A New York bar owner wants to sell his two Hell’s Kitchen establishments — for Bitcoin.
Patrick Hughes owns two bars — Hellcat Annie’s and Scruffy Duffy’s — that sit next to each other on 10th Avenue near 45th Street. He recently put those watering holes up for sale for 25 Bitcoins or 800 Ethereum tokens, which translates to about $875,000, the New York Post reported.
“I’m hoping to catch one of these crypto dudes who always wanted to own a bar,” said Hughes, who has put a for-sale sign out front to get attention from passers-by.
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Hughes’ family has been in the Manhattan bar business since 1970, but the pandemic cemented his desire to sell. Covid-19 lockdowns have forced many bars and restaurants in the city to shutter their doors as they faced a multitude of challenges, including the suspension of indoor service and a ever-changing spate of regulations for outdoor dining.
If Hughes finds a buyer, this may be the first cryptocurrency-only sales transaction for a bar. But it has been used by the real estate industry before.
Ben Shaoul of Magnum Real Estate Group sold an Upper East Side retail condo for $15.3 million in Bitcoin in 2019. [NYP] — Akiko Matsuda