Plans have been announced for a new residential project at 150 East 79th Street on Manhattan’s Upper East Side. Developed by Zhang Xin of Closer Properties, the structure will yield condominium units and ground-floor retail space, as well as a collection of residential amenities. The development site is located at the corner of Lexington Avenue and East 79th Street.
The assemblage is composed of six parcels spanning almost 100,000 gross square feet. The developer has closed on the first five, 150–154 East 79th Street and 1131 and 1135 Lexington Avenue, which it acquired from W Financial for $62.5 million. The sale for the sixth property at 1133 Lexington is in contract for $13.8 million and is expected to close next June. Paul Hastings and Meister Seelig & Fein helped broker the deal for Closer Properties and W Financial. All were acquired in cash.
The ground-floor businesses at the properties have all shuttered with the exception of the occupant of 1133 Lexington. The above and below Google Street View images show the current state of the six properties.
The four abutting properties along East 79th Street slated for demolition. Image via Google Maps.
The two abutting properties along Lexington Avenue slated for demolition. Image via Google Maps.
“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 Xin, founder and CEO of Closer Properties. “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.”
The site is located two blocks north of the 77th Street subway stop, served by the 6 train.
Demolition is slated to commence in the first quarter of 2026. An anticipated completion date, architect, and renderings have yet to be revealed.
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Take it to the bank.
Zhang Xin has developed some breathtaking properties! Hopefully this one will be a gem too!
nice group of pre-wars.
but sure, its been a development site for some time.
Please build something worthy of the high profile corner of two main streets.
RAMSA anyone on speed dial