**Inditex Founder Amancio Ortega to Sell Midtown Manhattan Office Building at Deep Discount**
Inditex SA founder Amancio Ortega, through his family office Pontegadea, is set to offload a boutique office building in Midtown Manhattan for less than half of what he paid nearly two decades ago, according to a report by Bloomberg News.
The property, located at 366 Madison Avenue near Grand Central Terminal, measures approximately 95,942 square feet. Pontegadea is in contract to sell the building to the Sioni Group for roughly $50 million. This represents a steep 57% discount from the $115.5 million Ortega’s firm paid for the property in 2006, during the peak of the previous real estate cycle. Eastdil Secured is managing the transaction.
Despite the discounted price, Ortega maintains a vast real estate portfolio across Europe and the United States. Earlier this year, he acquired the Hotel Banke in Paris for €97 million (approximately $113 million USD), and previously purchased a property on Barcelona’s prominent Diagonal Avenue.
According to the Bloomberg Billionaires Index, Ortega’s net worth exceeds $104 billion, underscoring his position as one of the world’s wealthiest individuals.
