The Real Deal New York

East Village medical marijuana dispensary lease details emerge

Columbia Care NY will occupy 3,500 sf on East 14th Street

August 14, 2015 10:36AM

212 East 14th Street in Stuy-Town and marijuana

212 East 14th Street in East Village and marijuana

New York’s medical marijuana industry has cleared all legal hurdles and dispensaries are officially setting up shop.

Details emerged on a lease signed by Columbia Care NY, one of five permitted growers in the state.

The company will occupy 3,500 square feet on the ground floor and basement of the residential building at 212 East 14th Street, on the edge of Stuyvesant Town.

Columbia Care will be paying $140 per square foot, according to Kassin Sabbagh’s Albert Manopla, who brokered the deal with colleague Abraham Dwek on behalf of the property manager, Abraham Noy.

The lease, signed earlier this summer, is a five-year deal with a five-year renewal option. Michael Dubin and Hector Rodriguez of Savitt Partners represented Columbia Care.

State lawmakers granted final approval to the dispensaries late last week. PalliaTech, another medical marijuana provider, leased 3,000 square feet at 425 Fulton Street in Brooklyn back in June. The space is still under renovations, and the dispensary will remain closed until Jan. 1 at the earliest. – Ariel Stulberg

Correction: A previous version of this story misidentified the neighborhood location. It is the East Village.