Sephora may selling makeup from its digs on East 86th Street between Third and Lexington Avenues, but there will soon be some stiff competition on the same block with the arrival of Ulta Salon, Cosmetics & Fragrance, the country’s largest beauty retailer.
Ulta, which one retail broker called “the hottest retailer in the country” and “Sephora on steroids,” has leased 12,000 square feet on the ground floor at 184 East 86th Street, Commercial Observer has learned, for its first location in Manhattan. The length of the lease wasn’t immediately clear but the asking rent was $550 per square foot, sources told CO.
A Cushman & Wakefield team of Michael O’Neill, Jason Greenstone and Taylor Reynolds marketed the site for the landlord, 86th Retail LLC. Colliers International’s Patrick Breslin represented Ulta in the deal. A spokesman for C&W declined to comment and Breslin and an Ulta representative didn’t respond to requests for comment.
“We are very excited to welcome Ulta and believe it is a terrific company and great addition to the Upper East Side,” said Seth Berger, part of the ownership group.
The Illinois-based beauty store chain, which is a publicly traded company, has been “perhaps the best performing retailer in the entire market in the past few years,” according to SeekingAlpha, although it’s third-quarter earnings showed that “the stock traded off a bit.”
Update: This story was edited to include a comment from the landlord.