Closer Properties Snaps Up UES Parcels for Condo Development
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 St., 152 E. 79th St., 154 E. 79th St., 1135 Lexington Ave. and 1131 Lexington Ave. from W Financial. A sixth parcel, located at 1133 Lexington Ave., 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 development address 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.”
An Avison Young team of James Nelson, Erik Edeen, Brandon Polakoff, Alexandra Marolda, Charles Kingsley and Eric Karmitz represented W Financial.
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
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Greg Corbin
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout