Closer Properties has acquired five adjacent parcels on Manhattan’s Upper East Side in an all-cash deal for $62.5 million. The firm purchased 150 E. 79th Street, 152 East 79th Street, 154 East 79th Street, 1135 Lexington Ave., and 1131 Lexington Ave. from W Financial. A sixth parcel, located at 1133 Lexington Avenue, will complete the assemblage when it closes in June 2026, bringing the total site cost to $76 million and total square footage to 100,000 gross square feet.
Led by Zhang Yin, Closer Properties plans to develop the newly acquired site into a luxury condominium with a full suite of amenities and ground-floor retail. The address of the development will be 150 E. 79th St. Demolition is scheduled to begin in the first quarter of 2026.
“This transaction exemplifies Closer Properties’ development thesis to build amenity-rich boutique condominiums, at prime locations in New York City’s historic neighborhoods,” said Zhang. “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.”
Avison Young Principal and Head of U.S. Investment Sales James Nelson, Principal and Senior Director of U.S. Investment Sales Erik Edeen and Avison Young’s Tri-State Investment Sales team including Principal and Head of NYC Investment Sales Brandon Polakoff, Directors Alexandra Marolda, Charles Kingsley and Eric Karmitz represented the seller, David Heiden, Andrew Singer and Jarret Schochet of W Financial.
The post Closer Properties Snaps Up UES Parcels for Condo Development appeared first on Connect CRE.
