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As seen in Credit Union Journal: Taxi medallion credit union exec: don’t rule cabs—or us—out yet
“Despite the difficulties caused by deregulation, PCU has bent but will not break.
PCU continues to work with our medallion owner members to stabilize their loans so they can stay in business, all while PCU diversifies its own business in order to continue effectively serving medallion owners and other borrowers.”
Press Release: PCU Launches New Online Membership Tool
The sale of Progressive’s headquarters at 131 West 33rd Street in Manhattan was featured in Commercial Observer. You can read the piece here.
Progressive, the largest lender to taxi cab medallions, purchased the seventh and a portion of the eighth floor in October 2009 for $6.9 million and the remaining portion of the eighth floor in September 2011 for $4.2 million, Rudder said. The union utilized the space and as part of the sale has leased it back for a year before the union moves in.
“Progressive Credit Union’s initial $445-per-rentable-square-foot purchase in 2009 and ultimate sale at $945-per-rentable-square-foot today highlights the appreciation of the office condominium market over the past eight years,” Rudder said.
Robert Familant, Progressive Credit Union’s Treasurer/CEO, discusses commercial real estate with Michael Stoler on The Stoler Report.