Medical marijuana dispensary to open second Manhattan outpost

MedMen will take a 4K sf in the Meatpacking District

TRD New York /
Nov.November 20, 2018 05:15 PM

33 Ninth Avenue (Credit: Midtown Equities and iStock)

MedMen, the medical marijuana dispensary with private equity backing, is launching a second Manhattan location.

The firm is in advanced talks to take a 4,000-square-foot space at 33 Ninth Avenue, according to Crain’s. Ground floor asking rents are reportedly $500 a square foot.

In April, the Los Angeles-based first moved into a 10,000-square-foot space at 433 Fifth Avenue.  The move to Manhattan came after its co-chairman, Chris Leavy, former chief investment officer of fundamental equities at BlackRock, launched a $250 million opportunity fund to draw investors and find property in Los Angeles, Las Vegas and Manhattan.

Under New York law, marijuana is legal for medical use, but not for recreational purposes. MedMen is allowed only to sell extracts or edibles, not in a form that can be smoked, such as the plant.

The firm announced last week that its chief financial officer had resigned and that it had slashed its fundraising goals from $120 million to $75 million, prompting a decline in stocks. [Crain’s]David Jeans

 

Related Articles

arrow_forward_ios
Carmel Partners CEO Ron Zeff (JLL)

Carmel Partners sells Norwalk apartment complex valued at $157M

Carmel Partners sells Norwalk apartment complex valued at $157M
From left: 180 West 81st Street in Upper West Side, 15-30 130th Street in College Point; 5002 13th Avenue in Borough Park (Google Maps)

Manhattan sees first September i-sale with UWS mixed-use building

Manhattan sees first September i-sale with UWS mixed-use building
Knotel CEO Amol Sarva and Sprinklr CEO Ragy Thomas with 29 West 35th Street (Sarva via Sasha Maslov; Getty; Google Maps)

Manhattan landlords sue Knotel, Sprinklr for missing rent

Manhattan landlords sue Knotel, Sprinklr for missing rent
(iStock)

Is winter coming? Real estate stocks dragged down by 4th week of market decline

Is winter coming? Real estate stocks dragged down by 4th week of market decline
From left: Michael Fuchs, Aby Rosen, Brandon Singer and Michael Cody (Getty, iStock)

Aby Rosen, Michael Fuchs back new retail brokerage

Aby Rosen, Michael Fuchs back new retail brokerage
Companies are relying on surveys and other data points to determine who will come back to offices first. (iStock)

How do companies decide who should return to offices first? It’s tricky

How do companies decide who should return to offices first? It’s tricky
UDR President Jeffrey Davis, AvalonBay Timothy Naughton Equity Residential's Sam Zell (LinkedIn; AvalonBay; Getty)

Investors bank on urban real estate comeback

Investors bank on urban real estate comeback
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...