Pelham refers to a local Manhattan train that departs from Pelham Bay Park . The 123 refers to the time that it leaves 1:23. The "taking" refers to a hijacking. The story line revolves around an attempt to hijack the Pelham 123 train for a ransom of five million dollars. If the money is not delivered within one hour, the hijackers threaten to kill one passenger for each minute of delay.