The Victoria’s Secret Angels are spreading their wings into a 50,000-square-foot flagship superstore in Herald Square.
The Post has learned that Sitt Asset Management has bought out a parking garage operator at its 2 Herald Square building and has signed a deal with Victoria’s Secret to take over the 30,000-square-foot lower level garage.
Currently, the lingerie company occupies a 20,000-square-foot store and 5,900 square feet of offices at the building, which sits on the prominent northeast corner of 34th Street in Herald Square. H&M also has a 66,000-square-foot store in the property.
Victoria’s Secret will be spending several million dollars in renovation costs, sources said, for a spread that will be large enough to have its own runway for fashion events.
“I think that’s pretty spectacular,” said retail broker Robin Abrams of The Lansco Corp., who was unaware of the transaction. “Victoria Secret’s sales are pretty strong and they are one of the lucky retailers whose business is doing extremely well.”
November same-store sales at Limited Brands, the owner of Victoria’s Secret, climbed 7 percent, topping analysts’ expectations.
While a corner store at that location could now command a rent of $750 a foot, lower level space is significantly discounted.
“I could see the landlord getting somewhere around $75 a foot, more or less. It’s tough to know without seeing the space and the height of the ceilings and number of columns,” said Abrams. The exact financial arrangements could not be determined.
A Victoria’s Secret spokeswoman did not respond to a request for comment.
Ralph Sitt of Sitt Asset Management did not return calls for comment, either.
He was, however, spotted backstage recently chatting with some of the supermodels at the Victoria’s Secret fashion show television taping at the Armory.