NEW YORK CITY-Budget fashionistas rejoice: Sweden-based H&M will be opening its biggest global flagship store not in Europe, but right here in Manhattan. Hailed as the largest retail transaction in the city year-to-date, the retailer has inked a whopping 57,000-square-foot lease on six floors at 589 Fifth Avenue, making it H&M’s 12^th New York location and largest in the world, according to CBRE’s Jedd Nero, who represented landlord Western Management on the deal.

A company spokeswoman for H&M tells GlobeSt.com in an e-mail that the retailer does not speak externally about the specific terms of its leases. But according to a statement from CBRE, H&M is taking the ground through fifth floor, plus a below-grade level, in a long-term agreement.

While the duration of the lease and rents were not disclosed, Nero says 589 Fifth Avenue was one of the few buildings on the avenue with the square footage and ceiling height “capable of handling such a large and complex requirement.” An H&M spokeswoman says the new location at 48^th Street will become the retailer’s first “full concept” store, which will include all of H&M’s signature collections for ladies and men, as well as special departments for cosmetics, home d