Magnum Real Estate Group to Start Accepting Bitcoin for Its NYC Properties

Sahaj  |  Sep 14, 2021

Magnum Real Estate Group has recently revealed that it will be selling three ground-floor stores valued at $29 million as part of a luxury residential project in Manhattan and will be accepting payment in Bitcoin. The developer revealed that the buyers would be able to access instant cash flow because the units are completely built out and gaining money at present.

Magnum Real Estate Group Accepting Payments in Bitcoin

In accordance with the South China Morning Post, over 9000 square feet of retail space is available at 385 First Avenue, commonly known as CODA. ProHEALTH Urgent Care, Mighty Pita, and M&T Bank are all using this property at present.

Ben Shaoul, the managing partner of the New York-based real estate firm Magnum with a portfolio of $4 billion, released a statement that said:

“We are a pioneer in bitcoin transactions and see a path where many more transactions can be done using blockchain.” 

This step has just marked CODA to become the first significant income-generating asset available to Bitcoin lovers. Shaoul also revealed that the purchasers might make any future sales of the retail premises in the digital currency depending on the choice of the purchaser.

At the time of writing this article, the properties are worth somewhere around 641 Bitcoins and Shaoul has expectations that there would be more Bitcoin deals this year.

Georg Chmiel, the Co-founder and Executive Chairman of property portal Juwai IQI Group, said:

“This investment could appeal to any Hong Kong or mainland Chinese buyer holding significant amounts of bitcoin and wanting the stability and cash flow of a long-term leased retail property in New York.”

BitPay to Execute Transactions

The CCO of BitPay, Sonny Singh, also claimed that potential purchasers from anywhere, including Hong Kong and mainland China, can acquire homes. He said:

“The beauty of crypto is that it is a global digital asset; the buyer simply scans a QR code to pay.”

Explaining further, Singh said that when a client makes a purchase in cryptocurrencies, BitPay authenticates the transaction and receives the payment on behalf of Magnum.

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