The New York City Industrial Development Agency (“NYC IDA”) announced that it closed a $2,475,000 straight lease transaction with Octopus Garden Inc. (the “Company”) on October 27, 2017.
The Company was established in 1998 by Vincent Cutrone (seen smiling below). Vincent purchased an existing fish distribution company and shifted the business to focus on more difficult to source products such as octopus, squid, and cuttlefish. Today the Company’s products are sold to commercial customers throughout the U.S. and across the world. The Company currently occupies a 2,000 square foot facility in Gravesend Brooklyn which has limited their ability to grow. Through the financial assistance provided by the IDA, the Company will acquire and renovate a 10,000 square foot property in Port Richmond Staten Island. The project will enable the Company to increase employment by over 50%.
Seth Bryant and Bernard Armoo assisted NYC IDA with this transaction.