Ulta Beauty Inks 26K-SF Deal at Jeff Sutton’s 1551 Broadway in Times Square
By Amanda Schiavo June 4, 2026 10:41 am
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Skin care and cosmetics retailer Ulta Beauty has signed a deal to take over the entirety of Jeff Sutton’s Times Square retail building at 1551 Broadway.
Ulta inked a 26,000-square-foot lease for all four floors of the property located in Midtown’s bright and bustling Times Square, according to The Real Deal, which first reported the news.
Ulta will replace clothing and accessories retailer American Eagle, which currently has a flagship store in the property at the corner of Broadway and West 46th Street. The deal also includes the building’s exterior 250-foot LED sign, TRD reported.
Sutton declined to comment, while a representative for Ulta Beauty did not immediately respond to Commercial Observer’s request for comment. Cushman & Wakefield, which has represented the landlord at 1551 Broadway in the past, also did not immediately respond to a request for comment.
In March, Sutton’s Wharton Properties secured a three-year, floating-rate $176 million refinancing on 1551 Broadway from Acore Capital, TRD reported. Wharton acquired 1551 and 1555 Broadway in 2005 for $82.5 million in a joint venture with SL Green Realty.
Ulta Beauty, which has seven locations across New York City, recently announced its plans to open what it described as a “highly experiential” retail concept in Times Square that will focus on events and a grand customer experience.
“We are beginning work on a new, highly experiential Ulta Beauty location in Times Square, New York,” Kecia Steelman, president and CEO of Ulta, said during the company’s first-quarter earnings call. “Expected to open in late 2027, this flagship store will be a vibrant, dynamic destination where technology, entertainment, convenience and our differentiated assortment come together to deliver immersive guest experiences and brand activations.”
Times Square and the surrounding area is a bustling hub of large retail deals. Recently, Sandbox VR, a virtual reality experience provider, announced it selected Delshah Capital’s 761-777 Seventh Avenue for its first New York City location, while global jewelry retailer Pandora signed a lease in April at Rudin’s 3 Times Square.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
