The first commercial property in New York is being put on the market for digital coin. Magnum Real Estate Group is selling three retail condos complete with a fully rented-out retail bottom floor in Manhattan’s upper East side for $29 million — but will only accept Bitcoin.
Located at 385 First Avenue in a newly built luxury residential building in Gramercy Park, the apartments cover 9,000 square feet, and the lower floor is fully let by ProHealth, Mighty Pita and M&T Bank.
“There is a demand for real estate and nothing is being offered to the holders of crypto,” Ben Shaoul, managing partner of Magnum Real Estate Group, told Yahoo Finance. “Our idea is to offer something that is unique and try to pair the holders of crypto with those who want to sell real estate,” he added.
“We’ve been bullish on cryptocurrency for many years having transacted the sale of a retail condominium on the Upper East Side and several condominiums in Bitcoin,” said Ben Shaoul, Managing Partner of Magnum Real Estate Group. “Our confidence in the asset class is documented by our decision to keep crypto on our balance sheet and continue to collaborate with BitPay. We have also retained the services of Galaxy as an advisor. We are marketing this Class A retail property for a crypto holder because of its immediate cash-flow and strong return rate.”
“Acquiring stable real estate assets with Bitcoin has never been easier,” said Sonny Singh, chief commercial officer of BitPay. “This landmark offering at 385 First Avenue is a remarkable step forward in proving that crypto is a viable alternative to fiat transactions. We’re thrilled to provide the integration for companies like Magnum Real Estate to quickly and seamlessly process cryptocurrency payments.” Magnum was the first real estate development firm in NYC to accept crypto for its prime real estate offerings. As the adoption of blockchain technology grows and the asset class matures, the firm continues to be at the forefront of transacting in partnership with BitPay.
This isn’t the first crypto transaction for Shaoul. He did three residential deals in 2018, including the sale of an Upper East Side retail condo for $15.3 million in Bitcoin. And Shaoul expects real estate transactions using crypto to grow.
Image from Mathilde Paret.