NYC Mayor Eric Adams to push plan for public sites across Big Apple for affordable housing projects

Story by Craig McCarthy, Emily Crane, NYPost.com

Mayor Eric Adams is set to use his State of the City address Wednesday to unveil a new push to use a slew of city-owned properties for affordable housing projects, The Post has learned.

The new plan will make use of public sites across the Big Apple in a bid to advance a total of 24 housing projects by the end of the year, according to an early snippet of Hizzoner’s speech obtained by The Post.

The ambitious project — dubbed “24 in 24” — will create or preserve more than 12,000 affordable homes scattered across the five boroughs, according to the mayor’s office.

“Our ’24 in 24’ plan to create and preserve affordable housing on 24 publicly-owned sites is another example of how we’re doing everything within our control to deliver housing and relief to New Yorkers when they need it most,” Adams said in a statement to The Post.

“Investments like these, once again, deliver on the vision we laid out to protect public safety, rebuild our economy, and make this city more livable for working-class New Yorkers.”

The specific plans for each property weren’t immediately available, though the Adams administration said further details on the projects and sites would be released in the coming months.

Among the locations already tipped to be part of the project is the Grand Concourse Library on 173rd Street in the Bronx and a Staten Island site located on the corner of Canal and Front streets.

NYC Mayor Eric Adams to unveil ambitious plan to use public sites across Big Apple for affordable housing projects© Provided by New York Post

The new plan will make use of public sites across the Big Apple in a bid to advance a total of 24 housing projects by the end of the year. Google Maps

At least three of the sites slated to be announced in Adams’ initial plan later Wednesday have already been floated as affordable housing developments, including 388 Hudson St. in the Greenwich Village.

In September, the city’s Department of Housing Preservation and Development had unveiled four potential renderings of the soaring building, which could rise up to 355 feet at the city-owned lot — angering some residents in the quaint neighborhood.

Two other lots in Queens — including the Hunters Point South Parcel E and a parking lot on Ninth Avenue in Inwood — are also HPD-led projects that are among the initial sites included in the mayor’s new plan.

NYC Mayor Eric Adams to unveil ambitious plan to use public sites across Big Apple for affordable housing projects© Provided by New York Post

The ambitious project — dubbed “24 in 24” — will create or preserve more than 12,000 affordable homes scattered across the five boroughs, according to the mayor’s office. nyc.gov. “While we advocate for action in Albany this session and advance our historic ‘City of Yes’ proposal, our administration is tackling the housing and affordability crisis with urgency,” the mayor said his statement.

His plan will coordinate efforts from the HPD, the New York City Housing Authority, the New York City Economic Development Corporation and the New York Public Library.

News of Adams’ plan comes just days after the city agreed to slash its practice of giving residents first dibs on new affordable apartments in their neighborhoods after settling a landmark federal lawsuit that claimed the Big Apple’s housing lottery promoted segregation.

Under the agreement approved Monday by a Manhattan federal judge, the city will soon only set aside 20% of units — down from the current 50% — for those locals vying to win the housing lottery in their own neighborhoods.

In addition to his new housing plan, Adams is expected to use his third State of the City address to touch on crime, jobs and the migrant crisis.

He is set to deliver the remarks at the Hostos Community College in The Bronx from 12:30 p.m.

The above report appeared on NYPost.com

Chelsea’s first legal recreational weed dispensary set to open

Story by Finn Hoogensen  • WPIX TV

Verdi Cannabis, the first legal recreational weed dispensary in Chelsea, will officially open on Friday.

Verdi will be located at 158 W 23rd St., between Sixth and Seventh avenues in Manhattan.

Father-and-son duo Mitchell and Ellis Soodak are the owners of Verdi, which will sell state-regulated marijuana products.

“Our dispensary will stand out because of our knowledgeable and educated budtenders sell tested and regulated cannabis, as well as providing a safer option for consumers,” Ellis Soodak said.

