Alexanders will be metaverse’s first luxury brokers

Oren and Tal Alexander will co-develop and sell mansions in emerging virtual worlds.

New York /
Dec.December 02, 2021 08:00 AM

Oren and Tal Alexander; The Alexander Team at Douglas Elliman; powerhouse brokers will be metaverse’s first luxury broker team (iStock, BFA)

The metaverse is getting its first luxury brokers, the clearest sign yet that the value of virtual property may actually be real.

Oren and Tal Alexander, Douglas Elliman’s top performers for the last two years, formed a partnership with Republic Realm, the metaverse developer that paid a record $4.3 million this week for a virtual estate. They plan to develop and sell property in an “architecturally significant master-planned community” in the virtual world, Republic Realm said.

“We want to just focus on trophy properties in the various metaverses,” Oren Alexander said in an interview. Location and design will be prime considerations.

Metaverse champions say virtual property has weight even if you can’t touch it, wear it or live in it. Its value, they say, derives from the bragging rights: Not many people get to live in or even visit real mega-mansions, but everyone knows who owns them.

The arrival of a team with cachet in the world’s wealthiest real estate enclaves lends credibility to a market many still think may be just a fad — or worse, a bubble. The brothers, known as the Alexander Team, are among New York and Miami’s highest-grossing residential real estate brokers, with a client list that ranges from Ken Griffin to Kanye West.

Elliman isn’t directly involved in the deal because the Alexander brothers serve as independent contractors for the firm.

The constellation of luxury virtual properties will span The Sandbox, Decentraland and at least one other unidentified metaverse and will carry the Alexander Team branding, Oren Alexander said.

Republic Realm is best known as the creator of Fantasy Islands, an early real estate NFT project in The Sandbox and among the highest-grossing NFT ventures on record. It recently sold a virtual “mega yacht” in the metaverse for 149 Etherium, the equivalent of about $650,000 at the time.

Janine Yorio, co-founder of Republic Realm, said early investors in digital property are “pioneers and visionaries” who stand to benefit most as the metaverse expands. “They understand that if you get in early, something like the metaverse can be enormously profitable,” she said.

Demand from The Alexander Team’s existing clients and the brothers’ own interest in the metaverse’s cultural and commercial possibilities inspired the move. Alexander said he and his brother are investors in digital property themselves, and that they’lll market the newly developed mansions to the team’s real-world clients.

People inside and outside the cryptocurrency sphere see a “wide range of opportunities” in the metaverse, Alexander said.

“We believe heavily in this metaverse digital real estate world,” he said. “The world has changed, society has changed people — especially the younger generation, who are not only gaming in the digital world, but to some extent living in the digital world.”





    Related Articles

    arrow_forward_ios
    Eric Gordon
    Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
    Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
    John Giannone and Jac Credaroli (Credit: iStock)
    Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
    Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
    Big Tech locations in NYC
    MAP: Here’s a look at all the Big Tech locations in NYC
    MAP: Here’s a look at all the Big Tech locations in NYC
    From left: Amy Schumer and 190 Riverside Drive; Jimmy Fallon and 34 Gramercy Park East (Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons, iStock)
    Jimmy Fallon, Amy Schumer selling Manhattan pads
    Jimmy Fallon, Amy Schumer selling Manhattan pads
    OKO's Vladislav Doronin and the Crown Building ( OKO Group, Aman)
    Crown Building notches another peak sale with $55M condo
    Crown Building notches another peak sale with $55M condo
    R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
    Real estate tech is coming for your business
    Real estate tech is coming for your business
    A photo illustration of a crystal ball predicting future home prices (iStock)
    Home sales, building to slow: Fannie Mae
    Home sales, building to slow: Fannie Mae
    New York skyline
    Rising interest rates will dampen city’s investment sales market this year
    Rising interest rates will dampen city’s investment sales market this year
    arrow_forward_ios

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

    Loading...