WATCH: Ben Shaoul embraces Bitcoin

Developer will be holding onto the cryptocurrency, which is skyrocketing in value

TRD New York /
Oct.October 16, 2017 03:43 PM

With so much inventory on the market in New York, developers are looking anywhere and everywhere for an edge. For Magnum Real Estate Group’s Ben Shaoul, that means embracing the cryptocurrency movement.

“Our buyer has evolved, they’ve moved from mom and pops to young people who want to pay with various forms of payment,” Shaoul told CBNC. “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 is in the midst of developing Liberty Toye at 62 Avenue B, where he will be accepting bitcoin. He is also developing a 96-unit condominium next to Katz’s Deli at 196 Orchard Street. The condos are priced between $700,000 and $1.5 million.

“I think the demographic of the crypto user is a younger millennial, but, that being said, you have a lot of people come over from other countries, who are buyers from different places, who like to trade in different types of currency,” Shaoul said. “Not everyone wants to trade in dollars or yen or euros.”

Shaoul told CNBC that he plans to hold onto any bitcoins he receives, rather than converting them into dollars. Bitcoin, which is notoriously volatile, is once again appreciating. That means that Shaoul and other developers who agree to accept bitcoin, could see an even greater return on their investment. [CNBC]Christopher Cameron 


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Charles Rettig, Commissioner of the IRS (Getty)

Opportunity Zone rule change seeks to entice foreign investors

Opportunity Zone rule change seeks to entice foreign investors
The proposal to rezone Industry City in Brooklyn was unveiled five years ago, but collapsed under political pressure (Courtesy of Industry City)

Here’s how Industry City’s controversial rezoning unraveled

Here’s how Industry City’s controversial rezoning unraveled
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
J.C. Penney at the Westfield South Shore mall in Long Island and  J.C. Penney CEO Jill Soltau (Google Maps; Getty)

J.C. Penney to keep Bay Shore outpost open for now

J.C. Penney to keep Bay Shore outpost open for now
Signature Bank CEO Joseph DePaolo and New York Community Bank CEO Joseph Ficalora (Photos via Getty; Facebook; iStock)

NYC’s multifamily lenders see shares tumble in 2020

NYC’s multifamily lenders see shares tumble in 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...