Milestone: Bitcoin Was Just Used to Buy Two Condos in New York
Magnum Real Estate Group says it just used Bitcoin to sell two condos in New York City, in the Big Apple’s first real estate transaction using the world’s most popular cryptocurrency.
Developer Beh Shaoul of the New York-based group says Magnum Real Estate is in contract to sell the two Upper East Side apartments, both located at 389 E. 89th Street, for Bitcoin. The sales are happening in two separate transactions by different buyers.
The first condo is a 624-square foot studio with an asking price of $875,000. The second is a 989-square foot one-bedroom, one-bathroom listed at $1.485 million.
Shaoul recently told CNBC, “Cryptocurrency is something that has been asked of us — ‘Can you take cryptocurrency? Can we pay that way?’ — and of course when somebody wants to pay you with a different form of payment, you’re going to try to work with them and give them what they want, especially in a very busy real estate market.”
Shaoul says he will use BitPay to accept the Bitcoin payment and convert it to dollars.