By Gloria Nosa
Chinese real estate mogul Zhang Xin, renowned for her role in transforming Beijing’s skyline, has made a major move into New York’s luxury property market with the purchase of prime land on Manhattan’s Upper East Side.
Through her family office’s property arm, Closer Properties, Zhang acquired five adjoining parcels for $62.5 million in an all-cash deal, according to Bloomberg. The acquisition marks her first ground-up development project in New York City — a significant step for the billionaire as she expands her global real estate footprint.
In a statement announcing the deal, Zhang, who serves as CEO of Closer Properties, said the project aligns with the company’s long-term strategy to develop “amenity-rich boutique condominiums in New York’s most historic neighborhoods.”
“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,” Zhang stated.
Closer Properties, which manages over $5 billion in assets across New York and Boston, plans to acquire a sixth adjoining parcel by June 2026, bringing the total cost of the site to about $76 million. The full assemblage will span roughly 100,000 square feet (9,290 square meters). Existing buildings on the site are set for demolition in the first quarter of 2026 to pave the way for the new condominium tower.
The Manhattan project comes amid a market rebound — luxury condo and co-op sales in the borough rose 13.6 percent year-over-year in the third quarter of 2025, according to data from Miller Samuel and Douglas Elliman.
Zhang’s entry into New York’s development scene follows decades of success in China, where she and her husband Pan Shiyi co-founded SOHO China in 1995. The company became one of the most prominent commercial developers in Beijing and Shanghai, known for its collaboration with world-class architects and iconic office projects.
After stepping down as SOHO China’s CEO in 2022, Zhang redirected her focus toward international real estate, particularly in the United States. The billionaire has since split her time between Beijing and New York, overseeing Closer Group’s growing U.S. property investments.
The upcoming Upper East Side luxury condominium project represents a new chapter in Zhang Xin’s global portfolio — one that blends her signature design sophistication with Manhattan’s timeless prestige.
