Tessler Developments in joint venture with Lehman Brothers Holdings purchased a mixed use development site at 400 Fifth Avenue on the northwest corner of 36th Street. This 550,000 square feet development site consists of residential and commercial components, of which 190,000 square feet are slated for a hotel. Yitzchak Tessler retained Gwathmey Siegel and Associate Architects LLC to design the property.
The site was sold by the joint venture in August, 2006.