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Inditex Founder Poised to Sell Midtown Offices at Deep Discount
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.
Founder of Zara and other brands, 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.
- ◦Sale/Acquisition
