Transactions - DECEMBER 17, 2015

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Spain investor to buy NYC office for $145m

by Andrea Waitrovich

Ponte Gadea, a real estate company headed by Zara’s owner, is in contracts to purchase the19th-century, cast iron office building at 490 Broadway in the Soho neighborhood of lower Manhattan for $145 million.  The seller was Train City Ltd.

The five-story property totals 42,000 square feet.  

Zara opened its first U.S. store in Manhattan at Lexington Avenue and 59th Street in 1989.

Ponte Gadea has purchased several buildings in the city andowns more than $800 million of Manhattan retail property. Its portfolio includes a retail condo located at 130 E. 59th St., which it purchased in 2006 for $107.5 million. The firm also owns an office property located at 366 Madison Ave., which it acquired for $115.5 million in 2006.

In 2011, Ponte Gadea purchased the retail condo located at 666 Fifth Ave. for $324 million, and in 2013 it paid $94 million for a retail property located at 414 W. 14th St. in the Meatpacking

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