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JV Plans $160M Fifth Avenue Condo

NEW YORK CITY-Belfonti Capital acquires 485 Fifth Ave. Partnering with the Carlye Group, the firm will develop a condominium complex on the site near Bryant Park. The total project cost is anticipated to be $160 million.

By Barbara Jarvie | Updated on September 26, 2005

(To read more on the multifamily market, click here.)

NEW YORK CITY-Locally based Belfonti Capital Partner picked up a Midtown asset and intends to invest a total of $160 million to convert the office site into condominiums. Along with the Carlyle Group, Belfonti acquired 485 Fifth Ave. from Tri-Realty Management Corp. for approximately $88 million.

The 185,000-sf building will be redeveloped into loft condominiums overlooking the main branch of the New York Public Library and Bryant Park. The property will also offer more than 26,000 sf of retail space.

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