Zara founder Ortega in talks to buy $500-million New York skyscraper

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It confirmed an earlier report by the real state website The Real Deal, which said the company would pay $500 million for the property.

“There are ongoing negotiations and the deal could be completed in the next few weeks,” Pontegadea said.

Ortega is also the main shareholder of fashion retail group Inditex (BME:ITX) and one of the world’s 30 wealthiest entrepreneurs.

The luxury apartments building is located at 19 Dutch Street in Manhattan and is 234 metres (770 feet) tall, according to its website.

The planned acquisition follows recent Pontegadea deals in Scotland to buy one of the largest single-office buildings and in Toronto, where it bought the Royal Bank Plaza, a landmark skyscraper, which houses the headquarters of the Royal Bank of Canada, for around 800 million euros ($797.92 million).

Ortega’s investment vehicle has focused on investing in real-estate assets worldwide and in Spain’s energy infrastructure.

($1 = 1.0026 euros)