A new four-story cannabis dispensary is set to open in the bustling Times Square area. The 10,040-square-foot building, located at Seventh Avenue and West 48th Street, has been leased for a period of 20 years by William Norgard – a service-disabled veteran. Along with attorney James Mallios, Norgard’s company (2 Forest Park Lane) has applied for an adult-use retail license for the dispensary.
This deal comes on the heels of Norgard’s successful legal challenge against New York State’s licensing regulations for cannabis businesses last fall. The property was previously owned by SL Green Realty and was sold for $32.5 million on the same day that Norgard secured his lease agreement. Although there has been no official statement from Boich Investment Group or Andrew Mathias (the new owners), it is believed that they are tied to this development.
The building itself used to house Coty and its Cover Girl store until recently before being acquired by Norgard’s team.
