Exclusive Bitcoin Commercial Real Estate Offer In New York Listed For $ 29 Million

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Top line

A set of retail condos in New York City sell for $ 29 million exclusively in Bitcoin, signaling a growing trend in luxury real estate purchases made using cryptocurrency.

PARIS, FRANCE – APRIL 14: In this photo illustration a visual representation of digital … [+] Cryptocurrency, Bitcoin is on display on April 14, 2021 in Paris, France. The value of Bitcoin (BTC) has crossed the $ 64,000 threshold for the first time in history. Cryptocurrency overtakes the British Pound to become the 6th largest currency in the world. The total bitcoin market is now $ 1.2 trillion, while that of all cryptocurrencies is $ 2251 billion. (Photo illustration by Chesnot / Getty Images)

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Three commercial condos totaling 9,000 square feet in Gramercy Park in Manhattan are listed by Magnum Real Estate Group, with Bitcoin the only form of purchase accepted, according to Yahoo! Finance.

A sale would be processed by BitPay, a Bitcoin payment service provider that will receive the payment in cryptocurrency and convert it into dollars, allowing Magnum to receive the purchase in cash.

The transaction would close on the next business day rather than the normal 30-90 day settlement period.

Bitcoin hit an all-time high of nearly $ 69,000 last week, and Magnum Real Estate managing partner Ben Shaoul said he expected some crypto owners to start wanting diversify their investments.

Surprising fact

About 32% of the volume handled by BitPay in October came from luxury purchases like real estate, as well as jewelry, gold and yachts, with that figure on the rise, the company told Yahoo! Finance.

Key context

While the list’s Bitcoin exclusivity is unique, cryptocurrency transactions have been rampant in real estate since at least 2014. Bill Zielke, BitPay’s chief marketing officer, told Yahoo! Finance, the company has been dealing with crypto-based real estate transactions for years, working with international and US buyers, lately focusing on luxury properties like ski houses. Earlier this year, a $ 22.5 million Miami penthouse was sold to an unknown buyer using cryptocurrency, marking what was the biggest known sale of a residential home using cryptocurrency. of a digital coin.

Crucial quote

“There is a strong pent-up demand for transparent and secure cryptocurrency transactions for both parties,” said Alex Sapir, one of the Miami penthouse developers. Real estate purchases made using cryptocurrency are made over the blockchain, which means they are encrypted, secure, and there are no traditional banks or payment cables involved.

Tangent

Earlier this year, DJ David Guetta gave potential buyers of his $ 14 million Miami luxury condo the option of buying in Bitcoin or Ethereum.

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