Blockchain Millionaires are Causing Real Estate Boom In NYC
Williamsburg and SoHo are about to change – as is the landscape of NYC real estate as a whole.
After nearly two years of investing in blockchain technology, people are shifting their wealth to real estate, especially in these two hotspot areas.
With tons of millionaires flocking to the Big Apple, we’ve connected with Edward Mermelstein, a real estate investment advisor and founder of One & Only Holdings, a NYC boutique advisory firm serving high net worth investors.
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Read on to read Edward’s expert opinion on the status of NYC real estate – where it has been, where it is now, and where it is going.
How Blockchain Millionaires Will Impact NYC Real Estate
As the tech industry expands its presence in NYC, we see a niche expand in that space. Blockchain millionaires are slowly starting to flex their muscles by investing (albeit slowly) in hard assets. NYC appears to be the beneficiary of this wealth redistribution. Several neighborhoods have become known to Bitcoin Millionaire buyers and renters. Soho and Williamsburg see a small group of such investors pushing luxury home prices up.
Why millionaires are moving their fortunes now
With crypto prices soaring over the past two years, crypto millionaires are shifting into hard assets to preserve some of their wealth. No different from the oligarchs who looted luxury real estate when oil prices soared, the crypto world is taking off. These young and affluent buyers are selling and borrowing their crypto assets to safeguard the profits of the past few years.
What to Expect in NYC Real Estate in the Short and Long Term
As NYC’s new crypto-friendly government takes over, we see one of the most exciting cities in the world attract more and more attention. What NY has been missing from overseas buyers is that crypto buyers are bridging the gap by entering the luxury real estate market. Right now we’re seeing home purchases in the $ 2 million to $ 5 million range. Those numbers are sure to rise as NYC continues to attract more wealth from the blockchain space. We’ve already seen big purchases from the likes of the Winklevoss twins and Brock Pierce. The future looks bright for NYC real estate as crypto millionaires become crypto billionaires.
How foreign investments affect the market
We went through travel restrictions to the US for two years. The impact was felt more than ever in NYC’s luxury real estate market. Canceled flight routes and closed embassies around the world resulting in a shrinking real estate market in NYC. As Covid lockdowns wear off and embassies catch up on travel visas, we will see a revitalization of NYC’s luxury real estate sector. The pent-up demand will quickly be reflected in rising prices.
Photography by: Pierre Borthiry