#United States #New York #Upper East Side #Closer Properties #Zhang Xin

Closer Properties Acquires Prime Site for Development

In a significant move that signals new luxury developments on the horizon, Closer Properties has announced the acquisition of five parcels of land in New York City's historic Upper East Side. Led by the highly regarded real estate executive Zhang Xin, this acquisition marks an important step as the company expands its portfolio by venturing into ground-up residential development.

Details of the Acquisition

Completing this all-cash transaction for a total of $76 million, Closer Properties secured properties located at 150 East 79th Street, 152 East 79th Street, 154 East 79th Street, 1135 Lexington Avenue, and 1131 Lexington Avenue from W Financial. Following this acquisition, a sixth parcel at 1133 Lexington Avenue will be added in June 2026, bringing the total site area to approximately 100,000 gross square feet.

Zhang Xin, who has a robust background in real estate development with a total asset portfolio exceeding $5 billion, expressed excitement about this strategic move: "This transaction exemplifies Closer Properties' commitment to developing amenity-rich boutique condominiums in prime locations within New York City’s historic neighborhoods." Xin's experience spans nearly three decades, including her well-known role as the founder and former CEO of SOHO China.

Future Plans for Development

The next phase is set to unfold as Closer Properties plans to transform the acquired site into a luxury condominium featuring a full suite of modern amenities and ground-floor retail spaces. Construction is slated to begin with demolition in Q1 of 2026, paving the way for a high-end residential experience that reflects the charm of the Upper East Side. The project, retaining the prominent address of 150 East 79th Street, promises to bring new life and sophistication to the neighborhood, further enhancing its value.

Jason Kaufman, President of Closer Properties, emphasizes the significance of this development: "Xin is a visionary with a remarkable track record. I’m thrilled to collaborate with her as we embark on this new chapter in a market that remains one of the most valuable in the world."

Zhang Xin: A Leader in Real Estate Development

Zhang Xin has been a respected name in global real estate. With impressive contributions such as developing over 54 million square feet in major urban centers like Beijing and Shanghai, her knack for combining innovative design with practicality stands out. Acclaimed for her collaborations with notable architects including Zaha Hadid and Kengo Kuma, Xin has carved out a remarkable reputation. Her previous investments in the US also demonstrate her commitment to fortifying the value of various properties in high-demand areas.

The Upper East Side project showcases Xin’s ambition to expand her expertise into luxury residential markets beyond her established interests.

Support Team and Future Prospects

In this acquisition, Closer Properties was represented by a strong team from Avison Young, including Principal James Nelson and others who facilitated the negotiations with W Financial. As the market continues to evolve, this strategic acquisition positions Closer Properties favorably to exploit burgeoning demand for premium residential spaces in New York.

With the Upper East Side being a coveted locale, the expectations surrounding Closer Properties’ new development are high. As future residents look forward to modern amenities and refined aesthetics, the project promises to uphold New York City’s impressive real estate legacy, potentially setting new standards in luxury living.

For more information about Closer Properties and its ventures, please visit closerproperties.com.