New York City Mansion on the Market for Bitcoin or Cash

Manhattan’s Riverside Park is an exclusive enclave of high-end housing. A 10,720 square foot mansion is currently for sale for $15.9 million, and the buyer is offering to accept either cash or bitcoin.

Roy Niederhoffer, the seller, conducted a five-year renovation project on the house and warmly refers to it as a property that he has “admired for decades as one of the greatest houses in New York.” The home was originally constructed in 1897 and stands as a historical property that has been fully updated and renovated.

Due to Niederhoffer’s interest in cryptocurrency, he has offered to cover his portion of closing costs with fiat currency, if someone were to pay with bitcoin. He further added that the property is “priced to sell.” The home includes natural light, a cinema, ballroom, and catering kitchen.

Niederhoffer may have just listed the house during a prime time. The real estate market is changing and is starting to become much more inclusive of property sales and purchases involving bitcoin. Recently, there have been home sales involving bitcoin in California, Delaware, Malta, and Texas. According to Neeraj Agarwal of Coin Center, virtual currencies are a prime tool for real estate transactions because people can utilize them to transfer large amounts of money without having to pay large fees or having the funds tied up by middlemen.

Stephan Burke, a realtor, has brokered a few bitcoin real estate sales and estimates that such currencies will constitute 20% to 30% of the industry sales in five years. Further, buyers and sellers that use bitcoin are “focused on this world of intangibility.”

There are also some who estimate that the pivot toward cryptocurrency may boost international markets. Forbes has reported that people in China are looking at cryptocurrencies as a way to participate in real estate transactions and to bypass state-imposed limits on the currency that leaves the country. There are also new capital controls in China that restrict real estate investment, so crypto may be a method to overcome the challenge.

Others also speculate that the shift toward crypto will improve potential real state customer pools because younger people are interested in crypto. The big question here is whether young people will actually use crypto – interest is not enough.

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