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Ulta Beauty to go big in Manhattan

The nation’s largest beauty retailer is coming to Herald Square.

SL Green Realty Corp. announced that Ulta Beauty has signed a lease for a 12,040-sq.-ft. store at 2 Herald Square. The store is likely to see heavy traffic: The 369,000-sq.-ft. mixed-use property is steps from Penn Station and has annual foot traffic that exceeds 100 million people. Notable tenants in the building include Victoria’s Secret, WeWork, and Mercy College.

The Herald Square location will be Ulta’s second Manhattan location. It opened a location on the city’s Upper East Side in 2017. (As of May 4, the company operated 1,196 stores.)

“We are extremely pleased to extend our Manhattan presence into Herald Square, one of New York City’s most highly shopped retail destinations,” said David Krueger, senior VP, Ulta Beauty growth and development. “We opened our first Manhattan store in the fall of 2017 and it has performed well. This expansion represents our confidence in our ability to identify unique opportunities in urban markets to reach new guests.”

“This new partnership with Ulta Beauty, considered one of the most popular shopping destinations, demonstrates the strength of the Herald Square submarket and further attests to the importance of a brick and mortar presence in New York City as part of an overall retail strategy,” said Brett Herschenfeld, managing director at SL Green. “I am proud that in only 16 months since acquiring this Property, our business plan has been executed and the retail is now 100 percent leased.”

Colliers’ executive managing director, Patrick Breslin, and associate director, Kenny Yip, represented Ulta Beauty on the transaction. RKF vice chairman Ariel Schuster, managing director Ross Berkowitz, and associates Jason Wecker and Mitch Heifetz represented SL Green.
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