(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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