Spanish billionaire Amancio Ortega swallows loss at 366 Madison

Amancio Ortega’s global buying spree just ran into a roadblock. Pontegadea, the family office of the Spanish billionaire, agreed to sell 366 Madison Avenue in Midtown Manhattan for $50 million, Bloomberg reported. The Sioni Group is the contracted buyer; neither firm responded to requests for comment from the outlet. The sale price is more than half off what Ortega paid to acquire the building roughly two decades ago, when he spent $115.5 million for the office building. The property spans 85,000 square feet, breaking down the latest sale to $588 per square foot. An Eastdil Secured team including Will Silverman, […]This article originally appeared on The Real Deal. Click here to read the full story.