Man Wants $2 Million in Bitcoin – Not Cash – for His NYC Pad: ‘I Believe in Crypto’ – New York Post
Manhattan millennials are doubling down on cryptocurrency by hawking their nearly $2 million Columbus Circle condos for bitcoin or ethereum instead of cash.
“I know the market is crashing, but I believe in cryptocurrency,” said Ronen Segev, who is selling a two-bedroom, seventh-floor condo at 340 West 57th Street for $1.8 million.
Segev, who sells the pre-owned Steinway through his company, Park Avenue Pianos, bought the apartment out of foreclosure during the 2009 financial crisis for $1,025,000, then sank half a million into renovating it.
But over the past 18 months, falling prices for digital ducats have led to a boom in his portfolio. Segev’s retirement investment in crypto-linked security Grayscale Bitcoin Trust Corp hit a six-figure high in late 2020 after betting big on the fund.
“There’s about a million dollars in damage,” he said. “So now my goal is to double that loss.”
Segev, 42, believes that crypto meets “basic human need” and will rally. “I’ve been bullish for a long time,” he said. Amy Park for the NY Post
(The cryptocurrency has fallen more than 50 percent of its value this year and nearly 70 percent since November.)
If he finds someone to pay crypto for his crib, 42-year-old Segev plans to put the proceeds into a short-term fund for his immediate needs.
“I believe now is just as good a time to get into bitcoin,” he said. “I’ve been bullish for a long time.”
He added that his belief is based on having a “basic human need” for crypto.
Segev spent nearly $500,000 renovating his West 57th Street digs, using bamboo in the kitchen and dining area, and building a “breakfast bar” for himself and guests.
“I buy pianos in China and they go through a lot of hoops to convert yuan to dollars. Same with Europe. It makes sense for everyone to be part of a universal currency.”
“The Ethereum network is what I see as the Internet – an emerging technology. There was growing pain with Google, but it served a very useful purpose and it continues to thrive.”
Segev had previously made decent profits from bitcoin.
In 2019, a buyer bought one of his pianos with bitcoin and ethereum, and he combined those coins with money in a savings account to gain a $1 million stake in the two currencies.
The apartment’s large 30-foot-by-20-foot room is big enough for Segev to host piano concerts for a crowd of 90 people. dorri segev
“Then the pandemic hit,” he said. “And my one million turned into two million.”
So he cashed out and put the entire amount into buying an apartment in Paris — that too out of foreclosure, he said. That $2 million home — in the center of town — is now worth about $3 million, Segev said, which is spread across the beach in Miami.
“It’s one of the riskiest things I’ve ever done,” he said.
Meanwhile, his New York condo has a colorful history.
Segev’s retirement investment in crypto-linked security Grayscale Bitcoin Trust Corp hit a six-figure high in late 2020 after betting big on the fund. Amy Park for the NY Post
Its 30-foot-by-20-foot large room is big enough for a Segev to hold piano concerts for crowds of 90 people, he said.
“Everyone can see the artist and not feel congested,” said John Chubet, a Compass broker who is selling apartments and attended concerts at the unit. “The space is so cozy and inviting.”
But before he could even set foot in the apartment, Segev had to evict an artist who painted erotica and owned the house, but lost the bank, then stayed there for six years, according to bank and court records. Keep sitting
“I bought it through auction.com with unseen eyes, with the understanding that I would have to deal with getting him out,” he said.
“I finally saw the apartment and she had moved her bed breakfast/kitchen area—I think she loved breakfast in bed. The bedroom was an office where she conducts her erotic art.”
