Magnum Real Estate is set to accept bitcoin as payment for a three-store commercial condominium on the East Side of Manhattan.
Major real estate opportunity for bitcoin investors
Magnum Real Estate is accepting payment of $ 29 million for a three-store retail condominium space in Bitcoin, which would make it the first income-producing real estate investment opportunity in the United States for Bitcoin investors. The building at 385 First Avenue contains turnkey commercial condominiums, located on the East Side of Manhattan. All three retail spaces are currently leased to M&T Bank, Mighty Pita Restaurant and ProHEALTH Emergency 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, epitomizes the company’s bullish outlook on cryptocurrency. Their continued partnership with BitPay who will receive payment in Bitcoin on Magnum’s behalf, and deposit the dollars into the real estate company’s USD account, is indicative of their confidence in the cryptocurrency asset class.
Their confidence translates into their belief that many more transactions can be processed through the blockchain. BitPay Chief Commercial Officer Sonny Singh is excited about this historic offer and believes it is a step forward in proving cryptocurrency to be viable as a form of payment in real estate. BitPay will charge Magnum a 1% fee for processing the transaction.
Miami’s bitcoin gem
Prior to the announcement of Magnum’s commercial condominium, a 5,067 square foot penthouse in Miami was purchased for $ 22.5 million, making it the most expensive property ever purchased in cryptocurrency. The deal was the fastest real estate transaction, taking less than 10 days, and testifies to the potential of decentralized finance, recognized by Miami real estate developers at the time of the sale, Alex Sapir and Giovanni Fasciano.
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