09/06/2009 05:12 am ET | Updated May 25, 2011

Cost Of NYC Taxi Medallions Soars To $766,000

NEW YORK -- As Wall Street still wobbles under the pressure of a weak economy, one New York asset class stands firmly on all four wheels. Taxi medallions -- required licenses fastened to the hoods of all New York City yellow cabs -- have rocketed in value at a time when many investments have plummeted. The average rate in July for a corporate-licensed taxi medallion in the Big Apple was a record $766,000 -- up 126% from $339,000 in 2004.

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