Buying NYC Apartments with Bitcoin - 2018 Update
With Bitcoin approaching record highs going into 2018, and everyone from JP Morgan to Goldman Sachs providing an opinion on the future of Bitcoin and blockchain technology, it should come to no surprise that Bitcoin investors are actively seeking out new investment options.
While initial coin offerings are continuing to draw in speculators who may have had prior successes with cryptocurrency investments in Bitcoin, the SEC has recently issued a warning about the increasing threat of fraud associated with these ICOs. So where should Bitcoin millionaires turn to in an effort to maintain wealth in an asset class with continued growth opportunity, while simultaneously reducing risk? Real estate offers an exceptional opportunity to transfer Bitcoin wealth into a hard, low-volatility asset. Specifically, New York City real estate offers the chance to transfer Bitcoin millions into a fast growing asset class that will be sure to maintain its value.
Purchase a Manhattan Condominium with Bitcoin
Whether you're based in the United States or overseas, New York City has always proven to be an exceptional real estate investment. Buyers have been purchasing apartments in Manhattan for the past several decades, knowing that it's an asset that appreciates in value and also allows for anonymous transferability through the use of LLCs. Whether you're a first-time homebuyer or an international real estate investor, NYC offers opportunities for buyers from all walks of life.
So have you hit the Bitcoin jackpot and wisely invested in the world’s most valuable cryptocurrency? You may have read our initial guide to buying property in NYC with Bitcoin. One of the foundations for any transfer is that for someone to be able to buy property with Bitcoin, they would have to find a seller who is willing to accept Bitcoin. In absence of sellers who are willing to accept this type of currency, a Bitcoin apartment buyer would need to transfer the Bitcoin holdings into US Dollars and then engage in the property transfer. However, with the increasing popularity of Bitcoin, there are several Manhattan based condo developers who are willing to actually accept a direct payment of Bitcoin in return for ownership of the condo.
Which Apartments Can I Buy with Bitcoin?
Liberty Toye, located in New York City’s quickly gentrifying Alphabet City on the Lower East Side, is the first official condo development to accept Bitcoin. A luxury Manhattan condo development by the premier Magnum Real Estate Group, the apartment building is currently offering the following inventory:
Studios starting at $685,000
1 Bedrooms starting at $845,000
2 Bedrooms starting at $1,375,000
For Bitcoin purchases, the property prices above would simply be converted into their respective Bitcoin price equivalent at the point of contract signing. When the contract is signed, the buyer is expected to put 10% of the deposit in escrow with the seller’s attorney, and then provide the other 90% at closing, which in the case of an all-Bitcoin purchase would take place several weeks later.
What are the Benefits of Buying a NYC Apartment with Bitcoin?
If you're in the fortunate position to have amassed a serious amount of wealth with your investment in cryptocurrencies, you've seen record returns over the past year. A savvy investor will recognize that as their investment increases in value, they need to take some money off the table and take profits, while at the same time reducing risk.
As a Bitcoin investor, you may be at the crossroads where you are thinking about what you should be doing next. Buying into New York City real estate, you have some of the following benefits:
Investing in an asset class that continues to see record appreciation
Tax benefits of owning real estate through deductions
Ability to easily liquidate property through sale
Monthly rental income
We Represent Bitcoin Apartment Buyers in New York City
So if you’re thinking about next steps to learning more about how to buy a Manhattan or Brooklyn apartment with Bitcoin, contact us using the form below. We'll represent you in the purchase and help you identify the property that best suits your investment needs.