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NEW YORK CITY-The Feil Organization has acquired 261 Fifth Ave. from L&L Acquisitions. The 412,000-sf site, which was built in the late 1920s, is considered a landmark and is home to a grouping of home textiles showrooms.
Feil, which is headquartered here, is taking a long-term ownership position and intends to keep it as a textiles building. The sale price was not disclosed, Randall Briskin, Feil's director of leasing, tells GlobeSt.com. Cushman & Wakefield handled the transaction. He says the firm is contemplating creating a buyer's lounge on the mezzanine level as a building amenity, but has not yet set any dollar amount toward the effort.
"261 Fifth Avenue is a landmark of stability," adds Jeffrey J. Feil,CEO. "We plan to maintain its tenant roster of quality textile companies and improve on the building services wherever possible."
Located at the corner of East 29th Street, the 26-story building isprimarily occupied by a cross section of home furnishings tenants. Among the 72 showrooms are Richloom Fabrics, Arlee Home Fashions, Elrene Home Fashions, Louis Hornick & Co. and Croscill Home.
The Art Deco landmark current has several showrooms available ranging in sizes from 750 sf to 4,000 sf. Space is advertised at $33 per sf.
The privately held Feil owns and operates a portfolio of more than 20 million sf of retail, office and commercial space, as well as numerous residential properties throughout the country. It also owns and manages the 450,000-sf 570 Lexington Ave., 488 Madison and the 428,000-sf Fred F. French building on Fifth Avenue. The firm provides all management functions for their real estate holdings.
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