New York City's bike-sharing system is getting new owners who say they'll double its size in the next three years.
A private investor group headed by the CEO of real estate firm Related is buying Alta Bicycle Share and will move its headquarters from Portland, Oregon to New York City.
Alta runs New York's Citi Bike as well as bike-share programs in Chicago, Boston, Toronto, Washington and other cities.
In New York, the price of an annual Citi Bike membership will rise from $95 to $149.
Officials plan to expand Citi Bike from 6,000 to 12,000 bicycles by the end of 2017. They'll push into new neighborhoods including Long Island City, Queens and Brooklyn's Park Slope.
Former Metropolitan Transportation Authority Chairman Jay Walder will be Alta's new CEO.
