NYC’s Citi Bike Expanding to Queens as Walder Takes Over

By Esme E. Deprez

October 28, 2014 at 6:45 PM UTC

Updated on

October 29, 2014 at 2:00 AM UTC

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New York’s bike-share program will double to 12,000 units by 2017 and expand into Queens and Upper Manhattan and deeper into Brooklyn with additional funding and credit from Citigroup Inc. and Goldman Sachs Group Inc. The cost of annual membership will also rise to $149 from $95.

Investors including Jeff Blau, chief executive officer of Related Cos., and Harvey Spevak, CEO of the Equinox fitness chain, formed a new company, Bikeshare Holdings LLC, to take over the troubled system’s operator, Alta Bicycle Share Inc., Transportation Commissioner Polly Trottenberg said today at a news conference in Queens. She also announced the naming of Jay Walder, former chairman of the Metropolitan Transportation Authority, as chief executive of Alta, which will move its headquarters to New York from Portland, Oregon.