Sioni Group And LSL NY Acquire Office Building From Amancio Ortega In Midtown Manhattan For $50M

The office asset located at 366 Madison Avenue, Midtown Manhattan, has been sold for $50,000,000. This property encompasses a total space of 102,309 square feet, resulting in a price per square foot of $488. The seller, Amancio Ortega, originally acquired the property in 2006 for $115.5 million. The new owners, Sioni Group and LSL NY, intend to reposition it as a Class A office building.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $50,000,000
• Address: 366 Madison Avenue
• Market: Midtown Manhattan
• Square Footage: 102,309
• Price per Square Foot: $488
• Buyer: Sioni Group & LSL NY
• Seller: Amancio Ortega
• Broker Representatives: Will Silverman, Carly Shoulberg, Jeff Organisciak & Gary Phillips - Eastdil Secured

In this transaction, Sioni Group and LSL NY have partnered to acquire the asset, which signifies a notable shift in ownership for the property originally held by the founder of Zara. The brokerage team from Eastdil Secured played a key role in facilitating this transaction.