CEO stated, “Everyone tokenizes a property, Jointer tokenizes the entire industry.”
The commercial real estate blockchain startup Jointer.io has called its offer to buy the iconic Chrysler Building which is a 77-story structure for around 1.5 Billion dollars with the use of their new tokenization model. On February 25, Jointer has submitted an offer for the purchase of the iconic New York City landmark.
While the privatized as well as centralized offering process has been closed, the decentralized technology by Jointer got rejected. Jointer’s CEO Jude Regev stated,
“In recent weeks, as major corporations have announced their intentions to embrace tokenization, it’s a shame that the organizations involved in the sale of the Chrysler Building do not have the foresight to see the value of our new tokenization model,” Jointer referred to JPMorgan here. Moreover, referring to the recent announcements by Facebook too, they shall be issuing their own stablecoins.
The CEO said, “We see this as a missed opportunity for all involved in determining the fate of this exceptional property.”
The new tokenization model by Jointer has been designed to help the owner of the property unlock their equity up to 100%. So, if the property owner will choose to stay Principal for the property management, they will also be eligible to manage the asset fees plus 50% from the future profits by Jointer from the property and hence, will significantly boost the ROI.
This offer basically included the present building owners in order to allow them to see the returns on the investments they did initially. The present owners of the iconic building purchased the building in 2008 for around $800 million and hence, they hold a 90% stake when it comes to majority ownership. Jointer’s CEO Jude Regev also stated,
“We help property owners unlock up to 100% of their equity and can keep them in the game like they still own the property. From a risk and profits point of view, our new tokenization solution can generate the property owner and investors better ROI than any purchasing, refinancing, or investment vehicle out there.” He added, “Everyone tokenizes a property, we tokenize the entire industry.”
Moreover, Jointer is the world’s first digital tokenization company that has offered the property owners a chance of unlocking their equity for no cost. Also, at the same time they are allowing the public to invest in commercial real estate without the need of any exposure to specific property.