485 Fifth Avenue to be converted to luxury lofts

485 Fifth Avenue, now a 185,000-square-foot office tower that once housed Tommy Hilfiger’s headquarters, will be converted into luxury loft condos overlooking Bryant Park. The property will also offer more than 26,000 square feet of retail space on Fifth Avenue, according to its new owner, Belfonti Capital Partners, a national venture capital firm that partnered with the Carlyle Group to buy 485 Fifth this month from Tri-Realty Management Corp. for $88 million. The condo conversion may cost as much as $160 million.

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