Billionaire Ortega’s Firm Selling NYC Building at 57% Discount

Billionaire Amancio Ortega’s firm is selling a Manhattan office building for less than half the price it was purchased for nearly two decades ago.

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, who asked not to be named as the details are private.

The price is a 57% discount to the $115.5 million Ortega’s firm paid for the building, located near Grand Central Terminal, in 2006. Brokerage firm Eastdil Secured is handling the sale.

366 Madison in New York

Source: Google

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