J. Safra Real Estate pays $40M to Longchamp for Madison Ave. retail in Lenox Hill

J. Safra Real Estate, which also uses the name JSRE Acquisitions, through the entity 713 Madison Owner LLC paid $40 million to Longchamp through the entity 713 Madison Avenue Corp. for the mixed-use building (K4) at 713 Madison Avenue in Lenox Hill, Manhattan, near the corner of East 63rd Street. The expected use is cash flowing.
The building is home to a Kwiat jewelry store.
The deal closed on March 19, 2026 and was recorded on March 20, 2026. The property has 10,400 square feet of built space and 10,000 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $3,846 and the price per buildable square foot is $2,000 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.)
Longchamp bought the property on July 16, 2008, for $48 million. The signatory for Longchamp was Olivier Cassegrain . The signatory for J. Safra Real Estate was Carlos Bertaco and Gina Sutt Malul . The contract date was November 17, 2025. No debt to finance this purchase has been recorded in city records as of publication.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer J. Safra Real Estate purchased one property in one transaction for a total of $7.4 million and sold four properties in three transactions for a total of $70.2 million over the past 24 months.
The seller Longchamp had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Olivier Cassegrain, head officer and Tom Murphy, officer. The business entity is Fusalp Us Inc. The 10,400-square-foot property generated revenue of $3.2 million or $310 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 1 residential units in Lenox Hill has 10,400 square feet of built space and 10,000 square feet of additional air rights for a total buildable of 20,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is C5-1 which allows for up to 4 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The property is in the Upper East Side Historic District. The city-designated market value for the property in 2022 is $22 million. The property has 3 rent regulated units according to city tax records from 2023.

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 not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

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 highest sale turnover among other neighborhoods in the city with $4.8 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 23rd 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 105 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 10 of the 30 commercial properties representing 85,732 square feet of the 263,752 square feet. The largest owner is Leslie J. Garfield, followed by Graff International and then Graff.
There are no active new building construction projects on this tax block.

The majority, or 30 percent of the 263,752 square feet of built space are elevator buildings, with mixed-use buildings next occupying 30 percent of the space.

The buyer

The PincusCo database currently indicates that J. Safra Real Estate owned at least two commercial properties in New York City with 15,800 square feet and a city-determined market value of $6.4 million. (Market value is typically about 50% of actual value.) The portfolio has $14.3 million in debt, borrowed from J. Safra Sarasin. Within the portfolio, all identified are office properties. They are all located in Manhattan.

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