Alvic Property Management

Bitcoin for Rent – Real Estate Transaction Completed in NYC’s NoLita Neighborhood for BTC

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I’m currently at the Javits Convention Center in New York City attending the Inside Bitcoins Conference. In keeping with the spirt of the day, I want to highlight this story of a NYC resident who just completed a real estate rental transaction entirely in Bitcoin.

While I previously highlighted the fact that Alvic Property Management in NYC had announced it would accept BTC, this is the first instance I can recall of someone paying rent, security deposit and a broker fee all in Bitcoin. The total was $18,000.

From Crain’s:

The head of a bitcoin-friendly real estate firm based in SoHo late last month completed what it is billing as the first real estate transaction in the country to fully use the virtual currency.

Nick Spanos, founder of Bitcoin Center NYC, an advocacy organization that promotes the use of the currency, who also happens to be the head of real estate brokerage Bapple, said that on March 24 a tenant paid in rent and deposit to a unnamed landlord in NoLita and commission to the brokerage for a total of nearly $18,000. The lease began on April 1.

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New York City Property Owner is Now Accepting Bitcoins

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The news surrounding Bitcoin is now coming in so hard and fast it is virtually (pun intended) impossible to keep track of it all.  It was just this past weekend that I highlighted a website that shows some of the various retail locations around the world where you can spend your BTC.  Just today, I discovered that New York property management company, Alvic Property Management, is accepting Bitcoin for rent and maintenance payments at all of its properties.  From PRWeb:

Alvic Property Management, a property management company specializing in the management of condominiums, cooperatives and multifamily rentals in the New York metro area, has become the first property management company to accept rent and maintenance payments in Bitcoin. Properties on the Alvic Property Management platform are now be able to accept payments with the speed and ease of credit card or eCheck payments without the risk of chargebacks or bounced eChecks.

All properties managed by Alvic Property Management are currently accepting bitcoins. Residents initially need to reach out to their property manager to have their account enabled to accept bitcoin, they will then be able to then make payments to a Bitcoin address exclusive to their account. All bitcoin payments will post to the property bank account in US dollars at the quoted bid price on the Mt.Gox Bitcoin exchange at the time of receipt.

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