Got $28M In Bitcoin? This NYC Office Building Could Be Yours

A NoMad office building that was listed as a nonfungible token in 2022 just before the NFT market crash is back on the market — and still willing to accept payment in something other than dollars.

Courtesy of Okada & Co. and Serhant

Okada & Co. CEO Christopher Okada says his building at 111 W. 24th St. in NoMad is the only one in the city that could be sold for cryptocurrency.

“We'll take USDC. We'll take bitcoin. We’ll take ethereum,” Okada told Bisnow. “We're open for business.”

But that’s not the only unusual thing that Okada, alongside Serhant Commercial brokers Jade Shenker and Bernadette Brennan, is doing to move the building. A New York Fashion Week show was recently hosted in the building. It’s also been blessed by a feng shui consultant. The list price is $28M.

— Sasha Jones and Ciara Long

Today's Rundown

Elie Schwartz Admits To $54M CrowdStreet Fraud, Faces 20 Years In Prison: New York-based Nightingale Properties' CEO pleaded guilty in federal court Wednesday to swindling more than 800 crowdfunding investors who invested nearly $64M with him toward commercial real estate acquisitions in Atlanta and Miami Beach. Read more.

New York City Apartment Rents Rise Again With Landlord Leverage Growing: Rents are up throughout New York City’s rental market as mortgage prices keep would-be buyers stuck as renters, new data from brokerage Douglas Elliman shows. Read more.

RFR Lines Up $1.2B CMBS Loan To Refinance Seagram Building: RFR is close to landing a massive loan to refinance the debt tied to its trophy office tower on Park Avenue. The deal is just the latest billion-dollar mortgage being handed out to a prime NYC office tower. Read more.

What Else Is Happening?

CBRE Projects Double-Digit Growth, Boosted By 'Profound Shift' In Office Leasing

DOGE's Federal Real Estate Cuts Put $12B Of CMBS Debt At Risk, Barclays Says

Brookfield Raises $500M For Giant New Real Estate Fund, Boosting $20B War Chest

Congress Considers Banishing Most Federal Agency HQs From Nation's Capital

The Finish Line

The Seagram Building's pending $1.2B refi is the latest in a string of CMBS megadeals, as Sasha wrote in this week’s The Slice. Others include Irvine Co.’s $1.5B refinancing for the MetLife Building and Ivanhoé Cambridge’s $1.1B for 3 Bryant Park. More are likely on the horizon, and we’re on the lookout.

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The New York City Rundown is written by New York Reporters Sasha Jones and Ciara Long and edited by Deputy Managing Editor Ethan Rothstein. We’d love your feedback and news tips: sasha.jones@bisnow.com and ciara.long@bisnow.com.

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