- Ben Shaoul’s Magnum Real Estate Group sold an Upper East Side condo for $15.3 million in bitcoin to a Taiwanese buyer.
- An increasing number of properties being sold in New York City are including crypto in their listing.
Ben Shaoul, a New York City-based real estate owner and developer, used bitcoin to sell an Upper East Side retail condo for $15.3 million in bitcoin.
Shaoul, who is president of the Magnum Real Estate Group, sold the 11,400-square-foot space to a Taiwanese entity called Affluent Silver International LLC. According to a report by the Real Deal, the transaction was completed using Bitpay and Starr, with broker Eric Hedvat calling the experience of using crypto a “seamless process.”
Mangum has previously dealt condos in the same building for bitcoin, including two units last year sold for $875K and $1.48 million in BTC.
While bitcoin and cryptoassets are not widely accepted by real-estate sellers due to price volatility, Shaoul has been open to the idea of accepting BTC for other residential developments.
Other New York firms are coming around on crypto-assets, including Brooklyn-based retail management company ManageGo, which announced last year that it would accept crypto for payment. 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.”