Manhattan $30m property to be tokenized on blockchain

October 04, 2018
Chris Wheal

New York property developer Ryan Serhant, star of the Bravo TV channel’s Million Dollar Listing, is broking a Manhattan condo deal that will be financed by the issuance of digital tokens on the Ethereum network.

Manhattan property: tokenization can help developers get quick access to funding

A partnership between broker-dealer Propellr Securities and Fluidity, which offers tech services for digital asset issuers, will create a secondary market for the real estate deal offering tokenized securities using Fluidity’s Airswap technology.

Propellr platform

Propellr explains on its website: “Sophisticated investors seeking alternative investments are often limited to traditionally structured funds.

“Propellr is an innovative platform for investors to readily access exclusive alternative investment opportunities in various asset classes, including real estate and specialty finance.

“This can be facilitated through the use of digital currencies and managed through the use of distributed ledger technology.”


Tokenization has become a steadily-increasing trend for capital raising in 2018, bringing higher level of liquidity to traditionally illiquid markets such as art, diamonds and real estate.

The process converts rights to an asset into a digital token, with the tokens on issue representing a share of that asset. Thus, using a blockchain network that offers smart contracts – such as Ethereum – the tokens can be freely bought and sold over digital exchanges.

Serhant, who owns the $30m property on East 13th Street in Manhattan, told Forbes magazine that while the real estate market in New York is always strong, it can take time to sell for the right price.

“With blockchain tokenization, we can remove the unruly pressure of traditional bank financing. Tokenization is paving the way for a new forefront in real estate development,” he said.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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