Kecia Steelman Of Ulta Beauty Leases 26,000 Square Feet At 1551 Broadway Times Square
1551 Broadway
Building Size
26,000 SF
Asset Type
Retail
Closing
Jun 4, 2026
AI
The asset involved in this transaction is a retail property located at 1551 Broadway in the Times Square market. The property encompasses a total of 26,000 square feet, spread across four levels. It will be occupied by Ulta Beauty, which has replaced American Eagle, and includes a prominent 250-foot LED billboard as a part of the property lease.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: Not specified
- Address: 1551 Broadway
- Market: Times Square
- Landlord: Jeff Sutton - Wharton Properties
- Tenant: Kecia Steelman - Ulta Beauty
The key individuals in this transaction include Jeff Sutton, representing the landlord Wharton Properties, and Kecia Steelman, representing Ulta Beauty as the tenant. This transaction marks a significant lease agreement as Ulta Beauty takes control of the entire property.
Players
Market Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93