Leases  ·  Retail

Housing Works Opening NYC’s First Legal Dispensary at 750 Broadway

reprints


Housing Works is officially in the weed business.

The nonprofit — known for selling donated wares in order to help people experiencing homelessness, HIV/AIDS or troubles with the criminal justice system — signed a 10-year lease for roughly 7,400 square feet at the Manocherian Brothers750 Broadway, according to tenant brokers Katz & Associates

SEE ALSO: JP Morgan Chase Inks Office Deal in West Palm

Asking rent was $200 per square foot.

The retail space will be home to the Housing Works Cannabis Co., one of 30 or so applicants awarded one of New York state’s first dispensary licenses out of about 900 hopefuls.

It will be New York City’s first legal cannabis seller when it opens on Dec. 29, though it faces competition from a slew of illegal operators that has popped up around the city recently, according to the tenant brokers.

Housing Works Cannabis Co. will take over a former Gap outpost and be one of two dispensaries slated to open in Greenwich Village with nonprofit The Doe Fund planning to set up shop in a former Chase bank on Broadway and East 13th Street, the New York Post reported.

The issuance of the dispensary licenses was part of the Seeding Opportunity Initiative, a facet of New York’s cannabis law which was rolled out by the state’s Cannabis Control Board in which retailers will be supplied by 280 farmers whose product has been tested for quality.

“We set a course just nine months ago to start New York’s adult-use cannabis market off on the right foot by prioritizing equity, and now we’re fulfilling that goal,” Gov. Kathy Hochul said in a statement. “The industry will continue to grow from here, creating inclusive opportunities in every corner of New York state with revenues directed to our schools and revitalizing communities.”

Sean Philipps of Katz & Associates represented Housing Works in the deal while Gary Alterman of Newmark (NMRK) represented the Manocherian Brothers. Newmark did not immediately respond to a request for comment.

Mark Hallum can be reached at mhallum@commercialobserver.com.