Real Estate

Man wants $2 million in Bitcoin — not cash — for his NYC pad

A Manhattan millennial is doubling down on cratering crypto by hawking his practically $2 million Columbus Circle rental for Bitcoin or Ethereum as an alternative of money.

“I do know the market’s crashing, however I imagine in cryptocurrency,” stated Ronen Segev, who’s peddling his swanky pad — a two-bedroom, seventh-floor rental at 340 West 57th Avenue — for $1.8 million.

Segev, who sells pre-owned Steinways by his firm, Park Avenue Pianos, purchased the residence for $1,025,000 out of foreclosures throughout the monetary disaster of 2009, then sunk half 1,000,000 into renovating it.

However over the previous 18 months, his portfolio has been pounded by plunging costs for the digital ducats. Segev’s retirement funding in crypto-linked safety Grayscale Bitcoin Belief Corp took a excessive six-figure hit after he wager large on the fund in late 2020.

“The losses there are nearly 1,000,000 {dollars},” he stated. “So now my objective is to double down on that loss.” 

Segev, 42, believes crypto serves a “primary human want” and can rebound. “I’m bullish long-term,” he stated.
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(Cryptocurrency has dropped more than 50 percent of its value this year and about 70 % since November.)

If he will get somebody to pay crypto for his crib, Segev, 42, plans to place the proceeds right into a short-term fund for his speedy wants.

“I imagine now’s nearly as good a time as ever to get into Bitcoin,” he stated. “I’m bullish long-term.”

He stated he bases his confidence on there being “a primary human want” for crypto.

Segev spent about $500,000 renovating his West 57th Street digs, using bamboo in the kitchen and dining area and creating a "breakfast bar" for himself and guests.
Segev spent about $500,000 renovating his West 57th Avenue digs, utilizing bamboo within the kitchen and eating space and making a “breakfast bar” for himself and friends.

“I purchase pianos in China they usually undergo so many hoops to transform yuan into {dollars}. It’s the identical with Europe. It is smart for everyone to be a part of a common foreign money.”

“The Ethereum community I see as much like the web — a burgeoning expertise. There have been rising pains with Google, nevertheless it served a really helpful goal and it thrived.”

Segev beforehand pocketed a pleasant revenue from Bitcoin.

In 2019, a purchaser bought one among his pianos with Bitcoin and Ethereum, and he mixed these cash with cash he had in a financial savings account to accumulate a $1 million stake within the two currencies.

The apartment's 30-foot-by-20-foot great room is big enough for Segev to have hosted piano concerts for crowds as large as 90 people.
The residence’s 30-foot-by-20-foot nice room is large enough for Segev to host piano live shows for crowds as massive as 90 individuals.
Dorry Segev

“Then the pandemic hit,” he stated. “And my a million was two million.” 

So he cashed out and put the entire sum into shopping for an residence in Paris — additionally out of foreclosures, he stated. That $2 million house — proper within the heart of town — is now price about $3 million, stated Segev, who additionally owns a beach-front unfold in Miami.

“That’s one of many riskiest issues I’ve ever executed,” he stated.

His New York rental, in the meantime, has a colourful historical past. 

Segev admitted he's lost around $1 million as crypto has dropped in value.
Segev’s retirement funding in crypto-linked safety Grayscale Bitcoin Belief Corp took a excessive six-figure hit after he wager large on the fund in late 2020.
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Its 30-foot-by-20-foot nice room is large enough for Segev to have hosted piano live shows for crowds as massive as 90 individuals, he stated.

“Everybody can see the performer and never really feel overcrowded,” stated John Chubet, a Compass dealer who’s promoting the residence and has attended musical occasions on the unit. “The area is so comfy and welcoming.”

However earlier than he may even set foot within the residence, Segev needed to evict an artist who paints erotica and had owned the house however misplaced it to the financial institution, then squatted there for six years, in response to financial institution and court docket information.  

“I purchased it sight unseen by public sale.com, with the understanding that I must cope with getting her out,” he stated.

“I lastly noticed the residence and she or he had moved her mattress into the breakfast/kitchen space — I suppose she favored breakfast in mattress. The bed room was an workplace the place she performed her erotic artwork.” 

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