In order to ‘tokenize’ the Chrysler Building, a plan was snubbed and it remains to be found whether Jointer is a jilted bidder

After the bidding process for the sale of the Chrysler Building in Manhattan has been closed. It has been a daunting task to find out the left out potential buyers, for that building. It was rumored that Amazon Incorporated could by the 89-year-old building, but that news still remains to be seen. One of the bidders, known as Jude Regev, was very much disappointed when his company’s lead broker told one of his company members to not participate in the bidding.

The following pieces of information That have been shared by Jude Regev.

All about Jointer

Jointer is a company that was founded in 2017. The company has raised $2.5 million in funding. The company was also awarded $1 million for being the best start-up in the world, which was held in 196 countries and among 4,000 companies. The company has Nobel Prize winners, founder of Visa Incorporated, CFO of Yahoo, etcetera, all working together.

What is tokenizing a building?

The main meaning behind tokenizing a building is to provide security tokens to help in representing a source of income or even equity in a property. Even though most people do not know the limitations, and also the liquidity and regulatory laws as well – this model is similar to the old crowdfunding model – only just replacing hard papers with digital notes.

Reasons why property owners should consider tokenization?

Normal tokenization solutions face high costs. But with Jointer, one can unlock 100 per cent of their equity at no cost, while still get profits from the property. The company accepts funding from the public and in return gives a return of 20 per cent – which is the same as the USA real estate market.

Offers put through by Jointer

With regular lenders, investors will be getting returns between 4 – 12 per cent. With Jointer, an investor will be getting a return of about 20 per cent. The current method is very much scalable because Jointer will not be outrightly buying the property to tokenize it, and thus unlimited properties can be tokenized simultaneously.

Reason for the Chrysler Building?

The main reasons are negative cash flow and high vacancy. But with Jointer, the ROI will be higher. Owners can unlock 100 per cent of their properties or can stay Principal for managing the property to get asset management fees and also 50 per cent future profits from Jointer.

Chrysler Building’s auction status?

Even though there are traditional investment brokers, with Jointer’s more than 250,000 community members for investments – the members can be easily leveraged to make sure that the seller avoids all sorts of losses and earns returns.

So, what did the brokers do in order to find the best buyer for the seller?

Even though the CBRE wanted to protect their commissions and market cap, the main fear that Jude Regev had is that the lead broker advised one of their team members to not participate. Still, the offer made by Jointer was higher than all the other bidders.

Will Jointer look towards greener pastures in NYC properties if the Chrysler Building does not work out?

Jointer is already in talks with some of the iconic properties in the city of New York. The market will change every day, and therefore the company that provides the best value for both the buyer and seller will flourish. The company has a waiting list of 1,000 loan brokers and also property owners with more than $1 billion in tokenization.