Magnum Real Estate will accept bitcoin as payment for a three-story retail condo on Manhattan’s East Side.
Bitcoin investors have a huge real-estate opportunity.
Magnum Real Estate is accepting a $29 million Bitcoin payment for a three-store retail condominium space, making it the first major income-producing real estate investment opportunity for Bitcoin investors in the United States. On Manhattan’s East Side, the building at 385 First Avenue contains turnkey retail condominiums. M&T Bank, Mighty Pita Restaurant, and ProHEALTH Urgent Care Clinic are the current tenants of the three retail spaces.
Magnum’s crypto bullish outlook
Magnum Real Estate was the first company in New York to accept cryptocurrency as payment for prime real estate. Magnum Real Estate managing partner Ben Shaoul personifies the firm’s bullish stance on cryptocurrency. Their continued partnership with BitPay, which will accept Bitcoin payments on Magnum’s behalf and deposit the funds into the real-estate firm’s account in US dollars, demonstrates their faith in the cryptocurrency asset class.
Their confidence leads them to believe that the blockchain can handle many more transactions. BitPay’s Chief Commercial Officer, Sonny Singh, is ecstatic about this historic offering, which he sees as a step toward proving that cryptocurrency can be used to pay for real estate. Magnum will be charged a 1% fee by BitPay to process the transaction.
Bitcoin’s crown jewel in Miami
A 5067 square foot Miami penthouse was purchased for $22.5 million dollars prior to Magnum’s retail condo listing, making it the most expensive property ever purchased in cryptocurrency. The transaction was the quickest in real estate history, taking less than ten days, and is a testament to the power of decentralized finance, as the Miami property’s developers at the time, Alex Sapir and Giovanni Fasciano, recognized.