Manhattan tokenize first real estate property valued at $30M

08 Oct, 2018
by Ryan Boltman
News
Manhattan tokenize first real estate property valued at $30M

Forbes reports that Manhattan has officially tokenized their first real estate property. The luxury Manhattan condo development will be the first tokenized property on the Ethereum blockchain. 

The development features 12 units and is situated on 436 and 442 E 13th Street in the East Village. Recent appraisals value the new tokenized property at $30 million. 

The idea to tokenize the property came from best selling author Ryan Serhant, who is the listing broker on the deal. The idea behind the listing is to utilize a new method of financing which Serhart believes could serve as a better alternative for the project and investors. 

Serhant believes the tokenization of the property gives the ability of removing the unruly pressure of traditional bank financing and paves "the way for a new forefront in real estate development".

Blockchain looks set to disrupt traditional securities structures and issuance frameworks through transparent and trustless ecosystems. The recent partnership between Propellr and Fluidity will offer compliant products and services for the creation, distribution, and transfer of digital securities. 

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