Bitcoin is being used more often for a wider variety of purchases, now including real estate as New York commercial property is listed for digital assets, Yahoo reported on Monday (November 15).
The property is being sold by Magnum Real Estate Group, which the report says sells three commercial condos with a fully leased ground floor. The price is $ 29 million and the company will only take bitcoin for it.
“There is a demand for real estate and nothing is being offered to crypto holders,” Ben Shaoul, managing partner of Magnum Real Estate Group, told Yahoo Finance.
He said the idea is to offer a unique new way to buy things, allowing crypto holders and people who sell real estate to come together.
Shaoul has previously presided over crypto transactions. In 2018, he closed three residential deals, one being an Upper East Side commercial condo that sold for $ 15.3 million in bitcoin.
He said there will likely be more crypto deals in the future, saying investors have owned bitcoin and are now looking to increase their cash flow.
Shaoul added that real estate allows for a big investment with cash flow, so as an added value these investors can potentially plan to sell to another crypto user later.
Crypto real estate transactions are nothing new for the BitPay payment processor, which handles the Magnum transaction. BitPay has processed several crypto real estate transactions over the past few years for international buyers, including ski houses in the western US and properties in New York City.
In related news, real estate platform Pacaso announced in late October that it would accept cryptocurrency as a payment option, also using BitPay.
Read more: Pacaso accepts crypto for second home purchases
PYMNTS writes that Pacaso customers will be able to purchase their second home through a variety of cryptos, including bitcoin, ethereum, litecoin, bitcoin cash, dogecoin, and more.