$ 26.5M NYC building listed on OpenSea – The Defiant
There’s been some curiosity at NFT Marketplace OpenSea this week: a $ 26.5M building in one of New York City’s most fashionable neighborhoods.
The seven-story building in Manhattan’s Flatiron District has ground-level retail space, including an upstairs apartment. The seller, Okada & Company, has been in the commercial real estate business for nearly 60 years, CEO Chris Okada told The Defiant in an interview on Friday afternoon.
“It’s blowing,” he said with a smile. “I did something that went a little viral but it happened, like – I got a call from Norway, people arrived from Korea.”
If sold, 111 West would not be the first property to be bought on the 24th Street blockchain, but it would almost certainly be the most expensive, splashist.
‘The future of real estate’
Crypto natives welcomed the move on Twitter this week, it said The future Of Real Estate.
“This is one of the best uses of NFT alone,” Wrote Grant Garber, Caddex’s chief executive officer.
Naturally, there was no shortage of online haters.
“Yeah. You get the property after you buy NFT,” he said. Okada T.Weeted, the reaction of those who thought it was a kind of scandal. “Yes, you can stay in the building. Yes you can rent it out. It’s not just an expensive JPEG. “
There were also other questions. Why sell an IRL building as an NFT? What’s wrong with the traditional way of buying property?
Okader answers: “If web3 continues to happen,” as he puts it, we need to learn how to integrate blockchain with existing government infrastructure that records property transfers. The sale is, like anything else, a kind of stunt: an attempt to draw attention to the gap between the blockchain and New York’s Automated City Register Information System, or ACRIS.
In fact, the OpenSea list warns potential buyers: “Due to the nature of the real estate sale, NFT sales do not guarantee the completion of the real estate transaction, or reflect the deed or title transfer.”
Okada described it as a “ticket” – or, perhaps more accurately, a promise – to transfer documents to the property. After purchasing NFT, the money will be kept in escrow “which still controls the buyer’s team.” It will remain there until the standard process required for real estate transfer is completed and the purchase is logged in to ACRIS.
Okada believes in crypto and has styled his family-run firm as industry-friendly.
“We’ve got over 40 office buildings in all the popular crypto zip codes!” Her website boasts.
But sales are also a lesson in the volatility of the crypto market.
“There’s a lot of fraud around the NFT space right now,” he lamented. “If you search for OpenSea [for] Chris Okada, there are already three or four fake accounts. “
It also sheds light on the volatility of the crypto market. When originally listed on OpenSea, the query price, 15,000 ETH, was about .5 29.5M. As of Friday afternoon, it had dropped to about $ 26.3M, a drop Okada called “crazy”.
The building was purchased in November 2021 for 16.5M and a bowel renovation. If it sells for $ 26M, Okada will consider it a successful exit. “If it continues to drop, then we will have a problem,” he added. “We’ll pull the list up very quickly.”
Nonetheless, Okada is excited about the response to the list.
“Society is really, really, really excited about utilities, and that was one of the most positive things that came out of this whole experience,” he said. “It’s the kind of utility NFT needs, not just beautiful pictures, but (but) true, real-life applications that can make a difference.”
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