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<\/p>\nA\u00a0real estate tycoon who built billions worth of real estate in China is set to build a luxury condominium on the Upper East Side as her first project in the U.S.<\/p>\n
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\n Closer Properties\/Google Maps\n <\/p>\n
\n The corner assemblage site at the intersection of East 79th Street and Lexington Avenue where Closer Properties is planning to tear down existing buildings and develop luxury condos.\n <\/p>\n
Closer Properties, the Manhattan-based owner and developer founded and led by\u00a0Zhang Xin<\/a>, closed an all-cash deal for five adjacent parcels at the intersection of East 79th Street and Lexington Avenue, according to a release.<\/p>\n She plans on tearing down the existing structures on the site starting next year and replacing them with a 100K SF luxury condo building with ground-floor retail and a new address, 150 E. 79th St.\u00a0<\/p>\n \u201cThis transaction exemplifies Closer Properties’ development thesis to build amenity-rich boutique condominiums, at prime locations in New York City’s historic neighborhoods,\u201d Xin said in a statement, adding that the deal gives the developer an opportunity to add ground-up development to its New York City portfolio after 20 years of investing in the market.<\/p>\n Closer Properties acquired 150, 152 and 154 E. 79th St., plus 1131 and 1135 Lexington Ave., for $62.5M from W Financial. A deal for the sixth and final parcel in between the two Lexington Avenue properties is expected to close next June for $13.5M and will complete the assemblage.<\/p>\n Avison Young<\/a>\u2019s James Nelson, Erik Edeen, Brandon Polakoff, Alexandra Marolda, Charles Kingsley and Eric Karmitz represented W Financial.<\/p>\n Closer Properties oversees Xin\u2019s family real estate firm, which has a portfolio worth roughly $5B. The company is targeting acquisitions and development opportunities in NYC and Boston.<\/p>\n Xin, who was the founder and co-CEO of influential Chinese office developer\u00a0Soho China,\u00a0is known as<\/a>\u00a0the \u201cwoman who built Beijing\u201d for the firm\u2019s 54M SF of developments that shaped Beijing’s and Shanghai’s skylines.<\/p>\n She began investing in NYC in 2011, first buying a stake in\u00a0Park Avenue Plaza<\/a>\u00a0and investing $1B in the\u00a0General Motors Building<\/a>\u00a0two years later.<\/p>\n