manhattan, Queens and Brooklyn, enlarging the number of bikes from 6,200 to about 12,000, CBS 2 reported.

The Wall Street Journal reported annual membership could rise to $140 or more, which is still a deal in the eyes of some daily riders.

“I think it’s worth it,” rider Ross Ameranti told WCBS 880’s Paul Murnane. “If you think about it, if you had to ride the subway everyday to work, it would be much more.”

Talks are in their final stages and Citi Bike’s salvation could be a done deal within a week, the Journal reported.

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