Gigantic 3-Story Cannabis Store Opens in Times Square

Times Square, one of the most recognizable locations in the world, will soon be home to the largest cannabis store on the East Coast of the U.S. The three-story store is scheduled to open this fall at 719 Seventh Ave, also known as 30 Times Square.

The venture is being developed by James Mallios, an experienced attorney specializing in the hotel and real estate industries, and William Norgard, a U.S. Army veteran who won a lawsuit against the state of New York over qualification requirements for cannabis stores.

William Norgard, along with three other veterans, accused New York state of favoring people with cannabis-related criminal records over disabled veterans. The case ended in a settlement last year, and Norgard and his partners were given a temporary license to open a store in a strategic location.

Times Square a great location for the gigantic cannabis store

“We are excited to open what will likely be the largest retail cannabis store on the East Coast this fall, smack in the middle of one of the most visited destinations in the world, ” Mallios said.

The new store will be located in the heart of Times Square, with a 20-year lease, occupying a space of approximately 1,000 square feet. The location at 719 Seventh Ave, also known as 30 Times Square, is located in one of the busiest and most recognizable locations in the world. Times Square attracts hundreds of thousands of visitors daily, making it the perfect location for a flagship cannabis store.

The store will offer a unique experience on each of its three floors, setting it apart from other legal dispensaries in the city. Mallios says each level of the store will have its own unique features and attractions, providing a diverse experience for customers.

“We are very excited about the look and feel of the store,” Mallios added, without revealing any details about the luxury touches that will characterize the new store.

The real estate transaction, which involved firms like Boich Investment Group and VerCap Management, was complicated and included the sale of the building by SL Green for $32.4 million. SL Green, one of New York City’s largest commercial property owners, originally purchased the building at the corner of Seventh Avenue and West 48th Street for $41.1 million in 2014. The current owner, whose identity has not been disclosed, plans to use the location to create a unique cannabis retail outlet.

Despite the drop in Times Square footfall due to the pandemic, the site still attracts hundreds of thousands of tourists per day. In May of this year, 243,352 pedestrians visited the site daily, down slightly from 306,523 in May of last year.

The opening of a new cannabis store could help boost the local economy and boost the commercial property occupancy rate, which fell from 82.3% in 2023 to 76.4% this year

The new store has the potential to not only be a tourist attraction, but also a significant player in the growing New York cannabis market. The opening of this store could be a significant step towards normalizing and legalizing cannabis while offering a unique shopping experience in a luxury setting. Mallios and Norgard plan to continue expanding their business and partnering with other players in the industry.

New York City’s iconic Times Square will soon be getting a new attraction in the form of the largest cannabis store on the East Coast. With its strategic location, luxurious approach to sales, and support from experienced entrepreneurs, the store is poised to become a key point on the cannabis market in the U.S. The opening of the store is expected to attract both tourists and residents, contributing to the further economic development of Times Square and the surrounding area.

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(Featured image by Claudio Schwarz via Unsplash)

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