Author: ANDREW COEN
New York state’s legalization earlier this year of recreational marijuana could go a long way toward weeding out retail vacancies in the Big Apple.
Manhattan in particular will get a financial lift once state authorities green-light cannabis operators to open up shop, with other retail businesses such as restaurants and convenience stores also receiving a boost, according to panelists at Commercial Observer’s fifth annual Retail & Hospitality Forum on May 19.
“I speak to tons and tons of cannabis industry professionals and we all believe that New York state, especially New York City, will be the cannabis capital of the country,” Gregory Tannor, managing director and principal of brokerage Lee & Associates NYC, said during the forum’s final panel, “Rolling with the Times: Is Cannabis Retail Giving Industry Returns a High?” that CO co-deputy editor Tom Acitelli moderated.
“I really believe that there will be a huge absorption,” Tannor said. “And, when I say huge, I’m talking about like 10 percent of the retail vacancy absorption through cannabis dispensaries and other cannabis-related businesses in the city of New York.”