Feil gets ready to work for 261 Fifth Avenue asset.

The Feil Organization has confirmed it is taking a long-term ownership position at its newly aquired 261 Fifth Avenue and intends to keep it as a textiles building and support the core tenancy.

"261 Fifth Avenue is a landmark of stability. We plan to maintain its tenant roster of quality textile companies, and improve on the building services wherever possible," states Jeffrey J. Fell, CEO of The Feil Organization.

Feil purchased the 26 story, 412K s/f office building from L&L Acquisitions for $180 million, some $60 million more that the firm, in partnership with The Carlyle Group, purchased the asset for just a little over a year ago. Cushman & Wakefield's Scott Latham handled the sale. Located at the corner of east 29th Street, the 26-story building is primarily occupied by some of the largest home furnishings tenants in the country. Among the 72 showrooms are Richloom Fabrics, Arlee Home Fashions, Elrene Home Fashions, Louis Hornick & Co., and Croscill Home.

261 Fifth Avenue is not only a home fashions destination, but it's also one of the gems of Art Deco architecture in the city. Built in 1928-29, the building boasts an ornate, impressive lobby with a gold-leafed ceiling, mosaic detail and original Art Deco chandeliers. The building also features oversized windows that give its tenants a significant amount of daylight, often a major consideration in renting a showroom.

As the entire home goods industry prepares for the New York Fall Textile Market in October, so does The Feil Organization. According to Mr. Feil, "We are planning extensive marketing and promotional initiatives, which include sponsorship in the Kickoff Party at the Puck Building. We look forward to taking an extremely active role in this exciting industry and as the landlord of 261 Fifth Avenue."

Several showroom availability's ranging in sizes from 750 s/f to 4,000 s/f are available.