Closer Properties Acquires Five UES Locations for $63M, Plans to Build Condos

Closer Properties, an owner, operator and developer of Class A buildings in New York City and Boston, announced it has acquired five Upper East Side properties at the intersection of East 79th Street and Lexington Avenue for $62.5 million.

Sold by W Financial in an all-cash deal, the properties include 150 East 79th Street, 152 East 79th Street, 154 East 79th Street, 1135 Lexington Avenue, and 1131 Lexington Avenue. The sale of a sixth parcel at 1133 Lexington Avenue is expected to close in June of next year, bringing the total value of the sale to $76 million and 100,000 total square feet. 

Closer Properties will demolish the existing structures in the first quarter of 2026 and begin developing a luxury condominium building that will feature a full suite of amenities as well as ground-floor retail. The development’s address will be 150 East 79th Street. 

“This transaction exemplifies Closer Properties’ development thesis to build amenity-rich boutique condominiums at prime locations in New York City’s historic neighborhoods,” Zhang Xin, founder and CEO of Closer Properties, said in a statement announcing the acquisition. “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.”

This will be the first ground-up development for Xin, who built her fortune in China through her company Soho China. She founded the company in 1995 with her husband Pan Shiyi, according to Bloomberg, which first reported the sale. 

W Financial was originally the lender on the portfolio, having loaned $43.6 million to then-owner HFZ Capital. W Financial eventually foreclosed on the properties after HFZ stopped making monthly payments, according to Crain’s New York Business. 

Closer Properties represented itself in this acquisition. The seller was represented in this deal by James Nelson, Erik Edeen, Brandon Polakoff, Alexandra Marolda, Charles Kingsley and Eric Karmitz from Avison Young. W Financial did not immediately respond to requests for comment. 

“After several years of sluggish development activity during the pandemic, demand for underutilized sites in prime New York City locations like the Upper East Side has surged as developers are once again betting on the city’s resilience,” Polakoff said in an email to Commercial Observer. “Buyers continue to absorb high-end condominium inventory, creating renewed momentum and opportunity.” 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.