Miami penthouse sets cryptocurrency sale record: $22.5M

Arte by Antonio Citterio began accepting digital tokens weeks prior

Miami /
Jun.June 09, 2021 10:05 AM
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)

Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)

A developer’s decision to accept cryptocurrency as payment appears to have paid off, as a Miami-area penthouse just went for $22.5 million in digital tokens.

The deal came weeks after Alex Sapir’s Arte by Antonio Citterio, in Surfside, began accepting cryptocurrency through a partnership with blockchain and securities trading platform SolidBlock. It is the largest known cryptocurrency real estate purchase ever. Forbes first reported the transaction, which was announced in an overlooked press release May 27.

Encompassing the entire ninth floor of the 12-story condominium, the lower penthouse unit is 5,067 square feet and offers a 360-degree view of Miami’s ocean, shoreline and cityscape. The home features four bedrooms, four bathrooms, a powder room, a wine tasting bar, walk-in closets and a 2,960-square-foot wraparound terrace.

“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” co-developer Giovanni Fasciano said in a statement. “Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”

The developers did not reveal the buyer or what kind of cryptocurrency was used.

It’s not the first record-breaking sale for Arte. Another penthouse in the building went for $33 million, or $4,300 per square foot, by far the most ever paid per foot in Surfside.

Cryptocurrency is making inroads in real estate. WeWork announced in April that it will begin accepting Bitcoin for membership fees. Real estate investor Kent Swig also got into the cryptocurrency game, launching his own digital token tied to gold.





    Related Articles

    arrow_forward_ios
    (Illustration by Kevin Rebong for The Real Deal)
    Single-family rent growth more than doubles in April
    Single-family rent growth more than doubles in April
    Millions of homeowners remain vulnerable as forbearance winds down
    Millions of homeowners remain vulnerable as forbearance winds down
    Millions of homeowners remain vulnerable as forbearance winds down
    Confidence is lowest in the Northeast and Midwest, at 73 and 70. (iStock)
    Homebuilder sentiment slides to 10-month low in June
    Homebuilder sentiment slides to 10-month low in June
    Elon Musk and the San Francisco estate (Getty, Gullixson / Compass)
    Elon Musk relists San Francisco mansion for $38M
    Elon Musk relists San Francisco mansion for $38M
    Daniel Humm and 40 Fifth Avenue (Getty, Google Maps)
    Chef Daniel Humm scoops Greenwich Village co-op from Chipotle founder
    Chef Daniel Humm scoops Greenwich Village co-op from Chipotle founder
    Opendoor CEO Eric Wu (Getty, Opendoor)
    Opendoor expands to Miami, 5 additional markets
    Opendoor expands to Miami, 5 additional markets
    The Closing: Janice Mac Avoy
    The Closing: Janice Mac Avoy
    The Closing: Janice Mac Avoy
    From left: One57 and HNA Group’s Chen Feng, 15 Hudson Yards, 188 E 64th Street and Barry Skolnick (Photos via Getty, StreetEasy, 15 Hudson Yards)
    Luxury market hot streak rolls on as Hudson Yards and One57 condos find buyers
    Luxury market hot streak rolls on as Hudson Yards and One57 condos find buyers
    arrow_forward_ios

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

    Loading...