Times Square Gets a Gigantic 3-Story Cannabis Store

A three-story cannabis store, touted as the largest on the East Coast, is set to open this fall at 719 Seventh Ave in Times Square, in a project led by lawyer James Mallios and veteran William Norgard. The store aims to offer a unique experience on each floor, contributing to the local economy by attracting tourists and locals, despite a pandemic-related decline in visitors to Times Square.

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

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The Visionaries Behind the Times Square Project

The Times Square venture is spearheaded by James Mallios, an experienced lawyer specializing in the hospitality and real estate industries, and William Norgard, a US Army veteran who won a lawsuit against the state of New York regarding qualifying requirements for cannabis shops.

William Norgard, along with three other veterans, accused the state of New York of favoring individuals with criminal backgrounds related to cannabis over disabled veterans. The case was settled last year, and Norgard and his partners received a provisional license to open the Times Square store.

“We are excited to open what is likely the largest cannabis store on the East Coast this fall, in the heart of one of the most visited places in the world,” said Mallios.

Prime Location in the Heart of Times Square

The new store will be located in the heart of Times Square, with a 20-year lease agreement, occupying approximately 900 square meters. The location at 719 Seventh Ave, also known as 30 Times Square, is in one of the busiest and most recognizable places in the world. Times Square attracts hundreds of thousands of tourists daily, making it an ideal location for a flagship cannabis store.

The Times Square store will offer a unique experience on each of its three floors, distinguishing it from other legal dispensaries in the city. Mallios promises that each level of the store will have its unique features and attractions, providing a variety of experiences for customers.

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

A Complex Times Square Real Estate Transaction

The Times Square real estate transaction, involving companies such as Boich Investment Group and VerCap Management, was complex and included the sale of the building by SL Green for $32.4 million.

SL Green, one of the largest commercial real estate owners in New York, originally bought the Times Square 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 a decline in the number of visitors to Times Square due to the pandemic, the location still attracts hundreds of thousands of tourists daily. In May of this year, 243,352 pedestrians visited the area daily, a slight decrease compared to 306,523 people in May of last year.

The opening of the new Times Square cannabis store may help revive the local economy and increase the commercial property occupancy rate, which fell from 82.3% in 2023 to 76.4% this year.

A Potential Market Leader

The new Times Square cannabis store has the potential not only as a tourist attraction but also as a significant player in the New York cannabis market, which is continually evolving.

The opening of this store could represent a crucial step towards the normalization and legalization of cannabis, while also offering unique shopping experiences in a luxurious Times Square setting. Mallios and Norgard plan to further expand their operations and collaborate with other entities in the industry.

Times Square, a New York City icon, will soon be enhanced by the addition of the largest cannabis store on the East Coast. With its strategic location, luxurious approach to retail, and support from experienced entrepreneurs, this store has the potential to become a key landmark in the US cannabis market. The opening of the Times Square store is expected to attract both tourists and locals, contributing to the continued economic development of Times Square and its surroundings.

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(Featured image by James Ting via Unsplash)

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