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The owner of a 199,675 mostly vacant two-building office project in Houston has opened up to Bitcoin offers.
One building at 50 Briar Hollow is completely vacant and the other is 70% empty, following commercial setbacks linked to the tenant pandemic. The resort was developed in 1978-79 and last renovated in 2013.
It is believed to be the first project in Greater Houston marketed to accept Bitcoin.
BDFI LLC, the owner, is inspired by the changing world and wants to be at the forefront, says Glenn Dickerson, vice president of NewQuest Properties, the local brokerage. I am actively involved in cryptocurrency, so I was really excited that he also believes in crypto. This is a strong endorsement of bitcoin, which the seller plans to hold onto and not convert to US dollars like others have.
The bid price will not fluctuate with Bitcoin volatility, he said in a statement.
Although we are reluctant to call it a trend, there are more and more examples of commercial real estate investments incorporating bitcoin into their strategies.
E11EVEN Hotel & Residences, a luxury condominium complex slated to launch in Miami this year, will be the first project of its kind to accept cryptocurrency as a form of payment, according to its developers.
Residences start at $ 300,000 and include studios, one- and two-bedroom apartments, as well as a limited collection of penthouses and two presidential suites. The units are almost sold out.
Deposited bitcoin in what’s called a stablecoin, which is a crypto platform that removes hedging. It only pays you the dollar value of that coin at the time you deposit it, says Kevin Maloney, founder of national real estate developer PMG, who is developing it with E11EVEN Partners.
Explaining that stablecoin is part of CoinDesk and that Coindesk deposits money with securities firm Maloney, he claims he follows Florida law.
On the West Coast, 20Mission, a 41-room cohabitation space in San Francisco owned by first Bitcoin millionaire Jered Kenna, allows people to bid on 75-year rights to rent a room for $ 1 a month using of NFTs.
Originally, I wasn’t going to implement NFTs, Kenna told GlobeSt.com. Then I realized that it made sense from an ease of use standpoint. Of course, the timing is good. Everyone is talking about NFT right now, but it is also indisputable that the underlying asset has value. I really don’t want to see them go for something ridiculous like 100 years of market rent. I’m trying to introduce a new way of looking at real estate ownership and bringing liquidity to a traditionally illiquid market.
In New York’s SOHO neighborhood, KPG Funds allows tenants to pay rent in digital currency at 446 Broadway L Atelier.
We believe cryptocurrency is here to stay. Tenants started asking for this payment solution, and we wanted to be able to meet their needs, said Gregory Kraut, CEO of KPG Funds, in a statement.
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