Even fashion moguls can’t escape New York City’s office slump.

Amancio Ortega, the billionaire founder of Zara, is set to sell his Midtown office building at 366 Madison Ave. for about $50 million — a bruising markdown from the $115.5 million his family office Pontegadea paid in 2006, according to Bloomberg.

The nearly 60% loss underscores how far office values have fallen since the pandemic emptied desks across Manhattan.

Just steps from Grand Central, the 17-story tower is being sold to the Sioni Group, with Eastdil Secured brokering the deal. 5

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Neither the seller nor the buyer have commented on the transaction.

The sale doesn’t mean Ortega is retreating from real estate.

The Inditex SA founder, whose net worth tops $104 billion, has been busy buying overseas, snapping

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