Gotham Pharmacy signs lease on Domino Sugar Factory

The redeveloped Domino Sugar Factory is falling into disarray.

Marijuana retailer Gotham has signed a 10-year lease for 4,000 square feet of space on the first floor of the renovated Domino Sugar refinery at 300 Kent Avenue in Williamsburg, Brooklyn, Commercial Observer reported.

Gotham is a licensed cannabis retail dispensary that opened less than a year ago and is led by angel investor Joan Wilson. Last year, the company opened its flagship store at 3 East Third Street in the East Village in collaboration with nonprofit partner Strive.

The Williamsburg property is Gotham's second location, and Wilson told the Observer it's a “dream location.”

The landlord, Two Trees Management, didn't disclose rent prices. Market rents in the Williamsburg area range from $88 to $240 per square foot, according to LoopNet data. Bonnie Campbell of Two Trees acted as broker for both sides.

The 150-year-old Domino Sugar factory stands out from many other retail establishments with its 460,000-square-foot glass dome, retro “Domino Sugar” signage and stunning views of Manhattan.

When Two Trees Management bought the Domino's property in 2012 for $185 million, it initially intended to develop an apartment complex but then converted it into Class A office space, The Real Deal reported at the time.

Ultra-luxury real estate in Brooklyn has struggled to secure tenants looking to set up headquarters there, with Equinox being the first tenant to move into a Domino's property in late 2023.

-Christina Prevites

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *