Zhang Xin, known for her work with Soho China, is moving forward with her first ground-up development in New York City. Closer Properties, affiliated with Xin’s family office, has acquired five adjacent parcels on the Upper East Side for $62.5 million in cash, according to Bloomberg. The properties are located at 150 East 79th Street, 152 East 79th Street, 154 East 79th Street, 1135 Lexington Avenue and 1131 Lexington Avenue.
Gregg Winter’s W Financial was the seller of these sites. A sixth parcel at 1133 Lexington Avenue is expected to be added in June, which will bring the total cost of the assemblage to $76 million for a combined area of about 100,000 square feet. Avison Young represented the seller in this transaction.
Xin plans to develop a luxury condominium building with ground-floor retail space on these sites. Demolition is scheduled to begin in the first quarter of next year. “Our thesis is to develop boutique-sized, luxury condos in historic districts across New York City like the Upper East Side, West Village, Chelsea and more,” Xin said in an interview.
The assemblage was previously acquired by W Financial through a foreclosure sale after HFZ defaulted on a $43.6 million loan in February 2023. The site provides approximately 71,500 square feet of buildable space.
Development plans have faced challenges before; for example, Don Filippo pizza restaurant next door initially agreed to sell its property to Macklowe Properties but canceled the agreement in December 2022. The restaurant and a former First Republic Bank branch were seen as possible obstacles for previous projects.
Last year, Xin purchased a townhouse at 45 East 74th Street from Italian developer Valerio Morabito.
Xin has developed over 54 million square feet of property across Beijing and Shanghai during her career. She and her husband left their executive roles at Soho China in 2022 but she remains on the board after a failed takeover attempt by Blackstone.
Her investments in the United States include stakes in Manhattan’s GM Building and Park Avenue Plaza as well as Boston’s Lyrik project. Her family office intends to continue owning, operating and developing real estate assets in both New York and Boston.
