(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.

Michael Belfonti, chairman of Belfonti Capital Partners, says project marks the beginning of a global effort for the firm. “This marks the beginning of an aggressive value-added acquisition campaign in this market, nationally and internationally.” Belfonti Capital opened up an office here earlier this year. It is a subsidiary of Hamden, CT-based Belfonti Associates. Additional company projects include condominium conversions of 260 Park Ave. South and Everitt Court and Brookside Village in Connecticut.

Additional details on the project will be announced “once all the development issues are in place,” a Belfonti spokesperson tells GlobeSt.com. Kelly Mack, Beth Fisher and Dan Cordeiro of the Corcoran Sunshine Marketing Group will be responsible for the residential sales and marketing. Laura Pomerantz, John Brod and Mort Schrader of PBS Realty Advisors will manage the retail leasing. Acquisition and construction financing for 485 Fifth Ave. was provided by HypoBank.

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