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Buying real estate with crypto: US$29 million property in New York City can only be paid for with Bitcoin

In New York City, one of the most expensive metropolis in the world, Bitcoin is an accepted payment method when buying a certain real estate property (Image: Patrick Tomasso)
In New York City, one of the most expensive metropolis in the world, Bitcoin is an accepted payment method when buying a certain real estate property (Image: Patrick Tomasso)
Cryptocurrencies like Bitcoin are not just an investment, but they also slowly turn into a more widely accepted payment method. In New York City, crypto millionaires can now even buy a desirable property with their bitcoins.

Since many early adopters of cryptocurrencies have unexpectedly become rich over the last few years, more and more opportunities emerge to utilize valuable digital currencies like Bitcoin (hardware wallet from US$59 on Amazon) without converting them into regular currencies, also known as "fiat" among crypto enthusiasts. In New York City, the Magnum Real Estate Group has now put a multi-million dollar property in the expensive borough of Manhattan on the market, and the catch is that it can only be bought with Bitcoin.

With a price of US$29 million, this NYC property would cost approximately 452 bitcoins according to the current price of the largest cryptocurrency in the world. With three condos and an already leased retail space on street level, said property is a commercial investment opportunity rather than a chance to buy a residential home with Bitcoin. With 9,000 square feet of space and a desirable location at 385 First Avenue, some Bitcoin millionaires may be enticed to use their crypto assets as a payment for such a transaction.

The payment process with Bitcoin is supposed to be more efficient and faster, and the company's rather uncommon proposition is also intended to stand out on the piping hot real estate market and present an exclusive chance for rich crypto holders in NYC. It's not the first crypto real estate transaction of this kind, as the real estate group previously sold a US$15 million home on the Upper East Side of Manhattan for bitcoins in 2018. This transaction has apparently played out well because the price of Bitcoin has gone up significantly since then, which makes it likely that this won't be the last time cryptocurrencies like Bitcoin are an accepted form of payment for real estate in New York or anywhere else.

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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 11 > Buying real estate with crypto: US$29 million property in New York City can only be paid for with Bitcoin
Enrico Frahn, 2021-11-15 (Update: 2021-11-15)