Real estate companies and firms are now gearing up to use global blockchain technologies for introducing the concept of getting a digital home via tokenization. Ryan Serhant and a luxury Manhattan-based condo development company, Amirian Group are coming up with the option to get a new virtual home. The system will work on the worldwide Ethereum (ETH) blockchain.
Incidentally, Ryan Serhant is well known for his bestselling “Sell It Like Serhant” book and as the star of Bravo’s “Million Dollar Listing New York.” He is the listing broker who will settle the deal through blockchain platform. Along with the luxury Manhattan condo developer, Serhant has now decided to turn to tokenization as the latest method of financing. The process will serve as a much better option for investors and the project. According to Serhant, the New York market is very strong but still, it will take some time for the building to sell at the right price. He further added that with the blockchain tokenization it is possible to eliminate the unruly pressure put by the traditional bank financing.
The building for which both the developer and Serhant are teaming up to use global blockchain technologies is a completed construction of 12 units. Its 1700 sq.ft. units are located in the East Village on the 436 & 442 E 13th St. It is the first of its kind major asset in Manhattan that will use Ethereum platform for tokenization. The recent appraisal of the property estimates its worth to be more than $30M. Serhant believes that it is comparatively much healthier than the other methods of getting finance for the project as well as for other stakeholders, Forbes.
Both Serhant and the Amirian Group have strong belief that the investors will use cryptocurrency for making an investment in the boutique luxury condominium project. Its every transaction will be stored and secured on the blockchain platform of Ethereum.
Serhant and the real estate developer believes that use of global blockchain technologies in this sector will usher in a new system of transaction that is more democratic and decentralized said The Real Deal. The concept offers small investors a chance to take advantage of the profit potential of real estate which until now has been restricted only to the rich and connected.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]