NEW YORK CITY-Global Hyatt Corp. has just snagged the 210,000-sf 485 Fifth Ave. The building is currently under the ownership of Belfonti Capital Partners and the Carlyle Group.
The principal players would not reveal prices, but source close to the deal tell GlobeSt.com that Hyatt laid down a total of $136 million for the mixed-use condominium property. They also confirm that the joint venture paid $88 million for the building a year ago. The venture took their new office asset and launched into a conversion to residential.
In a statement, Belfonti chairman Michael Belfonti says, "We exceeded our condo sales targets with nearly half of the 104 units sold when only one-third of the building had been completed. "Hyatt has a fantastic plan for the asset, which will take advantage of the positive hotel fundamentals including ADR and occupancy not achieved since the historical peak in 2000."
Belfonti continued. But the exact nature of those plans remains unclear. A Hyatt spokesperson would say only that details will come out only after closing, which is expected before the end of the year.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
