In a groundbreaking development for both the real estate and cryptocurrency industries, a Manhattan-based real estate firm announced on October 4, 2018 that it was tokenizing a $30 million condominium project on the Ethereum blockchain. The initiative, led by Amiran Group, marked the first time blockchain technology and cryptocurrencies were being used to facilitate investment in the Manhattan real estate market.
TL;DR
- Amiran Group tokenized a 12-unit East Village condo project valued at over $30 million
- The property is being tokenized on the Ethereum blockchain using AirSwap technology
- Each unit spans approximately 1,700 square feet in the new construction
- Project had already secured $16.95 million in financing per NYC Department of Finance records
- Investors can use either cryptocurrency or fiat to purchase tokenized shares
How the Tokenization Works
Tokenization is the process of representing ownership or value of a real-world asset as digital tokens on a blockchain. In this case, the East Village condo project was broken into fractional digital tokens that could be purchased individually by different investors, rather than requiring a single buyer to finance the entire property. Each token represents a share of the underlying real estate, and investors can hold their tokens as the property appreciates in value or trade them on a secondary market.
The approach addresses a fundamental challenge in high-end real estate: the barrier to entry. Manhattan luxury condos often require millions of dollars in upfront capital, locking out smaller investors who might want exposure to the market. By tokenizing the property, Amiran Group and its partners created a pathway for a broader range of investors to participate in what has traditionally been an exclusive asset class.
Key Partners and Technology Stack
The tokenization was a collaborative effort involving several specialized firms. Amiran Group partnered with Fluidity, the blockchain company behind the AirSwap decentralized token trading platform, to handle the technical infrastructure. Propellr Securities LLC, a New York-based firm, served as the broker-dealer for the offering, responsible for finding buyers and converting interests into digital tokens.
The partnership with Fluidity enabled the project to accept both fiat and cryptocurrency payments from investors, while maintaining compliance with regulatory requirements. The offering was structured under the SEC’s Regulation D, Rule 506(c), which allows for general solicitation of securities to accredited investors. Investors in the project could receive either analog or digital interests in the securities.
The AirSwap technology also enabled the creation of a compliant secondary market for the tokens, facilitating peer-to-peer trading of local assets online via blockchain. This represented a significant step forward in addressing one of the primary criticisms of real estate as an asset class: illiquidity.
Celebrity Broker Endorses Blockchain Real Estate
The listing broker for the deal was Ryan Serhant, a well-known figure in New York real estate and star of Bravo’s Million Dollar Listing New York. Serhant, also the bestselling author of Sell It Like Serhant, told Forbes that tokenization offered genuine advantages over traditional financing methods.
Serhant noted that while the New York real estate market remained fundamentally strong, selling property at the right price in a new construction building could take considerable time. He described blockchain-based tokenization as a method that could remove the unruly pressure of traditional bank financing, creating better outcomes for developers and investors alike. He called the approach paving the way for a new forefront in real estate development.
The Two Token Waterfall Framework
The tokenization structure was built on a published framework called The Two Token Waterfall, designed to be applicable across a broad spectrum of real-world assets. The framework aimed to improve liquidity of private securities while ensuring transparency throughout the investment process.
Todd Lippiatt, CEO of Propellr, emphasized that traditional securities structures and issuance frameworks had not evolved meaningfully in decades. He argued that blockchain technology could solve the information asymmetry that hindered market potential for liquidity. With proper discipline and respect for regulatory requirements, Lippiatt said, the future was bright for tokenized securities.
Why This Matters
The October 2018 tokenization of Manhattan real estate represented one of the earliest and most high-profile bridges between traditional finance and blockchain technology. At a time when the cryptocurrency market was deep in bear territory, with Bitcoin hovering around $6,500 and total market cap below $220 billion, this project demonstrated that blockchain’s value proposition extended far beyond speculation. The involvement of established real estate professionals like Ryan Serhant and regulated entities like Propellr Securities signaled that tokenization was not just a crypto experiment but a legitimate evolution in how assets could be bought, sold, and traded. Years later, the tokenization of real-world assets would become one of the most discussed use cases in decentralized finance, making this East Village project a notable early milestone.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research before making investment decisions.
Amiran Group tokenizing a 30M East Village condo in 2018 was legitimately ahead of its time. AirSwap as matching protocol was the wrong tech but the concept was sound
Maya R. AirSwap failed because OTC matching needs liquidity and real estate tokens are inherently illiquid. AMMs dont solve this either but at least Uniswap proved the model works for fungible assets
$30m east village condos tokenized in 2018 and in 2026 real world asset tokenization is still ‘next years narrative’
tokenized real estate in 2018 and rwa is still struggling with custody and legal frameworks in 2026. the idea was always ahead of the infrastructure
dusty_token lmao RWA has been next years narrative since 2018. eight years later and tokenized real estate is still 5 years away
dusty_token RWA has been next years narrative since 2018 because the legal infrastructure still isnt there. BlackRock launching BUIDL in 2024 was the first real signal
rwa_archaeologist_ BUIDL on Ethereum in 2024 was the signal that institutional RWA finally has a legal wrapper. Amiran Group was 6 years too early with the same concept
16.95M in financing already secured from NYC Dept of Finance. the tokenization was a tech demo not a funding mechanism. most people missed that distinction
the tech worked fine, the regulation didnt. sec sent cease and desist letters to most of these projects within months
airswap technology… now thats a name i havent heard in years. whatever happened to them
airswap was built on the swap protocol by consensus. decentralized OTC trading sounded revolutionary but the user experience was rough. tokens on tokens on tokens
$30M east village and they let you pay in crypto or fiat. that flexibility was smart but the sec probably wasnt thrilled about it
the SEC was definitely watching. the flex of accepting crypto payments on a $30M project was essentially painting a target on your back in 2018
every crypto real estate project in 2018 got a cease and desist within 6 months. amiran group probably spent more on lawyers than the tokenization platform itself
Mira A. every single one got a C&D within 6 months. the SEC basically killed tokenized real estate before it could prove whether the tech actually worked
tokenized real estate in 2018 was so far ahead of the legal infrastructure. the tech worked but the SEC made sure nobody could actually use it
airswap was basically a decentralized OTC desk. cool idea but the liquidity never showed up. same story as every DEX before uniswap ate the market
30M east village condo on ethereum in 2018 was ahead of its time. AirSwap as the matching protocol aged like milk though
tokenized real estate still hasnt taken off because of the legal wrapper. the tech works, the jurisdictional mess doesnt
Chen W. exactly this. the blockchain part works, the county recorder office does not care about your token
AirSwap as matching protocol was consensus-built and still couldnt get liquidity. Uniswap killed it 6 months later with a simpler model
Mira C. Uniswap killed OTC matching for fungible tokens but real estate tokens are non-fungible. AirSwap failed because the asset class failed, not the matching mechanism
Mira C. AirSwap was OTC not AMM. different model entirely. it failed because nobody wants OTC matching when you can just swap on Uniswap
deed_vault_ AirSwap was OTC matching which was the right model for real estate in 2018. AMMs dont work for illiquid assets. the problem wasnt the tech it was the SEC killing every issuer before volume built up
30M for 12 units in the East Village and they picked AirSwap instead of waiting for Uniswap. whole project was a timing disaster
AirSwap OTC model was actually fine for real estate. you dont want AMM slippage on a 30M asset. the problem was regulatory not tech