Closer Properties Acquires Prime Site Assemblage at 79th Street and Lexington Avenue in $76 Million All-Cash Deal

Zhang Xin Announces First Ground-Up Luxury Residential Development on Upper East Side at 150 East 79^th Street

NEW YORK, Oct. 22, 2025 /PRNewswire/ -- Closer Properties, a Manhattan-based owner, operator and developer of Class-A properties in New York City and Boston, led by Zhang Xin with a total asset value of $5+ billion, today announced the acquisition of five adjacent parcels in the heart of the historic Upper East Side at the intersection of East 79^th Street and Lexington Avenue.

Closer Properties purchased 150 East 79^th Street, 152 East 79^th Street, 154 East 79^th Street, 1135 Lexington Avenue, and 1131 Lexington from W Financial in an all-cash deal totaling $62.5 million. A sixth parcel, located at 1133 Lexington Avenue, will complete the assemblage when it closes in June 2026, bringing the total site cost to $76 million and total square footage to 100,000 gross square feet.

Closer Properties plans to develop the newly acquired site into a luxury condominium with a full suite of amenities and ground-floor retail. The address of the development will be 150 East 79^th Street. Demolition is scheduled to begin in Q1 of 2026.

"This transaction exemplifies Closer Properties' development thesis to build amenity-rich boutique condominiums, at prime locations in New York City's historic neighborhoods," explained Zhang Xin, founder and CEO of Closer Properties. "New York is one of the world's most valuable property markets, and I've invested in this city for nearly 20 years. Now, we are adding ground up development to our business scope, and I look forward to leveraging my 30 years of property development experience."

Xin is well-known on the global real estate stage as Co-Founder and former CEO of SOHO China, one of China's most prolific office property developers with over 54 million square feet of iconic developments in Beijing and Shanghai. Hailed as the "woman who built Beijing", Xin earned herself acclaim for collaborations with top global talents such as Zaha Hadid, Kengo Kuma, and Kohn Pedersen Fox, that transformed the skylines of China's largest cities with iconic architecture. Her notable investments in the US include the GM building and Park Avenue Plaza in New York, as well as the Lyrik in the Back Bay of Boston.

"Xin is a visionary, and I'm excited to be working with her as she embarks on this new chapter," says Jason Kaufman, President of Closer Properties. Kaufman, formerly of Silverstein Properties, where he was involved in transactions totaling $10 billion worldwide, first worked with Xin on the acquisition and planning of the Disney ABC Upper West Side portfolio in 2018. 

Avison Young Principal and Head of U.S. Investment Sales James Nelson, Principal and Senior Director of U.S. Investment Sales Erik Edeen and Avison Young's Tri-State Investment Sales team including Principal and Head of NYC Investment Sales Brandon Polakoff, Directors Alexandra Marolda, Charles Kingsley and Eric Karmitz represented the seller, David Heiden, Andrew Singer and Jarret Schochet of W Financial, in the disposition.

About Closer Properties
Closer Properties is a New York City-based owner, operator and developer of Class-A properties in New York and Boston with a total asset value of $5+ billion. Notable projects to date include the GM building and Park Avenue Plaza in New York City, as well as the Lyrik in the Back Bay of Boston. Closer Properties is led by Founder and CEO Zhang Xin, a seasoned real estate executive with over three decades of development experience. She previously founded and built SOHO China into one of the China's most prolific developers, with more than 54 million square feet of prime, landmark properties.

Please visit closerproperties.com for more information.

Media Contact: Leslie LeCount 
[email protected]

SOURCE Closer Properties