Published by The Real Deal South Florida, June 9, 2021
A developer’s decision to accept Cryptocurrency as payment appears to have paid off, as a Miami-area Penthouse at Arte Surfside in Surfside, Florida just sold for $22.5 million in digital tokens on May 27, 2021. It is the largest known Cryptocurrency Real Estate purchase ever. The developers did not reveal the buyer or what kind of cryptocurrency was used.
The deal came weeks after Alex Sapir’s Arte by Antonio Citterio, in Surfside, began accepting Cryptocurrency through a partnership with blockchain and securities trading platform SolidBlock. Forbes first reported the transaction, which was announced in a Press Release on May 27, 2021.
Encompassing the entire ninth floor of the 12-story condominium, the lower penthouse unit is 5,067 square feet and offers a 360-degree view of Miami’s ocean, shoreline and cityscape. The home features four bedrooms, four bathrooms, a powder room, a wine tasting bar, walk-in closets and a 2,960-square-foot wraparound terrace.
“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” co-developer Giovanni Fasciano said in a statement. “Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”
It’s not the first record-breaking sale for Arte. In December of 2020, Arte Surfside’s 3-Story Penthouse on Floors 10 – 12 sold for $33 million, or $4,300 per square foot, by far the most ever paid per foot in Surfside.
Cryptocurrency is making inroads in real estate. WeWork announced in April that it will begin accepting Bitcoin for membership fees. Real estate investor Kent Swig also got into the cryptocurrency game, launching his own digital token tied to gold.
Arte Surfside completed construction in 2020, it’s a luxury Boutique style Condo with a total of only 16 Residences and enjoys a prime Oceanfront location at 8955 Collins Avenue in the beautiful Town of Surfside, Florida, adjacent to Bal Harbour and only 2 Miles from Miami Beach. Arte Surfside was designed by Antonio Citterio and Patricia Viel with Kobi Karp Architecture & Interior Design.
Residences at Arte Surfside occupy a full Floor or half Floor, with very spacious Floor plans, featuring floor-to-ceiling Impact Windows and Doors, Contemporary design, spacious Terraces, private Elevator entry, premium interior finishes, and beautiful direct Ocean views.
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