Amancio Ortega closes deal to buy New York skyscraper for $487.5 million

Amancio Ortega adds and continues his real estate commitment to the United States. The Inditex founder has closed the purchase of a rental skyscraper at 19 Dutch Street, in Midtown Manhattan, according to New York real estate records. The purchase closed at $487.5 million (about €496 million at the current exchange rate), according to the document accessed by EL PAÍS. In addition, Ortega had to pay the city another 15.9 million in transportation taxes.

It emerged last summer that Pontegadia, the entrepreneur’s investment arm, was in advanced purchase negotiations. The operation was closed permanently on September 23 and the documents were filed with the city’s public records last Friday, September 30. The purchase was carried out by an expressly created company, Ponte Gadea Dutch, headquartered in Miami, and the purchase contract was signed by Patricia Alonso, responsible for Pontegadea in the United States.

The building, No. 19 Dutch Street, is a 64-story skyscraper with a height of 234 meters and an area of approximately 28,000 square metres. 483 house. On his web page, Only eight of them are currently available, with prices ranging from $3,644 per month for a small studio to $6,402 for a one-bedroom, one-bathroom apartment on one of the higher floors. There is no larger floor available.

The skyscraper is located in the financial district of New York, near the World Trade Center, where the Twin Towers were destroyed and today stands the tallest building in the city. It is a luxury building with all kinds of services.

This is Ortega’s first investment in the US in the residential business, although it has its own characteristics as it is a luxury building with high rents. The most common for Pontegadea is the purchase of office buildings. Currently, it is negotiating to buy what will be the headquarters of Meta (the group that owns Facebook) in Dublin in the Emea region. (Europe, Middle East and Africa), a commercial space called Fibonacci Square and developed by the Irish group Ronan.

The biggest operation in Pontegadia

The investment company with the largest Spanish fortune and one of the largest in the world has diversified its investment portfolio in recent years. Apart from investments in energy and infrastructure companies, it also opens up new opportunities in real estate. Proof of this is the purchase of this skyscraper in Manhattan. Another, its recent entry into the logistics real estate, also in the United States.

As reported by EL PAÍS, Amancio Ortega this summer closed the purchase of a complex of seven logistics centers of leading companies for $905 million. These are strategically located distribution properties that have long-term leases with leading companies: Amazon, Fedex TJX, Home Depot and Nestlé. When negotiated as a whole, the largest operation – real estate or in any other sector – was carried out by the inherited Ortega company. These logistics investments in six states: Texas, Pennsylvania, Wisconsin, South Carolina, Virginia and Tennessee.