SOHO China’s Zhang Xin spent $62.5 million to purchase 5 plots of land in Manhattan to build boutique apartments

According to Bloomberg, Zhang Xin, co-founder of SOHO China (00410.HK), spent $62.5 million (approximately HKD 488 million) to acquire five plots of land located in Manhattan, New York, with plans to develop them into boutique luxury apartments.

Zhang Xin's family office, Closer Group, announced that its real estate company, Closer Properties, has purchased five adjacent parcels at the intersection of East 79th Street and Lexington Avenue in Manhattan's Upper East Side through a cash transaction, with a total transaction amount of $62.5 million. The plan is to develop a boutique luxury apartment building that includes retail space on the ground floor.

Zhang Xin stated that there are plans to develop high-end boutique apartments in historic cultural neighborhoods of New York, such as the Upper East Side, West Village, and Chelsea. People love these areas, but most of the local housing is old and lacks services and amenities.

She also believes that despite rising interest rates and mortgage rates, market demand remains strong.

Currently, Zhang Xin is focusing more on the U.S. market through Closer Properties, with her family office managing real estate assets totaling over $5 billion, covering holdings, operations, and development of properties in cities like Boston and New York