NY Real Estate Firm Gets With The Times
NY based real estate firm Magnum Real Estate Group is now accepting Bitcoin for nearly $30Ml in commercial property and I’ll bet in the not so distant future, they’ll be happy they did. More and more will do the same as the days and weeks go by, mainstream adoption is here:
Got Bitcoin? New York Real Estate Firm Accepting BTC for $29 Million in Commercial Properties
Magnum Real Estate Group says they’re taking BTC as payment for three ground level shops at a luxury residential project.
The 9,000-square-foot ground-level shops at 385 First Avenue, also known as CODA, are already generating income. They are currently leased by the M&T Bank, the clinic ProHealth and the restaurant Mighty Pita so buyers get access to immediate cash flow.
With Magnum accepting the benchmark cryptocurrency for the sale of the properties, CODA becomes the first major income-generating asset to be offered for sale in Bitcoin, according to the South China Morning Post.
Says Magnum managing partner Ben Shaoul,
“We are a pioneer in Bitcoin transactions and see a path where many more transactions can be done using blockchain.
I expect about two or three additional transactions in Bitcoin this year for Magnum.”