Magnum Real Estate is set to accept bitcoin as payment for a three-store retail condominium in Manhattan’s East Side.
Major real-estate opportunity for bitcoin investors
Magnum Real Estate is accepting the $29M payment for a three-store retail condominium space in Bitcoin, which would make it the first major income-producing real estate investment opportunity in the U.S. for Bitcoin investors. The building at 385 First Avenue contains turnkey retail condominiums, located on Manhattan’s East Side. The three retail spaces are currently leased to M&T bank, Mighty Pita Restaurant, and ProHEALTH Urgent Care Clinic.
Magnum’s bullish outlook on crypto
Magnum Real Estate was the first New York company to accept crypto for its prime real estate. Ben Shaoul, managing partner at Magnum Real Estate, embodies the company’s bullish outlook on cryptocurrency. Their continuing partnership with BitPay who will receive the payment in Bitcoin on behalf of Magnum, and deposit the dollars into the real-estate firm’s account in USD, is indicative of their confidence in the cryptocurrency asset class.
Their confidence results in their belief that many more transactions can be processed via the blockchain. Sonny Singh, BitPay’s Chief Commercial Officer, is excited about this landmark offering, and believes it is a step towards proving that cryptocurrency is viable as a form of payment in real estate. BitPay will charge Magnum a 1% fee for processing the transaction.
Miami’s bitcoin jewel
Prior to Magnum’s retail condo listing, a 5067 square foot Miami penthouse was purchased for $22.5M dollars, making it the most expensive property ever purchased in cryptocurrency. The deal was the fastest real estate transaction, taking less than 10 days, and is a testament to the potential of decentralized finance, as recognized by the Miami property’s developers at the time of the sale, Alex Sapir and Giovanni Fasciano.
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