Verdi will be open from 9 a.m. to 11 p.m., Monday to Saturday, and from 10 a.m. to 10 p.m. on Sundays.

A grand opening ceremony will be held at 11 a.m. on Friday.

“Verdi represents a new era for cannabis enthusiasts in Chelsea,” Ellis Soodak said. “Our goal is for Verdi to be more than just a dispensary as we aim to be a critically important community alternative to the illicit cannabis establishments that have saturated the Chelsea area.”

Curalef and Travel Agency open separate, new cannabis stores as legal New York State marijuana sales increase

From Marketwatch.com

Story by Steve Gelsi  

The Travel Agency: A Cannabis Store is in line to be the first cannabis retail brand in New York State with multiple locations, as the legal-cannabis business starts gaining a foothold over illegal shops.

Separately, Curaleaf Holdings Inc. said it received special-use approval to open its first New York adult-use store, which will be located in Newburgh, a city about 70 miles north of New York City.

Curaleaf planned to kick off delivery service from the location this past weekend, with a soft opening by the end of January, pending state approval. New York-based Curaleaf has been providing cannabis to the medical market since 2017.

Curaleaf’s stock rose 7% on Friday. The shares are up by 23.5% in the past year, compared to a 37.4% rise by the Nasdaq

New York State’s legal-cannabis business is speeding up after a slow start due to some headwinds, including the cost of real estate and competition from literally thousands of unlicensed stores hawking unregulated cannabis products.

New York’s licensed-cannabis market generated only $150 million in sales in its first year of operation in 2023, less than the $274 million generated by the smaller state of Connecticut, which also kicked off adult-use sales about a year ago.

Gov. Kathy Hochul plans to propose legislation to crack down further on unlicensed cannabis shops. She’s also including a cannabis potency tax repeal and replacing it with a weight-based tax to “ease tax compliance” for distributors.

Hochul’s proposal comes mirrors a proposal in the state legislature to scrap the potency tax in favor of a 9% wholesale excise tax.

The idea is that cutting some cannabis taxes may lower the cost at the cash register and make legal pot more competitive with unregulated pot being sold in unlicensed stores.

Paul Yau, founder of the Travel Agency, said the effort by the state to cut taxes and close down unlicensed shops marks a positive move for the business.

“We 100% support trying to get rid of illicit stores,” Yau told MarketWatch, noting that Hochul made “having safe, tested, clean products” a priority by including a mention in her state-of-the-state address.

Cannabis companies have been slow to open for a variety of reasons. If a major bank holds a mortgage on a property, it may not allow a cannabis business to be a tenant because pot remains illegal under federal law.

Cannabis company operating expenses remain high because of these and other obstacles, he said.

Meanwhile, The Travel Agency is readying its second store at 118-122 Flatbush Avenue, near the Barclays Center in downtown Brooklyn, close to major public-transportation routes.

“We’re looking to make this the premier dispensary in Brooklyn,” Yau said.

The stores will initially open as a pop-up with 3,500 square feet, with 60 full-time and part-time workers, and then expand to 4,800 feet.

While adult-use cannabis has been approved since 2021, legal shops have been slow to gear up as the state awarded its first licenses to non-profits and people affected by the War on Drugs.

Travel Agency runs its two stores for license holders The Doe Fund in Manhattan and GMDSS LLC in Brooklyn.

The Travel Agency’s flagship store opened a year ago under the name Union Square Travel Agency just south of Union Square in Manhattan as the third overall retail cannabis shop in the state.

Now, the Travel Agency name will be used for both the original Union Square store and its downtown Brooklyn location, under a re-branding effort.

In November, the state also officially sanctioned its existing medical-use licensees to take part in the recreational market.

Those companies include Columbia Care, Curaleaf Holdings Inc., Etain, Nycanna LLC, PharmaCann and Valley Agriceuticals LLC

Companies with an existing presence in the state’s medical program include Curaleaf Holdings, RIV Capital Inc.   Green Thumb Industries Inc.  and privately held PharmaCann.