Castellana 68 is on the market. Its owner, Blackstone, commissioned Colliers to sell its 26 luxury homes, which have been empty for more than ten years, according to El Confidencial and confirmed by Brainsre.news.
This property was the most sought-after of the now-defunct Martinsa. After it went bankrupt, the asset was plagued by fines and costs; firstly, Banco Pastor. A few years later, Santander took over the debt, after buying the bank for one euro, in a bailout orchestrated by the European Central Bank. In 2019, Blackstone acquired the building for around 20 million euros.
The 26 flats in Castellana 68 range from 100 square metres to almost 300 square metres. Right now, their value would be around double what the US investment bank paid just two years ago. For the moment, it has not decided how to dispose of them, but it will likely look to sell the entire asset instead of selling units individually.
According to Brains Real Estate’s Big Data real estate platform, the price per square metre in the census in which the building is registered is around 7,115 euros. Castellana 68 is in the fourth most expensive neighbourhood in the capital, behind Recoletos, Jerónimos and Castellana. A four-bedroom property, which is feasible given the size of the units for sale, costs on average more than €1.6 million.