A man dubbed the 'New York Taxi King' because of his huge fleet of yellow cabs has blasted Uber as a 'nasty and morally corrupt company.'

Evgeny 'Gene' Freidman, 44, controls 860 yellow cabs cabs throughout New York City and makes money by leasing them.

But he is facing increased competition from Uber because it's threatening to destroy the hold yellow cabs have had on the market.

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Evgeny (Gene) Freidman, 44, pictured, controls 860 yellow cabs cabs throughout New York City and makes money by leasing them

Freidman said he is planning to launch a fightback against app-based company Uber and will create an e-hail app for his New York City cabs, a few of his cabs are pictured here,

Freidman, pictured here, grudgingly admits that Uber's business model does have advantages over the yellow cab industry because it can hike fares at will

He blasts: '[Uber] is the nastiest, most morally corrupt company ever.'

In an interview with Bloomberg Business, Freidman grudgingly admits that Uber's business model does have advantages over the yellow cab industry because it can hike fares at will.

He believes that Uber - which is already valued at $50 billion - is simply not playing fair.

Uber entered the New York market in 2011 and just three years later began poaching yellow cab customers by lowering prices and expanding its fleet, from 7,000 to 16,000.

It now has more than 20,000 cars and while Freidman says he welcomes the competitive pressure, he is having to work extra hard just to compete.

From June 2013 to June 2015, monthly New York City Uber ridership increased to 3.5 million. During that time, taxi pickups dipped from 14 million to 12 million.

Uber entered the New York market in 2011 and just three years later it began poaching yellow cab customers by lowering prices and expanding its fleet, from 7,000 to 16,000

From June 2013 to June 2015, monthly New York City Uber ridership increased to 3.5 million. During that time, taxi pickups dipped from 14 million to 12 million

Additionally, drivers who once leased a car from Freidman are now jumping ship to work for Uber.

In order to be able to own a cab in New York, a medallion has to be issued by the New York City Taxi & Limousine Commission (TLC).

The metal shield displayed on the vehicle's hood is quite expensive and can cost $1.32 million.

Freidman owns many medallions.

But, of late other medallion sellers have desperately been trying to get rid of them for as little as $650,000 so that they can join Uber and drive a cab for a cheaper price.

It's thought that Uber is partially responsible for driving the price of medallions down. There are currently 13,587 yellow cabs in New York City.

Freidman said he is planning to launch a fightback against the app-based company and will create an e-hail app for his New York City cabs.

Freidman is the son of Naum Friedman, an immigrant from the Soviet Union who moved to Jackson Heights, Queens in the 1970s, and became a cab driver and then presided over a 55-car garage.

The Taxi King attended the Bronx High School of Science and Skidmore College. He then went to the Cardozo School of Law at Yeshiva University.

Here, a team of engineers attempt to update a yellow taxi with a new meter and a touchscreen monitor

In order to be able to own a cab in New York, a medallion has to be issued by the New York City Taxi & Limousine Commission (TLC), like this one, pictured, a Medallion cost $1.32 million in 2013

Piles of dead taxi meters are put to one side in Freidman’s Long Island City garage

'Every day that I wake up, you know, I'm like, this is great...I live on Park Avenue, got a bunch of, like, Ferraris that I drive,' Freidman said

After his law degree, Freidman worked for Sam Zell as a financier, according to Bloomberg. He then took control of his father's fleet of taxis in 1996.

'Every day that I wake up, you know, I'm like, this is great,' Freidman said.

His fleet ranks as one of the biggest in New York City and he has vehicles in Philadelphia, Chicago and New Orleans.

'Every day that I wake up, you know, I'm like, this is great. You know, I live on Park Avenue, got a bunch of, like, Ferraris that I drive. I have a house in the south of France. I can have breakfast, like, at Cipriani. And it's like, you know, pinch me. Is this real? I'm fresh off the boat!' Gene Freidman

'You know, I live on Park Avenue, got a bunch of, like, Ferraris that I drive. I have a house in the south of France. I can have breakfast, like, at Cipriani. And it's like, you know, pinch me. Is this real? I'm fresh off the boat!'

Yet, he has faced many uphill battles including a well-publicized feud with former New York mayor Michael Bloomberg who he says wanted to crush his business during his time in office.

Bloomberg, who owns Bloomberg Businessweek is also an investor in the venture capital firm Andreessen Horowitz, which invests in the ride-sharing service Lyft.

Drivers have also waded in to criticize Friedman.

'He's definitely been the worst player,' Bhairavi Desai, head of the New York Taxi Workers Alliance told Bloomberg.

'He was irresponsible with the drivers, and he was fiscally irresponsible with the medallion management.'

In 2013, Freidman settled a lawsuit filed by New York state in which he agreed to pay back his drivers $750,000 in overcharges.

Freidman's taxi fleet ranks as one of the biggest in New York City and he has vehicles in Philadelphia, Chicago and New Orleans

The Taxi King is also undergoing a divorce from his wife Sandra Friedman, 25, pictured, after it was alleged that he attempted to assault her

And since climbing to the top of the pecking order, his problems have stacked up in both his professional and personal life.

His net worth is in free fall. In March, Citibank moved to foreclose on 90 of his medallions, claiming it was owed $31.5 million in unpaid loans.

He is also undergoing a divorce from his wife Sandra Freidman, 25, after it was alleged that he attempted to assault her.

But he says he is resilient.

'We live in a world of survival and preservation, right?' he told Bloomberg. 'Uber's not a problem. Uber is pushing me, right? How can I get you someplace cheaper, quicker, more efficiently?'

And he even makes light of his problems.

'Listen, listen, listen,' he added. 'I'm not worried about it. If you read the papers, right, and you see what's going on, [it's as though] I might as well already be dead.'