As bitcoin and other forms of cryptocurrency have grown in popularity—among a relatively small sector of people, which a recent Curbed piece described as “tech-savvy men with decent jobs and maybe a libertarian bent who, by getting into cryptocurrency early, now command significant digital capital”—they’ve become more common in real estate transactions.
Just last month, two apartments at 389 East 89th Street that were purchased using bitcoin went into contract, in what was allegedly the first condo transaction using the digital currency.
Now, one New Yorker is looking to offload his Upper East Side townhouse using either good ol’ US dollars, for $29.95 million, or several forms of cryptocurrency (bitcoin, Ethereum and Ripple), for which the price would be significantly higher—$45 million, to be precise.
The seller, hedge funder Claudio Guazzoni de Zanett, told the Wall Street Journal that the price difference is due to the volatility of cryptocurrency. “I’m a true believer in these networks, but it’s very volatile,” De Zanett told the WSJ. “They could be down 60% in two weeks.”
The home itself, located on East 76th Street between Fifth and Madison avenues, is your typical enormous Upper East Side mansion: It spans more than 12,000 square feet, with seven bedrooms and more than nine bathrooms spread out across its six floors (and a roof terrace). The home dates back to 1904, and was designed in the Beaux Arts style by Schwartz and Gross; its limestone facade, gated entrance, high ceilings, and wood-burning fireplaces all speak to its vintage charm.
De Zanett turned the home into a “family compound,” per the WSJ, with several apartments; but it could be converted back into one gigantic megamansion. It’s a dual listing, held by Corcoran’s Carrie Chiang and Douglas Elliman’s Valerie Lettan.