Marblegate to Open More Taxi Clubhouses as Septuagint Becomes Signal Taxi
With 2,104 owned medallions and a likely partnership with Team Systems, Marblegate is positioning Signal Taxi to become NYC’s largest yellow cab fleet
Disclaimer
The information provided is for general informational purposes only and does not constitute financial, investment, legal, or other professional advice. Always consult with a qualified financial advisor or professional before making financial decisions. Use of this content is at your own risk. We may or may not have investments in topics we discuss.
Marblegate Capital Corp. (OTCQX: $MGTE or MCC), the investment entity that has built a sizeable stake in the NYC taxi medallion market, announced plans to open two new “Taxi Clubhouses” after the success of its initial Chelsea-based driver center that opened in 2023.
“This expansion comes as driver use of the original Taxi Clubhouse continues to surge. The Taxi Clubhouse recently surpassed 100,000 total visits since opening in 2023. Through just the first seven months of this year, total visits are already up nearly 25% over the full year of 2024. Marblegate will announce additional details about the location of the new Clubhouses later this fall and will model the spaces based on driver feedback in an effort to cater to their specific needs.”
— Marblegate Capital Corporation press release, Aug. 19, 2025 (PR Newswire)
Andrew Milgram, CEO of Marblegate Capital Corporation, added:
"The feedback we received from drivers in response to the first Taxi Clubhouse was incredible and we knew that our team had to work to expand this invaluable resource to additional locations. This announcement is just the beginning of our efforts to bring more creative and common-sense solutions to the taxi industry and we look forward to announcing additional details about these new locations."
MGTE Medallion Holdings (Update)
As of June 30, 2025, Marblegate owned 2,104 NYC taxi medallions, representing approximately 15% of the city’s 13,587 total medallions. These are carried on MGTE’s balance sheet at an average valuation of $167,240 per medallion.
Based on AutoMarketplace discussions with several parties, current cash prices for NYC taxi medallions are about $115,000. Financed deals, however, often assume valuations in the $130,000 to $175,000 range.
Marblegate is also the largest lender to the NYC yellow cab industry, with a loan portfolio collateralized by 1,692 medallions.
When borrowers default, MGTE typically acquires the underlying medallions through foreclosure. This explains the increase in its owned medallion portfolio — up 43 medallions in the first half of 2025, rising from 2,061 at year-end 2024 to 2,104 by June 30th.
Article continues after advertisement
Septuagint Becomes Signal Taxi
In today’s press release, Marblegate also disclosed some additional information about its fleet operation, Signal Taxi.
Based on recent SEC filings and website redirects (septuagintsolutions.com → signaltaxi.com), it appears that Signal Taxi is the successor to Septuagint, the joint venture formed in 2019 between Marblegate and Kirie Eleison (a partner believed to have ties to Queens Medallion Leasing (QML)).
As we’ve previously reported, in October 2024, the exclusivity clause requiring MCC medallions to be leased through Septuagint was terminated, but temporarily extended. By March 2025, Marblegate was weighing whether to wind down Septuagint, acquire Kirie Eleison’s 50% stake, or pivot to a new structure.
The latest SEC filing confirms MGTE took full ownership of the Septuagint joint venture on April 7, 2025.
While the filing does not explicitly state the rebrand, our analysis (and the evidence) suggests Septuagint has been renamed Signal Taxi. According to Marblegate’s 10-Q, as of June 30, 2025, Signal Taxi managed a fleet of 491 vehicles and 511 active drivers.
The company’s press release also highlights Signal’s aggressive growth:
“Signal Taxi, MCC's taxi fleet operation, is currently the second largest taxi operation in New York City. Recently, Signal Taxi has been adding over 50 new wheelchair accessible vehicle (WAV) taxis into operation each month, contributing approximately 30% to the city's overall growth in new WAV taxis, and putting Signal on pace to become the largest fleet in NYC. Signal Taxi is already the city's largest taxi fleet of WAVs and its fleet consists primarily of new hybrid WAV vehicles with state-of-the-art equipment.”
— Marblegate Capital Corporation press release, Aug. 19, 2025 (PR Newswire)
MGTE Partnership with Team Systems
Separately, in November 2024, Marblegate signed a non-exclusive consulting agreement with an independent fleet operator to provide garage space and operational support (“The Consultant will provide services generally required to operate and grow commercial taxicab fleet operations, including, but not limited to, servicing vehicles, leasing, insurance, and providing the appropriate personnel on behalf of the Company.”).
While the SEC filing does not name the operator, Signal Taxi’s website lists Team Systems Garage (1-40 31st St., Long Island City) as a 24/7 support location (i.e., taxi garage and repair services), strongly suggesting Team Systems is MGTE’s taxi fleet consultant.
Marblegate structured the partnership in two phases. In Phase 1, the independent operator (likely Team Systems) continues leasing taxis to drivers under its own practices, with Marblegate paying a $100,000 monthly fee, reimbursing expenses, and accruing a medallion incentive. In Phase 2, Marblegate can flip control so that all new driver leases use its own medallions and vehicles, with Marblegate listed as the lessor.
For Team Systems, the appeal is likely this: the deal offers steady monthly cash flow, reimbursement of costs, and up to 30 medallions (worth at least $5 million) over five years (see below).
In a difficult market — facing competition from scaled players and even new AV entrants — Team Systems might effectively be trading some independence for stability, reduced financial risk, and long-term upside. It also provides a potential exit path if Team Systems no longer has the willingness or financial resources to keep investing in the business.
Bottom Line
Marblegate now fully owns and operates its core fleet business under the Signal Taxi name, while simultaneously partnering with Team Systems to expand operations. This dual structure is reflected in financial statements:
Lease revenue = Signal Taxi (ex-Septuagint) fleet operations
Fleet servicing fees, net = payments to the independent operator (likely Team Systems)
General & administrative / other operating expenses = insurance, vehicle upkeep, medallion administration, and other overhead Marblegate absorbs directly
The party is just getting started 😎
Go marblegate , so so proud of you!!!