Closer Group pays $13.2M to add to Lenox Hill dev site

Closer Group, the family office for a founder of the large Chinese developer SOHO China, through the entity CP 79th Street LLC paid $13.2 million to Philip Arcara through the entity 1133 Lexington Ave. Realty Corp. for the two-unit mixed-use building (S9) at 1133 Lexington Avenue in Lenox Hill, Manhattan. The expected use is ground up development.
The deal closed on March 6, 2026 and was recorded on March 10, 2026. The property has 3,500 square feet of built space and 8,455 square feet of additional air rights for a total buildable of 11,960 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,775 and the price per buildable square foot is $1,104 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Philip Arcara was Vanessa Arcara . The signatory for Closer Group was Geoff Wilson . The contract date was February 18, 2025. This adds to a development site Closer Group, through its division Closer Properties, bought in October 2025, for $62.6 million.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Closer Group purchased the one development site for a total of $62.6 million and has no record it sold any properties over the past 24 months.
The seller Philip Arcara had not purchased or sold any properties. The 3,500-square-foot property generated revenue of $211,610 or $60 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Lenox Hill has 3,500 square feet of built space and 8,455 square feet of additional air rights for a total buildable of 11,960 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 70 feet deep with a total lot size of 1,196 square feet. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the 2nd highest sale turnover among other neighborhoods in the city with $4.7 billion in sales volume in the last two years. For development, Lenox Hill has near average amount of major developments among other neighborhoods and is the 22nd highest in Manhattan. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There were 66 pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 30,003 square feet of the 116,461 square feet. The two identified owners are Closer Group and Actus Consulting Group.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 116,461 square feet of built space are mixed-use buildings, with walkup buildings next occupying 37 percent of the space.

The buyer

The PincusCo database currently indicates that Closer Group owned at least six commercial properties with nine residential units in New York City with 19,514 square feet and a city-determined market value of $21.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 87 percent of the 19,514 square feet of built space are mixed-use properties, with retail properties next occupying 13 percent of the space. They are all located in Manhattan.

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