Ortega bough an entire block of Lincoln Road last week, through an entity he controls called Playa Retail Investments LLC. The sales price was $370 million for 51,708 square feet of building space on 1.1 acres of land.
The selling entity was led by Michael Comras and Jonathan Fryd, who assembled the property for a total of $12 million beginning in 1999. Tenants include Gap, Apple Store, and Nike, which will soon replace the former Pottery Barn with an all-new store.
Ortega is the second billionaire to buy recently on Lincoln Road. Last year, Joseph Safra paid a record-breaking price for the American Apparel building. Safra is worth $12.4 billion and is the second-richest man in Brazil.