{"id":256837,"date":"2026-06-05T21:06:33","date_gmt":"2026-06-05T21:06:33","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/256837\/"},"modified":"2026-06-05T21:06:33","modified_gmt":"2026-06-05T21:06:33","slug":"ulta-to-open-400m-4-story-times-square-flagship","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/256837\/","title":{"rendered":"Ulta To Open $400M, 4-Story Times Square Flagship"},"content":{"rendered":"

Ulta Beauty<\/a>\u00a0has\u00a0agreed to pay\u00a0$400M to lease an entire building in the Times Square bowtie for its new experiential flagship.<\/p>\n

\"Placeholder\"\/<\/p>\n

\n Wharton Properties’ 1551 Broadway, currently occupied by American Eagle\n <\/p>\n

The makeup retailer will occupy all four floors of Jeff Sutton<\/a>\u2019s 26K SF property at 1551 Broadway,\u00a0The Real Deal reports<\/a>. The deal includes the 250-foot LED sign plastered on the building.<\/p>\n

Ulta will replace American Eagle Outfitters<\/a>, which currently occupies the space. The new lease reportedly spans 15 years.\u00a0<\/p>\n

During\u00a0the company’s\u00a0first-quarter earnings call<\/a>\u00a0Tuesday,\u00a0Ulta CEO\u00a0Kecia Steelman announced a Times Square flagship, expected to open in 2027, but she didn\u2019t share the specific location.\u00a0<\/p>\n

She told investors the store would be “highly experiential” and “showcase next-level brand-building and storytelling capabilities.”<\/p>\n

Ulta operates more than 1,500 stores in the U.S. and has opened 70 locations since May 3, 2025. Its typical store size is approximately 10K SF<\/a>,\u00a0of which 950 SF is dedicated to a full-service salon.<\/p>\n

Sutton, who heads Wharton Properties<\/a>, redeveloped the property in partnership with SL Green<\/a> after a Howard Johnson’s diner\u00a0shuttered in 2005<\/a>.\u00a0The landmark, which was demolished and replaced with the retail building, was known as one of the last remnants of the gritty Times Square<\/a> of the late 20th century.<\/p>\n

SL Green later sold its 50% stake in the property to Sutton. Earlier this year, Sutton refinanced the property with\u00a0a $176M loan<\/a>\u00a0from ACORE Capital<\/a>.<\/p>\n

Known as the King of Retail, Sutton\u2019s portfolio consists of various properties in New York City\u2019s prime shopping corridors, including Fifth Avenue<\/a>, Madison Avenue, SoHo<\/a> and Times Square.\u00a0<\/p>\n

Times Square\u2019s availability was 15.8% in the first quarter, down from 17.5% the year before but still higher than many other areas of Manhattan, according to a Cushman & Wakefield report<\/a>. Asking rents were $1,501 per SF, down from $1,541 in 2025.<\/p>\n

Ulta\u2019s lease at 1551 Broadway\u00a0pencils out to approximately $1,025 per SF.<\/p>\n","protected":false},"excerpt":{"rendered":"Ulta Beauty\u00a0has\u00a0agreed to pay\u00a0$400M to lease an entire building in the Times Square bowtie for its new experiential…\n","protected":false},"author":2,"featured_media":256838,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[99624,55437,2176,75,84,83,9,24,63,2027,22390,39594],"class_list":["post-256837","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-1551-broadway","tag-american-eagle-outfitters","tag-jeff-sutton","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc","tag-times-square","tag-ulta-beauty","tag-wharton-properties"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/256837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=256837"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/256837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/256838"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=256837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=256837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=256837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}