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Arte Surfside Sells Lower Penthouse For $22.5M In Historic Cryptocurrency Real Estate Transaction

8955 Collins Avenue (#PHB) @ArteSurfside
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This property located in FL was sold for $22,500,000 almost 3 years ago. The brokers of the deal were Tara West, Ryan Farbstein, and Max Farbstein

A Lower Penthouse condominium unit located at 8955 Collins Ave in Surfside has been sold for $22.5 million in a historic transaction. This sale, conducted using cryptocurrency as the payment method, demonstrates the growing acceptance of decentralized digital currency in the real estate market. The buyer's representatives, Ryan Farbstein and Max Farbstein of the Farbstein Team at Douglas Elliman Florida, facilitated the purchase on behalf of the undisclosed purchaser.

Summary of transaction details:

  • Property Type: Condo
  • Sale Price: $22,500,000
  • Square Footage: 5,067
  • Price per Square Foot: $4,440.50
  • Market: Surfside
  • Property Address: 8955 Collins Ave

The sale was made possible through the collaboration between the developer, Alex Sapir of The Sapir Organization, and Giovanni Fasciano of Arte Surfside. Their forward-thinking approach to accepting cryptocurrency as a form of payment sets a new standard in the real estate industry. This transaction not only marks a significant milestone for Arte Surfside but also establishes a precedent for future cryptocurrency transactions in Miami’s new development buildings.

The sale of the Lower Penthouse unit at 8955 Collins Ave has set several records. It represents the highest price per square foot ever achieved for a penthouse in Surfside and the second-highest in Miami Beach since 2017. Additionally, the transaction sets a new record for condo sales in 2021, with a price per square foot of $4,440.50.

This groundbreaking deal highlights the growing popularity and acceptance of cryptocurrency in the real estate market. Alex Sapir and Giovanni Fasciano have paved the way for other developers to explore the potential of decentralized payment systems. With their innovative approach, they have demonstrated that cryptocurrency is a viable and secure option for high-value real estate transactions.

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Deals
  • Location
    8955 Collins Avenue, Surfside, FL 33154, USA8955 Collins Avenue, Surfside, FL 33154, USA
  • Sale Price
    $22,500,000$22,500,000
    $2,745 PPSF$2,745 PPSF
  • Area
    8,194 SF8,194 SF
  • Parties
    3 Brokers, 2 Agencies3 Brokers, 2 Agencies

Agents

Tara West

Tara West

Deals4
Sold$75.9M

Ryan Farbstein

Ryan Farbstein

Deals11
Sold$74M

Max Farbstein

Max Farbstein

Deals11
Sold$74M

Agencies

Douglas Elliman

Douglas Elliman

Agency
Deals1571
Volume$18.3B

Official

Official

Agency
Deals263
Volume$4.3B

Social

Deal Summary

SALE USING **CRYPTOCURRENCY*** IMAGE: Max Farbstein, Giovanni Fasciano, Tara West, Alex Sapir & Ryan Farbstein ADDRESS: 8955 Collins Ave () @ArteSurfside MARKET: Surfside ASSET TYPE: Condo BUYER'S REP: Ryan Farbstein (@RyanFarb) & Max Farbstein (@Max_Farb) - @TheFarbsteinTeam - @Douglaselliman @DouglasEllimanFlorida SELLER'S REP: @TaraWest @Douglaselliman @DouglasEllimanFlorida DEVELOPER: Alex Sapir @TheSapirOrganization & @GiovanniFasciano @ArteSurfside SALE PRICE: $22,500,000 SF: 5,067 ~ PPSF: $4,440.50 NOTE FROM @ArteSurfside: Alex Sapir and Giovanni Fasciano make history and sell the Lower Penthouse at Arte for $22.5 million to a purchaser using cryptocurrency. This deal represents the viability of the decentralized payment system of Cryptocurrency in the real estate market in the U.S. and Alex and Giovanni are making history by pioneering this new frontier, and expect that other new developments will soon follow in their footsteps. - The transaction has made history and broken several records as the most expensive penthouse price per square foot sold in Surfside and the second highest in Miami Beach since 2017. - It also breaks local Miami Beach records at $4,400.05 per square foot, which is the highest price per foot sale for condos in 2021. This is the first cryptocurrency real estate transaction for Miami’s new development buildings.

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8955 Collins Avenue (#PHB) @ArteSurfside

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