• 389 East 89th Street
    Bitcoin

    New York’s first bitcoin real estate transaction raises new questions

    Could $97 invested in 2011 get you a $1 million property today?

    Manhattan has now joined the ranks of marquee places where bitcoins are used to buy real estate. Property developer Ben Shaoul, owner of Magnum Real Estate Group, is in contract to sell two Upper East Side apartments. But is there really a huge upside to paying for homes in crypto? “Everyone’s getting on the crypto train,” Shaoul told Modern Consensus. “I just chose to board it faster.” The two units are both ridiculously small by non-urban standards but for this neighborhood, it’s fairly common. The first unit is a 624-square-foot studio that was asking $875,000. That’s about the size of a car garage in the suburbs. The other is a…