New York City Condos to be Purchased With Bitcoins for the First Time - NBC New York

New York City Condos to be Purchased With Bitcoins for the First Time

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    New York City Condos to be Purchased With Bitcoins for the First Time
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    What to Know

    • For the first time, prospective New York City home buyers are looking to purchase two apartments with bitcoins, according to reports

    • Magnum Real Estate Group is in contract to sell two Upper East Side apartments for the cryptocurrency

    • The condos in question are at 389 East 89th St.

    For the first time, prospective New York City home buyers are looking to purchase two apartments with bitcoins, according to published reports.

    The New York Post says that real estate developer Ben Shaoul, of Magnum Real Estate Group, is in contract to sell two Upper East Side apartments for the cryptocurrency — an electronic form of money.

    “We’re at a huge turning point for real estate to take advantage of the new technology out there for our customers, and I’m excited to be at the forefront. Real estate professionals should be open to the freedoms allotted with cryptocurrency and the platforms available that handle these transactions safely and securely,” Shaoul said in a statement to NBC New York.

    The condos in question are at 389 East 89th St. One is a studio for $875,000 the other is a one-bedroom for $1.48 million, the report says.

    According to Shaoul, the sale is different than other sales based on the transaction taking place.

    Shaoul said he is using BitPay as a third-party service to accept the bitcoin payment and convert it to dollars, as well as to legitimize the sale.

    Shaoul said that though cryptocurrency is “in its infancy,” it “eases the process of large-scale payments.”

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