Zhang Xin Of Closer Properties Acquires Development Site On Upper East Side For $62.5M

The transaction involves a development site consisting of five parcels located at 150 East 79th Street, 152 East 79th Street, 154 East 79th Street, 1135 Lexington Avenue, and 1131 Lexington Avenue in the Upper East Side market. The acquisition price for these assets is $62,500,000. The total site is expected to reach 100,000 sq ft with an additional parcel closing in 2026, bringing the cumulative amount to $76,000,000. Plans for the development include a luxury condominium with amenities and ground-floor retail, with demolition scheduled to begin in Q1 2026.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $62,500,000
• Buyer: Zhang Xin - Closer Properties
• Seller: W Financial
• Brokers: James Nelson, Erik Edeen, Brandon Polakoff, Alexandra Marolda, Charles Kingsley & Eric Karmitz - Avison Young

Closer Properties, under the leadership of Zhang Xin, has made a strategic acquisition of these properties from W Financial. The deal is supported by a team of brokers from Avison Young, including James Nelson, Erik Edeen, Brandon Polakoff, Alexandra Marolda, Charles Kingsley, and Eric Karmitz, who facilitated the transaction. The buyer's plan for the site reflects a significant investment in the luxury residential sector of Manhattan.