An unnamed buyer has purchased the Lower Penthouse of a boutique condominium in Miami Beach’s Surfside neighborhood for $22.5 million in cryptocurrency, the priciest blockchain-backed real estate transaction ever recorded in the US.
The 16-unit oceanfront residence, known as Arte by Antonio Citterio, announced in early May that it would become Miami’s first new construction development to accept cryptocurrency. Weeks later, the sale of the Lower Penthouse was announced, simultaneously shattering the 2021 Miami Beach condominium record for the highest price per square foot at $4,440.50.
The deal reportedly took less than ten days to close, a process that was “seamless and secure for both parties,” according to Alex Sapir, Chairman of Sapir Corp LTD, whose subsidiary, SC 8955 LLC, developed Arte. The type of cryptocurrency used, along with the buyer’s name, is protected under a confidentiality agreement.
“Cryptocurrency is the future of wealth, and we believe this is only the beginning,” said co-developer Giovanni Fasciano in a press release. “Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”
The four-bedroom, four-and-a-half-bathroom Lower Penthouse spans the entire ninth floor of the 12-story condominium, showcasing 360-degree ocean and city views. Encompassing 5,067 square feet, the light-filled penthouse boasts a marble-topped wine tasting bar, an expansive 2,960-square-foot wraparound terrace, and walk-in closets the size of most principal bedrooms.
The chef-caliber kitchen designed by Antonio Citterio features rich oak cabinetry, integrated appliances, honed marble countertops with a matching backsplash, and an innovative island design with breakfast bar seating.
Meantime, the principal bedroom’s rejuvenating ensuite bathroom boasts a hand-carved travertine soaking tub, a glass-encased shower with dual showerheads, a custom oak vanity, travertine slab floors, and brushed bronze plumbing fixtures.
Arte by Antonio Citterio was completed last fall and is currently home to Ivanka Trump and Jared Kushner, who are leasing a unit as they construct a new home on a $32 million lot on Miami’s exclusive Indian Creek Island.
Arte’s onsite amenities were designed for recreation and relaxation, including a beachside swimming pool and meditation pond, direct beach access with exceptional service, a 75-foot heated indoor lap pool, private rooftop tennis court, a state-of-the-art fitness center with a yoga studio, and a tranquil spa with sauna and steam rooms.
There’s also a residents’ lounge with a full kitchen, an imaginative children’s playroom, pet runway and relief corridor, and premium concierge services including 24-hour security and valet, residential butlers, an onsite general manager, and other lifestyle-enriching offerings.
While Arte’s Lower Penthouse sale is certainly historic, it likely won’t be the last high-priced digital currency deal in the US real estate market.
“We were overwhelmed by the amount of calls we received from qualified buyers just after announcing our ability to facilitate cryptocurrency transactions for the condominiums at Arte,” said Sapir. “Real-world crypto transactions haven’t made their way fully into the mainstream yet, so it’s clear that top holders around the world pay attention when new opportunities to transact open up.”
