Amancio Ortega, the billionaire founder of Zara and Inditex, has sold one of his New York City office buildings for about $50 million.

The figure represents a staggering 60% loss from the $115.5 million his family office, Pontegadea, paid for the property in 2006.

The sale underscores the steep decline in Manhattan’s office market since the pandemic left many workplaces empty.

Despite the loss, the deal reflects the reality facing even the most seasoned real estate investors.

A Tough Market for Manhattan Offices

The sharp markdown on Ortega’s sale mirrors broader struggles across New York’s commercial sector.

Many older office towers have seen values plunge as remote work reshaped how companies use space.

Developers and investors are increasingly looking to reposition these properties for new uses.

For now, sales like Ortega’s highlight the gap between past valuations and today’s market conditions.

Ortega’s Expanding Global Portfolio

While exiting at a loss in Manhattan, Ortega is not pulling back from real estate overall.

In fact, 2025 has seen his family office actively pursuing prime acquisitions abroad.

Earlier this year, he snapped up Paris’s Hotel Banke for roughly $113 million and secured another trophy property on Barcelona’s Diagonal Avenue.

These moves demonstrate his long-term strategy of diversifying into top-tier international markets.

The Rise of Office Conversions in New York

Ortega’s deal also plays into a larger trend sweeping New York City.

With demand for traditional office space shrinking, developers are reimagining older towers as housing.

Projects like the massive 25 Water Street conversion and similar efforts at 55 Broad and 5 Times Square are expected to bring more than 17,000 new apartments to market.

The transition reflects both a solution to the city’s housing shortage and a response to its office vacancy crisis.

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