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OFA Group said it has signed a $15 million real world asset tokenization services agreement tied to a proposed $1 billion mixed-use development in Long Island City, New York. In an April 6 Form 8-K filed with the SEC, the company said the March 31 agreement was executed with MD Queens Development LLC, or a designated special purpose vehicle. The deal covers blockchain-based tokenization infrastructure for a redevelopment of an existing warehouse site into a residential and commercial tower. OFA's accompanying press release said the tokenization is expected at the pre-development stage and that the digital tokens are intended to represent interests in a project SPV, not direct ownership of the underlying property.
What OFA is providing — and what it is not
Through its Hearth platform, OFA will provide token design, smart contract deployment, digital asset registry infrastructure, project document integration, and compliance-enabled technical features. The $15 million fee is payable in two milestone-based installments. The filing is explicit that this compensation is for technology services only and is not contingent on capital raising, token sales, or investment activity. OFA said it has received the first payment, though the filing does not specify the amount.
The 8-K states that OFA will not act as issuer, broker-dealer, placement agent, investment adviser, exchange operator, or fundraising intermediary. The client is responsible for offering structure, investor-related activity, and securities law compliance.
More specific than earlier disclosures
The agreement adds detail to what OFA had previously said about Hearth. In January, the company described the platform as non-custodial, technology-only infrastructure that does not hold client assets, facilitate capital raising, or operate trading or marketplace functions. OFA's prospectus had outlined a digital asset strategy focused on senior housing, mortgages, and broader RWA digitization. A February statement said the platform was live and in use for real estate and mortgage-related workflows. What the April 6 disclosure adds is a named client, a named project location, and a disclosed contract value.
Who this affects
Developers and issuers considering tokenized real estate structures now have a public example of how the technology-provider role can be scoped: OFA builds the on-chain infrastructure, the client handles the securities side. For regulators, the filing draws a clear line between the two. For everyone else, the immediate change is narrow — one Long Island City project has a signed mandate for tokenization infrastructure. There is no disclosed public offering or secondary market venue attached to it.
