261 Fifth finds a buyer

By Staff -- Home Textiles Today, 6/21/2005 11:23:00 AM

NEW YORK -- After less than two years of ownership, L&L Acquisitions has decided to sell the 261 Fifth Ave. showroom building for $180 million to The Feil Organization, a half-century-old real estate company, also based here.

The deal is set to close in August or sooner, David Levinson, partner, L&L Acquisitions, told HTT. The Feil Organization has already signed “a firm contract,” he added, and submitted a non-refundable deposit.Jeffrey Feil, CEO, The Feil Organization, could not be reached for comment. But Levinson offered, “It is our understanding that the new owners have every intention of keeping this a business of showrooms of home textiles companies. This is not one of those sales where you’ll see a residential conversion.”