Zhang Xin, a prominent developer known for her work with Soho China, is preparing to launch her first ground-up development project in New York City. Through Closer Properties, an affiliate of her family office, Xin has acquired five adjacent parcels on the Upper East Side for $62.5 million in cash, as reported by Bloomberg. The addresses include 150 East 79th Street, 152 East 79th Street, 154 East 79th Street, 1135 Lexington Avenue, and 1131 Lexington Avenue.
The seller of these properties was Gregg Winter’s W Financial. A sixth parcel at 1133 Lexington Avenue is expected to be added to the assemblage in June, bringing the total acquisition cost to $76 million. Avison Young represented W Financial in the transaction.
With these acquisitions, Xin intends to build a luxury condominium with ground-floor retail space. Demolition work 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.
W Financial previously obtained the site through a foreclosure sale in February 2023 after HFZ defaulted on a $43.6 million loan. The assemblage offers approximately 71,500 square feet of buildable space.
Development plans had faced potential obstacles due to neighboring businesses. The Don Filippo pizza restaurant next door had previously agreed to sell its property to Macklowe Properties before canceling that agreement in December 2022. Additionally, a First Republic Bank branch nearby closed after its business was sold to JPMorgan Chase.
Last year, Xin also purchased a townhouse at 45 East 74th Street from Italian developer Valerio Morabito.
Xin has developed over 54 million square feet of property in Beijing and Shanghai during her career. She and her husband stepped down from their roles at Soho China in 2022 but she remains on the company’s board following an unsuccessful takeover attempt by Blackstone in 2021.
Her investments in the United States include stakes in Manhattan’s GM Building and Park Avenue Plaza as well as Lyrik in Boston. According to reports, her family office intends to continue owning, operating and developing properties both in New York City and Boston.
