$22.5M Miami Penthouse Crypto Deal Could Transform Real Estate Market
Arte condominiums became the first new residential development in Miami to welcome cryptocurrency as payment, opening the door for future real estate opportunities in digital assets.
Source: Arte Surfside
- The $4,440.50 per square foot penthouse deal marked as the most expensive price per square foot closed in 2021
- Deal remains virtually anonymous as the buyer and cryptocurrency used remain private, due to confidentiality agreements
A whopping $22.5 million deal recently closed for an exclusive penthouse in Miami Beach. But what makes this sale so special? It’s the largest known cryptocurrency real estate deal in the US to date.
On May 27th, a 5,067 square foot four-bedroom in Miami Beach was sold on the 9th floor lower penthouse in a unique condo building, according to an article by Forbes.
The condominium was bought in all cash, entirely in cryptocurrency. However, the deal remains virtually anonymous as the buyer and cryptocurrency used remain private, due to confidentiality agreements.
The condominium complex, Arte Surfside, was designed by Italian architect Antonio Citterio and developed by Alex Sapir and Giovanni Fasciano. Arte is the first new residential development in Miami to accept cryptocurrency as a payment option.
The sale was one of 16 individual oceanfront residences and came in at $4,440.50 per square foot, marked as the most expensive price per square foot closed in Miami Beach in 2021, according to the condominium. The deal also made a record for the fastest real estate transaction, closing in less than 10 days.
The building previously made headlines after Ivanka Trump and Jared Kushner reportedly signed a lease on one of the condos at Arte as the couple awaits for the construction of their home on Indian Creek island in Miami Beach to be completed, according to an article by Architectural Digest.
Arte joins Miami Mayor Francis Suarez in the vision to transform the city into a leading technology hub, the company said in a press release May 6. By embracing digital assets like bitcoin as the future of business, the building said it has taken the lead in upending traditional real estate practices in Miami and has set an example for other developments in the market.
“The embrace of cryptocurrency and emerging technologies across all sectors of industry is precisely how Miami will become the city of the century,” said Miami Mayor Suarez in the press release. “Arte is setting an important precedent and I won’t be surprised to hear similar stories in the near future.”
The crypto sales of residences at Arte will be completed through a third-party company called SolidBlock, a securities and blockchain trading platform, which allows clients to buy and sell digital assets with cryptocurrencies like bitcoin and ethereum.
Arte Surfside and SolidBlock were not available for immediate comment on June 8.
This development adds to Miami’s growth into the cryptocurrency space as the city continues to warmly embrace the digital asset, signifying the city’s future as it hopes to become the cryptocurrency capital of the world.
Last week, Miami hosted the Bitcoin 2021 conference, the largest bitcoin show on earth, with thousands of people traveling to the city for the event to see speakers, panels and link up with other engrossing bitcoin enthusiasts.
Additionally, FTX, a digital assets derivatives exchange, finalized a 19-year, $135 million deal with Miami-Dade County in Florida to take over naming rights of National Basketball Association team Miami Heat’s stadium, formerly known as American Airlines Arena, Blockworks previously reported.