Inditex SA founder Amancio Ortega’s firm is selling a boutique Manhattan office building for less than half the price it paid nearly two decades ago, Bloomberg News reported. A unit of Pontegadea, Ortega’s family office, is in contract to sell 366 Madison Ave. to the Sioni Group for roughly $50 million, according to people familiar with the matter.
The price represents a 57% discount to the $115.5 million Ortega’s firm paid for the 95,942-square-foot building, located near Grand Central Terminal, near the peak of the last cycle in 2006. Eastdil Secured is handling the sale.
Ortega has built a real estate empire with buildings in Europe and across the U.S, according to Bloomberg. Earlier this year, he bought Hotel Banke in Paris for €97 million, or US$113 million. The company also purchased a building on Barcelona’s Diagonal Avenue.
Ortega’s net worth is valued at more than $104 billion, according to the Bloomberg Billionaires Index.
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