Fri, 17 Sep 2021

385 First Avenue is the only commercial real estate offering in the United States with in-place income and a long-term return for cryptocurrency investors

New York, NY - September 14, 2021 - Today Magnum Real Estate Group, a New York City-based vertically integrated commercial real estate firm with a $4B portfolio, has announced that Bitcoin will be accepted for the purchase of the retail condominiums at 385 First Avenue, a new construction luxury residential building in the Gramercy Park neighborhood of Manhattan. This marks the first major income-producing real estate investment opportunity in the United States - valued at $29M United States Dollars - for Bitcoin investors. Meridian Investment Sales is the brokerage firm and BitPay, the world's largest provider of Bitcoin and cryptocurrency payment services, will process the transaction.

385 First Avenue, also known as CODA, features turnkey 100%-leased retail condominiums centrally located on Manhattan's East Side at the corner of 23rd Street. The three retail spaces, totaling over 9,000 square feet, contain M&T Bank, Mighty Pita, and ProHEALTH Urgent Care. All three tenants are classified as "essential services" and two of the in-place leases were executed during the pandemic.

"We've been bullish on cryptocurrency for many years having transacted the sale of a retail condominium on the Upper East Side and several condominiums in Bitcoin," says Ben Shaoul, Managing Partner of Magnum Real Estate Group. "Our confidence in the asset class is documented by our decision to keep crypto on our balance sheet and continue to collaborate with BitPay. We have also retained the services of Galaxy as an advisor. We are marketing this Class A retail property for a crypto holder because of its immediate cash-flow and strong return rate."

This first-of-its-kind investment opportunity features a WALT of over seven years. Annual base rent increases and substantial reimbursements from tenants will benefit investors with durable and secure cash flow and minimal carrying costs. For crypto investors this is a forum to monetize new wealth and create a steady income stream.

"Acquiring stable real estate assets with Bitcoin has never been easier," says Sonny Singh, Chief Commercial Officer of BitPay. "This landmark offering at 385 First Avenue is a remarkable step forward in proving that crypto is a viable alternative to fiat transactions. We're thrilled to provide the integration for companies like Magnum Real Estate to quickly and seamlessly process cryptocurrency payments."

M&T Bank has an 'A3' rating by Moody's, 'A-' rating by Standard& Poor's, and ProHEALTH Urgent Care has an 'A1' rating by Moody's. M&T Bank recently executed an eight-year option commencing on January 1, 2021 and Mighty Pita signed a 10-year lease commencing on April 1, 2021.

385 First Avenue is surrounded in all directions by massive institutions and great residential fundamentals which will continue generating demand for the retail. Home to New York City's "Medical Mile", Kips Bay (located just north of Gramercy Park) contains the city's highest concentration of medical professionals and medical office space. This traffic provides immeasurable value to the retail at 385 First Avenue.

Magnum was the first real estate development firm in NYC to accept crypto for its prime real estate offerings. As the adoption of blockchain technology grows and the asset class matures, the firm continues to be at the forefront of transacting in partnership with BitPay.

For more information, contact David Schechtman at Meridian Investment Sales ( and visit:

About Magnum Real Estate Group

Magnum Real Estate Group is a vertically integrated real estate company based in New York City. The firm's expansive $4 billion portfolio includes historic condominium conversions, new construction residential condominiums, multi-family rental projects and neighborhood supporting retail investments across the city. Since its inception, Magnum's success has been founded in its ability to acquire property, develop it to its full potential, and manage it effectively.

About BitPay

BitPay builds powerful, enterprise-grade tools for crypto acceptance and spending. BitPay was founded in 2011, while Bitcoin was still in its infancy. We saw the potential for bitcoin to revolutionize the financial industry, making payments faster, more secure, and less expensive on a global scale. We are pioneers building blockchain payment technology to transform how businesses and people send, receive, and store money around the world.

About Meridian Investment Sales

Meridian's Investment Sales division is comprised of some of the top investment sales professionals in New York City. With more than 75 years of combined New York real estate transactional experience exceeding $35 billion in value, Meridian's team of investment sales professionals includes best-in-class expertise across a breadth of asset types, transaction sizes, and sub markets. Meridian's team has an intimate knowledge of New York City real estate, knowing neighborhoods on a door-by-door basis, and has a deep and detailed understanding not just of how a property's tenancy and cashflow drive value, but also of how drivers such as zoning, land use, air rights, and alternative uses play a key role in determining a property's true market value. The Meridian team has an unparalleled knowledge of the buyer base and capital flows germane to the New York City investment sales market at any given point in time, and maintains excellent working relationships with a wide array of local, national, and international buyers.

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