Manhattan, NY Katz & Associates’ Sean Philipps represented Housing Works Cannabis Co. in a lease at 750 Broadway (at 8th St.) for a recreational cannabis retail store. Newmark’s Gary Alterman represented the landlord. The location, a former Gap Men store, features 4,400 s/f on the ground floor and a lower level of 3,000 s/f.
Philipps said “I’ve helped Housing Works for years, so it’s really exciting to be a part of their new venture. I’m happy for Housing Works Cannabis Co. to be selected as one of 30 recipients from over 900 applicants to receive a license from the Office of Cannabis Management to get in from the start on this new legal and regulated retail.”
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,