Tokenized real estate comes to the Big Apple

A new Manhattan condo located on a block of East 13th Street might not be big news. But a Manhattan condo coming to the blockchain? That could usher in an era of tokenized real estate ownership for assets in the space. The 12-unit project, worth an estimated $30 million, is going to see its ownership interest divided up into "tokens." Once this is done, the people or entities that own a portion of the project will have that represented on the Ethereum blockchain.

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Ryan Serhant, who got famous on Bravo's Million Dollar Listing, is the listing broker on this deal and is bullish on using tokenization as an alternative means of financing. "“The market in New York is always strong, but it can take some time to sell for the right price in a new construction building. With blockchain tokenization, we can remove the unruly pressure of traditional bank financing, which is much healthier for the project and all of the stakeholders," he told Forbes. (Source: Forbes)