Billionaire Chinese developer Zhang Xin is looking to sell her stake in Park Avenue Plaza in one of the first big office listings of the year.
Xin’s Closer Properties put its 49 percent interest in the tower at 55 East 52nd Street up for sale in an offering that would value the 45-story building at $1.3 billion, The Real Deal has learned.
At 1.2 million square feet, the building is nearly fully leased to tenants like Evercore, Morgan Stanley and General Atlantic.
The property has “no significant expirations until 2035, provides investors with more than a decade of stabilized NOI and minimal rollover risk or leasing capital required,” according to an offering memo from Newmark, where a team led by Adam Spies and Doug Harmon is overseeing marketing.
It’s the first trophy office property to come to market in 2026, as investors have adopted a more bullish outlook on New York’s office market following a strong year of leasing.
A representative for Closer Properties did not immediately respond to a request for comment.
Soho China, which Xin co-founded in 1995, bought a 49 percent stake in Park Avenue Plaza in 2011 from Rockpoint Group. Fisher Brothers owns the majority stake. It’s unclear when Xin transferred the stake from Soho China to Closer.
“Park Avenue Plaza is a core asset within the Fisher Brothers office portfolio,” said a spokesperson for the company. “We remain fully committed to the long-term ownership of Park Avenue Plaza and optimistic about the future of Park Avenue.”
Investors are showing renewed interest in Manhattan office properties after leasing came back strong last year.
Manhattan saw nearly 42 million square feet of leases in 2025, the highest total since 2019.
“The year 2025 will be remembered as a watershed moment in the Manhattan office market’s recovery,” said Colliers’ Franklin Wallach.
SL Green recently sold a 49 percent stake in the office building at 100 Park Avenue to Rockpoint at a $425 million valuation.
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