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Marblegate Asset Management

marblegate.com

Founded Year

2009

Stage

Corporate Minority | Alive

About Marblegate Asset Management

Marblegate Asset Management is an alternative investment firm that invests in credit opportunities and special situations. It was founded in 2009 and is based in Greenwich, Connecticut.

Headquarters Location

5 Greenwich Office Park Suite 400

Greenwich, Connecticut, 06831,

United States

203-413-6940

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Latest Marblegate Asset Management News

NYC announces debt relief plan for struggling taxi drivers

Aug 30, 2022

New York City taxi drivers who owe hundreds of thousands of dollars on loans they took out to operate yellow cabs will see their burdens reduced substantially under a newly announced debt relief program By KAREN MATTHEWS - Associated Press Aug 30, 2022 NEW YORK (AP) — New York City taxi drivers who owe hundreds of thousands of dollars on loans they took out to operate yellow cabs will see their burdens reduced substantially under a debt relief program announced Tuesday. Under the program announced by city officials, the New York City Taxi Workers Alliance and taxi medallion lender Marblegate Asset Management, loans for 3,000 drivers who owe an average of $550,000 will be restructured to a maximum of $200,000. Of that, $30,000 will be covered by a grant and the balance will be secured by a city-backed guarantee, the officials said. The city-backed guarantee means that drivers won't risk losing their homes if they default, said Bhairavi Desai, the executive director of the Taxi Workers Alliance, a drivers' union. “It's lifesaving and historic,” she said. Many taxi drivers who borrowed to buy the medallions that are required to operate a yellow cab landed in deep debt when the value of a medallion plunged from more than $1 million in 2014 to $200,000 a few years later. Taxi industry representatives blamed predatory lending practices as well as ride-hailing services like Uber for the crisis. City officials, the taxi alliance and Marblegate reached a tentative debt relief agreement in November of last year and worked out the details over the last several months. Under the plan announced Tuesday, medallion owners can apply to refinance their loans starting Sept. 19. Andrew Milgram, managing partner and chief investment officer of Marblegate Asset Management, said drivers should not wait to apply. “With a rapidly changing economy, it is vital drivers act in the month of September to realize meaningful debt forgiveness and a sizable reduction in their monthly loan payments,” Milgram said in a statement. Mayor Eric Adams, a Democrat, praised the deal hammered out by members of his administration including the Taxi and Limousine Commission. “Our taxicab medallion owners and drivers have always kept New York City moving, and it is finally time we pay it forward with real debt relief for owners in need,” Adams said. “We are likely putting tens of thousands of dollars back into the pockets of these owner-drivers and showing them what real relief looks like.” Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Marblegate Asset Management Frequently Asked Questions (FAQ)

  • When was Marblegate Asset Management founded?

    Marblegate Asset Management was founded in 2009.

  • Where is Marblegate Asset Management's headquarters?

    Marblegate Asset Management's headquarters is located at 5 Greenwich Office Park, Greenwich.

  • What is Marblegate Asset Management's latest funding round?

    Marblegate Asset Management's latest funding round is Corporate Minority.

  • Who are the investors of Marblegate Asset Management?

    Investors of Marblegate Asset Management include Investcorp.

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