Jersey City officials say an auction of taxi medallions has netted $5.1 million in revenue.
Mayor Steve Fulop says the auction was the first in a decade and brought in revenues that were more than triple what they were expecting.
A total of 20 taxi medallions were auctioned off between 11 a.m. and 1 p.m. Thursday to a standing-room crowd.
Fulop says the demand for the medallions shows Jersey City's continuing transformation into a residential, business and tourism destination. They city has an average of 25,000 weekday commuters.
The mayor says there is great demand for additional taxis throughout Jersey City, particularly in neighbors like Journal Square.
There were 104 taxicabs providing service throughout Jersey City before Thursday's auction.