A Manhattan millennial is multiplying down on cratering crypto by selling his almost $2 million Columbus Circle townhouse for Bitcoin or Ethereum rather than cash.

“I know the market’s crashing, but I believe in cryptocurrency,” said Ronen Segev, who is peddling his swanky pad — a two-room, seventh-floor apartment suite at 340 West 57th Street — for $1.8 million.

Segev, who sells pre-owned Steinways through his organization, Park Avenue Pianos, purchased the condo for $1,025,000 out of dispossession during the monetary emergency of 2009, then, at that point, sunk a portion of 1,000,000 into redesigning it.

But throughout recent months, his portfolio has been beat by plunging costs for the advanced ducats. Segev’s retirement interest in crypto-connected security Grayscale Bitcoin Trust Corp took a high six-figure hit after he bet large on the asset in late 2020.

“The losses there are almost a million dollars,” he said. “So now my goal is to double down on that loss.”

Segev, 42, accepts crypto serves a “basic human need” and will bounce back. “I’m bullish long-term,” he said.Emmy Park for NY Post

(Cryptocurrency has dropped more than 50 percent of its value this year and around 70% since November.)

If he gets somebody to pay crypto for his den, Segev, 42, plans to place the returns into a transient asset for his nearby needs.

“I believe now is as good a time as ever to get into Bitcoin,” he said. “I’m bullish long-term.”

He said he puts together his certainty with respect to there being “a basic human need” for crypto.

Segev Spent About $500,000 Renovating His West 57Th Street Digs, Using Bamboo In The Kitchen And Dining Area And Creating A Segev spent about $500,000 revamping his West 57th Street digs, involving bamboo in the kitchen and feasting region and making a “breakfast bar” for him and visitors.

“I buy pianos in China and they go through so many hoops to convert yuan into dollars. It’s the same with Europe. It makes sense for everybody to be part of a universal currency.”

“The Ethereum network I see as similar to the internet — a burgeoning technology. There were growing pains with Google, but it served a very useful purpose and it thrived.”

Segev recently stashed a pleasant benefit from Bitcoin.

In 2019, a purchaser bought one of his pianos with Bitcoin and Ethereum, and he joined those coins with cash he had in an investment account to secure a $1 million stake in the two monetary forms.

The Apartment'S 30-Foot-By-20-Foot Great Room Is Big Enough For Segev To Have Hosted Piano Concerts For Crowds As Large As 90 People.The condo’s 30-foot-by-20-foot extraordinary room is large enough for Segev to have piano shows for swarms as extensive as 90 people.Dorry Segev

“Then the pandemic hit,” he said. “And my one million turned into two million.”

So he changed out and place the entire total into purchasing a loft in Paris — likewise out of abandonment, he said. That $2 million home — directly in the focal point of the city — is presently worth about $3 million, said Segev, who likewise possesses an ocean front spread in Miami.

“That’s one of the riskiest things I’ve ever done,” he said.

His New York townhouse, in the interim, has a bright history.

Segev Admitted He'S Lost Around $1 Million As Crypto Has Dropped In Value.Segev’s retirement interest in crypto-connected security Grayscale Bitcoin Trust Corp took a high six-figure hit after he bet huge on the asset in late 2020.Emmy Park for NY Post

Its 30-foot-by-20-foot extraordinary room is large enough for Segev to have facilitated piano shows for swarms as extensive as 90 individuals, he said.

“Everyone can see the performer and not feel overcrowded,” said John Chubet, a Compass dealer who is selling the condo and has gone to melodic occasions at the unit. “The space is so comfortable and inviting.”

But before he might go to the loft, Segev needed to expel a craftsman who paints erotica and had possessed the home yet lost it to the bank, then, at that point, crouched there for a very long time, as indicated by bank and court records.

“I bought it sight unseen through auction.com, with the understanding that I would have to deal with getting her out,” he said.

“I finally saw the apartment and she had moved her bed into the breakfast/kitchen area — I guess she liked breakfast in bed. The bedroom was an office where she conducted her erotic art.”

Source link

#Man #Bitcoin #cash #NYC #pad #crypto