By Brooklyn Reader

September 22, 2014, 9:00 am

 

Citi Bike

New York City Comptroller Scott Stringer is auditing Citi Bike, the popular bikes that have been on a pathway to bankruptcy and plagued with operational problems since their May 2013 debut, reports the Daily News.

Although it is commonplace for the comptroller’s office to conduct audits on new city programs, Citi Bike’s status is under increased scrutiny given the possibility of the program’s purchase by REQX Ventures, an investment firm formed by Equinox gyms and its parent.

REQX Venture’s purchase of 51 percent of Citi Bike’s shares would double the number of blue bikes on the streets, from 6,200 to 12,000.

The audit, which is is expected to be completed within a few months, will include a survey of revenue and cost of operations, condition and maintenance of equipment, and the availability of bikes to riders, according to Stringer’s office.

 


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