NEW YORK—A taxi medallion-lending credit union, Progressive CU, has sold a 19,105-square-foot office condominium in Midtown South here to Construction & General Building Laborers’ Local 79 for $18.1 million.
The space spans the entire seventh and a portion of the eighth floor in the building at 131 West 33rd Street between Avenue of the Americas and Seventh Avenue, according a report by the Commercial Observer.
The $486-million Progressive also owns a 5,031-square-foot condo on the eighth floor of the building, according to the publication.
The taxi medallion lender has watched its capital decline as the effects of ride sharing services have plummeted the values of taxi medallions in this city. Progressive’s capital has fallen from 38.29% in 2013 to 23,26% at the close of last year, according to call report data.