Okada & Company Lists a Commercial Building in NY for Sale as NFT

The company, which specializes in buying commercial real estate at a discount and turning it into NFTs, has listed the property of 785 1st Avenue for sale. With more than 100,000 square feet of space on two floors and a basement totaling just over 11 acres, this high-rise is ideal for an investor looking to purchase an income producing asset that can appreciate with time within the cryptocurrency market.

Okada & Company Lists a Commercial Building in NY for Sale as NFT. The “okada restaurant” is one of the most famous restaurants in New York City.

The real estate industry, like other businesses, has begun to use NFT. In a surprising turn of events, Okada and Company, an American real estate firm, was the first to list a commercial property in the form of NFT. This commercial estate was listed as an NFT on the OpenSea platform with a worth of 15,000 ETH.

Buyers may gain exclusive rights to a commercial building under NFT guidelines. The building’s usage rights are frequently included in the deed covenants. The official word from Okada & Company is that the real estate market’s characteristics are changing for the better.

Is NFT Linked to More Closings?

The real estate business anticipates more closings as a result of this endeavor, and feels that NFT may be “the” key to getting a competitive advantage in a crowded market. However, since this commercial property was not sold in a usual manner, NFT does not need the transaction to be completed. Instead, it emphasizes the transfer of the commercial building’s title or deed to the new owner.

Details of the Arrangement

The 46,299-square-foot home that Okada & Company is selling is located in New York City’s exclusive Chelsea area. Aside from the appealing West Side location, the commercial property includes a retail building and a seven-story office structure and is adjacent to some of the city’s most important attractions and monuments, including Madison Square Park. In this real estate transaction, there will be just one non-fungible token that will be created using Ethereum.

A Positive View on NFT in Real Estate

Okada & Company’s CEO, Chris Okada shares that the company has been long interested to acquire the building from other people. Throughout the sale process, the company is more optimistic than ever to close the deal and move forward with the next real estate project paired with NFT technology.

When it comes to large deals, it usually takes four to five months to sign and close a contract. However, according to the official statement, the process may be accelerated thanks to NFT technology.

Real Estate Hybrid Transactions

When a hybrid transaction is used, according to the CEO, there are certain benefits. That’s because it appeals to both vendors and buyers. NFT has a lot of uses, according to Okada, and its capacity to accept timely payments for commercial property is a huge issue.

On the other hand, some real estate experts believe Okada is using the commercial property sale to attract the attention of other possible purchasers and participate in further real estate transactions in the future years.

Web 3 investors like Benjamin Cohen, on the other hand, think that NFT-based real estate transactions will move the sector forward and lead to greater options for buying and selling.

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