Chinese property tycoon Zhang Xin, who built her fortune shaping China’s skylines with commercial development firm Soho China Ltd., is seeking to expand her bet on New York City real estate.
Closer Properties, the real estate arm of Xin’s family office Closer Group, acquired five adjacent parcels on the Upper East Side at the intersection of East 79th Street and Lexington Avenue from W Financial in a cash deal totaling $62.5 million, according to a statement released Wednesday. The firm plans to develop a boutique luxury condominium building with retail space on the ground floor.