Bicycle, Taxi & Bus

My original intent was to take a photo of this interesting "structure" that was being used as a bicycle stand, whether it was installed there for that express purpose or not. When I got home, I saw that the photo was even more interesting because of the taxi and bus lining up next to it -- all three mode of transportation in one photo. If only I could PhotoShop a subway train into the photo, it would be perfect. :-)

So do you think the red iron structure here is meant as a bicycle stand?

Update: This "structure" is by David Byrne and yes, it is indeed meant to be a bike rack/stand.