New York City – Marblegate Capital Corporation (MCC), a firm led by Andrew Milgram, has completed its business combination to become a publicly traded entity in April 2025. This strategic move positions MCC as the first vertically integrated, publicly traded lender and fleet operator in the New York City taxi medallion market, marking a significant development in an industry previously plagued by crisis. Marblegate Asset Management, MCC's external manager, is now the largest holder and lender of NYC taxi medallions, with a portfolio encompassing over 3,700 medallions through ownership and collateralized loans.
The investment story, highlighted in a recent social media post by Patrick O'Shaughnessy, details a contrarian play amidst the severe downturn of the taxi industry. > "Uber ascendant in NYC in 2016. Taxi medallion owners levered them and defaulted," O'Shaughnessy stated, capturing the dramatic shift that saw medallion values plummet from over $1 million to a fraction of their peak. This crisis led to widespread financial distress and defaults among medallion owners, many of whom were immigrant drivers.
Andrew Milgram's approach involved a deep dive into the distressed market. According to O'Shaughnessy's post, Milgram > "went and got the ride by ride data for every taxi and Uber that no one had ever asked for before," concluding that > "things had stabilized, medallions worth more than fear driven prices suggest." This data-driven insight allowed his firm to acquire defaulted medallions in bulk at what the tweet described as a "Milgram price" when banks were eager to divest them.
Beyond acquisition, Marblegate focused on operational excellence. The firm invested in becoming a premier fleet operator, utilizing data to help cabs drive optimal routes, including the "nascar loop" mentioned in the tweet. Andrew Milgram has consistently emphasized Marblegate's commitment to "stabilize the marketplace and drive positive change," working closely with city officials and the New York Taxi Workers Alliance on debt relief initiatives like the Medallion Relief Program (MRP+).
The recent public listing of Marblegate Capital Corporation on the OTCQX Best Market under the ticker MGTE signifies the culmination of this strategy. Milgram stated that this transaction "aims to transform and professionalize the underserved Taxi medallion market – driving additional investments that will appropriately value medallions, benefiting owners, drivers, and investors." This move is expected to generate a "huge return," as anticipated in O'Shaughnessy's account, by institutionalizing a critical segment of New York City's transportation infrastructure.