In Manhattan, a luxury condominium has been built that will be represented digitally on the Ethereum blockchain, using the digital asset management Propellr platform with the help of Fluidity, a system for the tokenisation of investments.
The idea came to Ryan Serhant, a well-known real estate agent and author of famous American television series such as Sell It Like Serhant, in which Serhant played himself, or Million Dollar Listing New York.
Serhant sees decentralized tokens as a new method of financing the real estate sector and an alternative for real estate investors. Interviewed by Forbes, he said:
“The New York real estate market is doing well, but sometimes it takes too long to sell new apartments at the right price. With the new scenarios offered by the blockchain, we can remove the undisciplined pressure of traditional bank financing“.
The real estate agent’s idea is to get rid of the pressure of the banks that financed the project through tokenisation, turning debt into investment supported by Propellr’s investors.
The luxurious digitalized condominium
The luxurious condominium consists of twelve apartments of 157 square meters, each worth 2.25 million dollars, equipped with every comfort: reserved parking space;
- lift with direct access to the apartment;
- three bathrooms;
- custom Made in Italy furniture
- virtual security service.
The property is located on thirteenth street at numbers 436 and 442 E in the East Village, the New York neighbourhood for artists and environmentalists.
According to recent estimates provided by Studio Serhant, the condominium has a total value of 30 million dollars.
A new way to finance the real estate sector
Todd Lippiatt, CEO of Propellr, sees in tokenized securities the possibility to offer more liquidity to the real estate market by removing the obstacles of a traditional system that has not evolved for a long time.
According to Lippiatt, blockchain technology “creates a transparent and trustworthy ecosystem capable of attracting new investors and generating previously impossible profits“.