JSRE Acquisitions, a New York City-based property management company, has acquired a retail property at 713 Madison Avenue on Manhattan’s Upper East Side for $40 million, property records made public Friday show. 

The seller, French luxury retail company Longchamp, previously had a store in the building, but it closed when the company moved to a bigger space along Fifth Avenue in 2018. Longchamp purchased the property in 2008 for $48 million, according to records.

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It’s unclear who brokered the new deal. Longchamp did not immediately respond to a request for comment, while JSRE could not be reached for comment. 

Carlos Bertaco and Gina Sutt Malul of JSRE were the signatories for the buyer, while Olivier Cassegrain, managing director at Longchamp, signed for the seller, records show. 

Located just off East 63rd Street in the Lenox Hill neighborhood, 713 Madison Avenue is a six-story building that spans 10,400 square feet and was built in 1900. High-end ski clothing company Fusalp appears to have been the most recent retail tenant, although that boutique location is now closed.

While Longchamp has sold the property, news of the new deal comes as the retailer experiences a major resurgence, largely driven by Gen Z.

The retailer’s Le Pliage shoulder bag is arguably its most popular item, and you’d be hard pressed to get on the subway in New York City without seeing several women sporting the tote on their commutes. 

This also isn’t JSRE’s first retail deal this year. In January, the company sold the retail and office property at 138 Spring Street in SoHo for $43.7 million to the LLC Evergreen Peak. That sale came just two days after JSRE sold two nearby apartment buildings at 159 Prince Street and 161 Prince Street for $18 million. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.