150-154 East 79th Street (Google Maps)
Free Upper East Side News, Delivered To Your Inbox
Chinese real estate developer Zhang Xin is expanding her U.S. portfolio with plans for a new luxury condominium development on the Upper East Side.
Advertisement
Closer Properties — Xin’s Manhattan-based real estate firm with more than $5 billion in assets — has acquired five adjacent parcels at East 79th Street and Lexington Avenue for a combined $62.5 million, according to a company announcement on Wednesday. The purchase from W Financial includes 150, 152, and 154 East 79th Street, along with 1131 and 1135 Lexington Avenue. A sixth parcel, 1133 Lexington Avenue, is scheduled to close in June 2026, bringing the total assemblage cost to $76 million and spanning roughly 100,000 gross square feet.
1131-1135 Lexington Avenue (Google Maps)
The site will be developed into a boutique, amenity-rich condominium with ground-floor retail under the address 150 East 79th Street. Demolition is expected to begin in the first quarter of 2026. It isn’t currently clear how high the new structure will rise.
“This transaction exemplifies Closer Properties’ development thesis to build amenity-rich boutique condominiums, at prime locations in New York City’s historic neighborhoods,” said Xin, founder and CEO of Closer Properties. “Now, we are adding ground up development to our business scope, and I look forward to leveraging my 30 years of property development experience.”
Advertisement
As reported by Bloomberg, the Upper East Side project marks Xin’s first ground-up development in New York City, entering a market where new condo supply has been tightening. In an interview with the outlet, she said the company’s focus is on “boutique-sized, luxury condos in historic districts across New York City like the Upper East Side, West Village, [and] Chelsea,” adding that demand for such homes remains strong despite higher interest rates.Xin is best known as co-founder and former CEO of SOHO China, one of the country’s largest commercial developers, responsible for reshaping Beijing and Shanghai skylines with collaborations alongside Zaha Hadid, Kengo Kuma, and Kohn Pedersen Fox. Her U.S. investments have included the GM Building and Park Avenue Plaza in Manhattan, as well as the Lyrik in Boston’s Back Bay.
We’ll provide updates as we learn more.
Have a news tip? Send it to us here!
