New York City-based Belfonti Capital Partners, in partnership with The Carlyle Group, has purchased a 185,000-square-foot office tower in Manhattan.

The value of the transaction was $88 million.

Tri-Realty Management Corp. sold the property, located at 485 Fifth Ave.

The property, which is formerly home to Tommy Hilfiger, will be redeveloped into luxury loft condominiums overlooking the main branch of the New York Public Library and Bryant Park. The property will also offer more than 26,000 square feet of retail space.

The total project cost is anticipated to reach approximately $160 million after a complete renovation of the property.

Belfonti Capital Partners is a real estate venture capital firm.

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