Also, 269 condominium units were sold in Williamsburg and Greenpoint. The number of sales represented a 48% increase year-over-year.
The median price in Williamsburg for resale units is $1.1 million ($1,203/SF), rising 4% year over year. For new development units it is $1.2 million ($1,360/SF) rising 20% year over year.
The project will be conducted as an STO (a Security Token Offering) where project shares will be issued as tokens on the blockchain. Xin's technology partner, UPRETS, will be responsible for this. Through the UPRETS tokenized capital raising platform, investors in the fund will enjoy additional benefits beyond what a traditional real estate fund can offer.
The process of issuing project shares as tokens is called tokenization. Tokenization offers several benefits, such as much more efficient transfer, settlement and trading of project shares, as well as more secure, transparent and less expensive management processes in relation to the property. The tokenization process is also expected to bring about significantly increased liquidity, both locally and globally. Tokenization is predicted by many industry experts to be the future of the real estate industry as well as the larger financial industry.
The securities in this issuance are shares of the real estate fund, which will, in turn, be represented by a token. These shares will be offered privately at the set subscription price to accredited investors. All accepted subscribers will then be admitted to this fund as token-holders or shareholders.
UPRETS is going to work with a public market to list the shares that will be sold to various subscribers. The transfer of shares will initially be regulated by the Fund.
Even though tokenization of a real estate property makes it possible to have fractional ownership, it is not the only reason to tokenize an asset. The aim of UPRETS is not limited to The Oosten property, the company will tokenize other real estate globally in cities such as Dubai, London, and Singapore, some of these projects in collaboration with DigiShares.
DigiShares represents UPRETS in Europe and will be supporting a subsequent tokenization project together with UPRETS of a European property.