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Carter's View

The former Rogers, Peet building at 485 Fifth Avenue on the northeast corner at 41st Street directly across from the entrance to the New York Public Library was reported today to be converted into 104 condominium apartments by Belfonti Capital Partners and the Carlyle Group.

The property was acquired recently from Tri-Realty Management Corporation for a price reported to be about $88 million.

Four floors will be added to the brown-brick, 10-story building, which will also have 26,000 square feet of retail space.

A construction shed was recently erected around the building.

The handsome building has a three-story limestone base and two-story-high limestone pilasters on its top two floors and an attractive cornice. Its upper floors along the avenue offer impressive views of Bryant Park and its surroundings.

Belfonti Capital Partners, a subsidiary of Belfonti Associates of Hamden, Connecticut, recently opened an office in the city and is also converting the building at 260 Park Avenue South.

Last May, the building was sold by Tommy Hilfiger U.S.A., Inc., in a transaction it valued" at approximately $48 million." The Tommy Hilfiger concern had previously announced it was relocating from the building to the Starrett-Lehigh Building at 601 West 26th Street.

Rogers, Peet & Co., was founded in 1874 through the merger of the clothing firms of Marvin N. Rogers and Charles Bostwick Peet. The first Rogers, Peet store was at 487 Broadway and at its peak the company had about a dozen stores in the city. The final store was at this location and it opened in 1915 and closed in the mid-1980s.

A call to Belfonti Capital Partners from to learn more details of the conversion was not returned today.

The building is the latest of several major residential developments on Fifth Avenue south of 42nd Street. Others include 425 Fifth Avenue at 38th Street and projects in various stages of construction at 400 Fifth Avenue and 325 Fifth Avenue.

This building faces the New York Public Library and Bryant Park, where an ice rink recently opened.
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Architecture Critic Carter Horsley Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.