Closer Properties Expands with Noteworthy Site Acquisition
Closer Properties, a prominent developer based in New York City, has made headlines with its recent acquisition of multiple adjacent parcels at the sought-after intersection of East 79th Street and Lexington Avenue. Led by the astute Zhang Xin, the company possesses an impressive asset portfolio valued at over $5 billion. This strategic investment positions Closer Properties firmly in the competitive landscape of luxury condominiums in one of the world’s most prestigious neighborhoods.
Details of the Acquisition
The deal encompasses five properties—150 East 79th Street, 152 East 79th Street, 154 East 79th Street, 1135 Lexington Avenue, and 1131 Lexington Avenue—with a substantial all-cash transaction concluded at $62.5 million. This acquisition is set to expand further as a sixth parcel, located at 1133 Lexington Avenue, is anticipated to finalize by mid-2026. Collectively, these sites will yield a total investment of $76 million, offering a vast space of approximately 100,000 gross square feet for development.
Vision for Luxury Development
Closer Properties has ambitious plans for the newly acquired site. The proposed development will feature a luxurious condominium equipped with a comprehensive range of amenities and inviting ground-floor retail. The address of this upcoming prestigious residential project will be prominently located at 150 East 79th Street, with demolition earmarked to commence in the first quarter of 2026.
Zhang Xin's Strategic Insight
Zhang Xin, the company's founder and CEO, articulated the essence of this acquisition, stating, "This transaction exemplifies Closer Properties' development thesis to build amenity-rich boutique condominiums at prime locations in New York City's historic neighborhoods." Xin's faith in the New York real estate market spans nearly two decades, and with this new venture into ground-up development, she plans to leverage her substantial 30 years of experience in property development to make a lasting impact.
Xins' Impact in Real Estate
Globally recognized for her prowess in real estate, Zhang Xin co-founded SOHO China, a heavyweight in office property development, boasting iconic projects that redefined the skylines of Beijing and Shanghai. Her notable collaborations with internationally acclaimed architects such as Zaha Hadid and Kengo Kuma underscore her commitment to architectural excellence. Moreover, her investments in major US properties—like the GM building and Park Avenue Plaza—demonstrate her innovative approach in a highly competitive market.
Collaboration and Support
Jason Kaufman, the President of Closer Properties, expressed excitement regarding working alongside Xin during this new initiative, stating, "Xin is a visionary, and I'm excited to be working with her as she embarks on this new chapter." Kaufman’s extensive experience in managing high-value transactions adds a wealth of expertise to the Closer Properties team, particularly from his tenure at Silverstein Properties, where he handled deals worth upwards of $10 billion.
Professional Representation in the Deal
Avison Young played a significant role in facilitating this acquisition. Key professionals such as James Nelson and Erik Edeen represented the seller, ensuring a professional and strategic transaction process. The combined efforts of Avison Young's dedicated Tri-State Investment Sales team enriched the execution of this significant deal.
About Closer Properties
Closer Properties is recognized as a premier owner, operator, and developer of Class-A properties in the urban landscapes of New York City and Boston. With an asset portfolio exceeding $5 billion, the company stands as a leader with previous daring projects, including the iconic GM building and the Lyrik in Boston's Back Bay. Under the visionary leadership of Zhang Xin, Closer Properties continues to make strides in the real estate sector, marking its territory in high-value developments.
Frequently Asked Questions
What recent acquisition has Closer Properties made?
Closer Properties recently acquired five parcels at the intersection of East 79th Street and Lexington Avenue, totaling $62.5 million.
What are the plans for the new properties?
The properties will be developed into a luxury condominium with top-notch amenities and retail space.
Who is the CEO of Closer Properties?
The CEO of Closer Properties is Zhang Xin, known for her substantial experience in real estate development.
What experience does Zhang Xin have in real estate?
Zhang Xin has over 30 years of development experience, previously founding SOHO China, involved in prestigious projects globally.
How does this acquisition impact Closer Properties’ portfolio?
This acquisition enhances Closer Properties' position in the luxury market and expands its asset value and developmental capabilities.
