Magnum Real Estate Group to accept Bitcoin for its NYC property

New York-based Magnum Real Estate Group is looking to sell three ground-floor stores valued at $29 million as part of a luxury residential project in Manhattan and is open to accepting Bitcoin as payment for services.

Available to let at 385 First Avenue, commonly known as CODA, is over 9,000 square feet of retail space. Current occupants of the property include M&T Bank, Mighty Pita, and ProHEALTH Urgent Care.

Some of the apartments were paid for in cryptocurrency and the developer noted that buyers would be able to access instant cash flow because the units are entirely built out and currently earning money.

Ben Shaoul, a Managing partner of Magnum with a $4 billion portfolio said:

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

He expects two or three more bitcoin deals this year For Magnum, citing demand in Miami penthouses, Manhattan apartments, and Beverly Hills estates.

CODA becomes the first significant profit-making asset available to Bitcoin enthusiasts, courtesy of this initiative. Judging from the $29 million valuations, the properties are valued at roughly 641 BTC at the current market rate.

Meanwhile, the co-founder and executive chairman of property portal Juwai IQI Group, Georg Chmiel, 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, the world’s leading supplier of Bitcoin and cryptocurrency payment services, has been tasked with handling all Magnum transactions.