Manhattan’s Luxurious Condo Sold for $15.3 Million in Bitcoin (BTC)

Mary Brendah by Mary Brendah - 12:17 PM Nov 12, 2019
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According to a New York real estate magazine, The Real Deal, Ben Shaoul, a real estate tycoon in New York has sold a retail condo in Upper East of Manhattan for $15.3 million in Bitcoin.

Moreover, Shaoul, who is president of the Magnum Real Estate Group, sold the 11,400-square-foot property to a Taiwan-based company “Affluent International LCC,” according to someone familiar with the deal. Shaoul refused to comment on the deal however, Eric Hedvat; a broker with Jet Real Estate, which represented Magnum in the deal commented on the deal as  “a seamless process.”  To complete the transaction the parties used Bitpay and Starr, he said.

The real estate industry does not widely employ the idea of bitcoin and crypto assets due to price volatility. However, Shaoul has been open to the idea of accepting BTC for other residential developments. It's not the first time he has accepted Bitcoin for his real estate dealings.

Mangum has previously transacted condos in the same building for Bitcoin. This includes two units last year sold for $875K and $1.48 million in Bitcoin. 

Luxury properties for Bitcoin


Additionally, another of Shaoul’s residential developments had been listed as having an option to buy in Bitcoin. However, Bronx-based investor Martin Shapiro eventually bought it for $82 million cash last year.

Other than Magnum Real Estate Group, Brooklyn-based rental management company; ManageGo announced in 2018 that it would be accepting cryptocurrency as payment according to the Real Deal.

In conclusion, a five-story mansion at 10 East 76th Street on the Upper East Side worth $29 million; is also being advertised as accepting payment in “Bitcoin, Ethereum, or Ripple”. Furthermore, blockchain technology is used to record ownership rights in real estate and businesses. This will help to curb land registry fraud.

 

About The Author
Mary Brendah

Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.

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