Amancio Ortega, the founder of Zara, has sold a Midtown Manhattan office tower for approximately $50 million, reflecting a significant loss compared to the $115 million he originally invested in 2015.
This sale, reported by The Real Deal, highlights the ongoing challenges faced by New York's office market, which continues to grapple with rising vacancy rates and declining rents.
Ortega, through his investment vehicle Pontegadea, is recognized for his portfolio of high-value properties across the globe.
This transaction marks one of his most considerable losses in U.S. real estate to date, exemplifying the broader market trends that have seen office buildings suffer substantial depreciation in value since the pandemic's onset.
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