New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


New York & Tri-State  + Downtown New York  + Apartments  | 
19 Dutch St., a luxury apartment property in Manhattan's Financial District, has been sold for a reported $500 million

Financial District Apartments Trade to Amancio Ortega’s Real Estate Group 

Inditex founder Amancio Ortega’s real property group, Pontegadea, is acquiring 19 Dutch St., a 64-story, 500-unit luxury multifamily property in Manhattan’s Financial District, according to sources familiar with the transaction. Pontegadea is paying $500 million, or roughly $1 million per unit, to acquire the property from Carmel Partners. 

Sources said a Cushman & Wakefield team led by Doug Harmon brokered the deal. Cushman & Wakefield declined to comment. 

Carmel Partners, which developed 19 Dutch St., completing it in 2019, reportedly put it up for sale earlier this year. Located four blocks east of the redeveloped World Trade Center, the property includes ground-floor retail. 


Inside The Story

Carmel Partners

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
New call-to-action