Cryptocurrency
Chrysler Building Owner Sells Stake in Zurich Property for ERC-20 Tokens and Cash
As reported by CoinDesk, “The new owner of the Chrysler Building is selling a property worth $135 million to a blockchain real-estate company, taking a fifth of the purchase price in tokenized securities. “New York-based RFR Holdings, which purchased the Chrysler Building in a joint agreement in March 2019, agreed to sell its majority stake in […]
As reported by CoinDesk, “The new owner of the Chrysler Building is selling a property worth $135 million to a blockchain real-estate company, taking a fifth of the purchase price in tokenized securities.
“New York-based RFR Holdings, which purchased the Chrysler Building in a joint agreement in March 2019, agreed to sell its majority stake in a commercial property in Zurich to BrickMark, a real estate agency with offices in Switzerland and Germany.
“Announced Wednesday, BrickMark said roughly 20 percent of the purchase price will be paid in the firm’s BMT security token.
“The deal gives BrickMark 80 percent of the building, with the option to purchase RFR’s remaining share until September. The purchase price has not been disclosed, but the value of the token share is believed to be in the tens of millions of euros.
“According to BrickMark CEO Stephan Rind, it is the largest-ever real estate deal involving digital tokens. ‘There has never been a token-based real estate transaction of this magnitude. We are implementing what was once no more than a concept in the real estate industry,’ he said…”