NEW YORK, NY / ACCESSWIRE / May 18, 2022 / Balcony, a company that enhances real estate by leveraging web3 technology, announced its engagement with Prime City Ventures, a full-service real estate company with a focus on development, capital advisory and property management, to develop the first of its kind real-estate backed non-fungible token (reNFT).
20 Third Avenue, a 31-unit development property located in Long Branch, NJ will be tokenized in the form of reNFTs representing a direct interest in the ownership structure of the property. Balcony believes the NFT is the ideal way to tokenize real estate as compared to a fungible token, as real estate itself is non-fungible. The shore town is currently experiencing surging vacation rental demand as well as year-round residents attracted to Long Branch's walkable beachfront community. Record-breaking condominium and land sale prices underscore the growing interest in Long Branch.
Ownership interests in 20 Third Ave will be tokenized later this year in the form of Balcony's proprietary reNFT technology. As a fractionalized ownership interest in real world, tangible real estate, reNFTs will provide rental income and price stability not available in speculative NFT projects. The process that Balcony is pioneering represents a move into another phase of the rapidly developing NFT space in which real world assets are made available for democratized purchase by both crypto and traditional investors. Balcony likes to refer to the movement towards real-world assets on-chain as reNFTs as "NFT 2.0".
Balcony is committed to merging the best attributes of both real estate and web3 to provide investors radical transparency and liquidity. These super-assets democratize access to high-quality real estate investments with unprecedented visibility and control. reNFTs maintain immutable records on the blockchain, which dramatically streamlines due diligence and financial reporting practices. The entire investment history, all encumbrances, proof of tax payments, assessments, title, deed, and all other asset pertinent data will be recorded on the blockchain and accessible from within the reNFT. The reNFT acts as a digital envelope which stores all the metadata about the property in a highly accessible form.
Photo: 20 3rd Ave, Long Branch, New Jersey. Land was purchased for $1,600,000 or 51k per door // Land is now worth $2,790,000 or 90k
With the first development of NFTs backed by real-world real estate, Balcony and 20 Third Avenue are poised to forge a new path that combines one of history's oldest investment opportunities with the latest technological advancements in blockchain technology and non-fungible tokens.
Balcony community members who hold a Balcony Assets Club (BAC) NFT, coming out later this year, will have early access to these reNFT deals.
Balcony enhances real estate by leveraging web3 technology. As a web3 investment bank, Balcony provides cutting edge crypto real estate financing solutions for developers and sponsors while democratizing investor access to high quality real estate investments historically reserved for industry insiders.
About Prime City Ventures
Prime City Ventures (PCV) is the real estate investing arm of Prime City. PCV invests in transformational projects in prime markets. PCV currently has 160 units in development across the State of New Jersey, and specializes in obtaining entitlements, adding density and negotiating with respective municipalities.
About 20 Third Avenue
Located in Long Branch, New Jersey, 20 Third Avenue will be a premier rental property a short distance from nearby Pier Village and Long Branch beach. With its beautiful beaches, luxury shopping, and newly-constructed luxury real estate, Long Branch has emerged as a more approximate oceanside alternative to The Hamptons for residents accessing New York City by train, bus, or ferry. The 30 residences enjoy close proximity to both the New Jersey Transit train station with direct service to Manhattan and nearby ferry service, providing a rare beachfront lifestyle within commuting distance of Manhattan. Located on the site of the former SICA Building (Shore Institute of the Contemporary Arts), the property has a rich local history within the local arts community. In the early 20th Century the location featured prominently in US innovation, serving as the home to Ford where early Model Ts were manufactured. Long Branch has since emerged as a premier Shore town with renowned restaurants and hospitality options on offer, and more opening every day. With its beautiful beaches, luxury shopping, and newly-constructed luxury real estate, Long Branch has emerged as a more approximate oceanside alternative to The Hamptons for residents accessing New York City by train, bus, or ferry. 20 Third Ave is a short distance away from both the New Jersey Transit train station with direct service to Manhattan and nearby ferry service, providing a rare beachfront lifestyle within commuting distance of Manhattan.
Conceptual amenities at 20 Third Avenue include:
- Rooftop deck with fire pits, and grills
- Close proximity to beach
- Indoor deeded parking
- Bicycle storage
Certain statements in this press release are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions, and involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. Forward-looking statements are generally identifiable by the use of forward-looking terminology such as "believe," "expects," "may," "looks to," "will," "should," "plan," "intend," "on condition," "target," "see," "potential," "estimates," "preliminary," or "anticipates" or the negative thereof or comparable terminology, or by discussion of strategy or goals or other future events, circumstances, or effects. Moreover, forward-looking statements in this release include, but are not limited to, the impact of the current COVID-19 pandemic, which may limit access to the Company's facilities, customers, management, support staff, and professional advisors, and to develop and deliver advanced voice and data communications systems, demand for the Company's products and services, economic conditions in the U.S. and worldwide, and the Company's ability to recruit and retain management, technical, and sales personnel. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company disclaims any intention or obligation, other than imposed by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Nothing in this press release is intended to constitute an offer of real estate or any securities. Any offer of securities will be made exclusively through an offering memorandum to be provided to eligible investors.
Regulations may require that reNFT purchasers be accredited investors. Real estate backed NFTs are securities and will have KYC and AML requirements.
SOURCE: Balcony DAO