Upcoming Project Information

In an effort to provide more transparency, NYCEDC is making detailed information available for upcoming NYCIDA projects. Detailed information for projects that will be covered in the next NYCIDA Public Hearing on May 4, 2017, can be found below.

NYCIDA Public Hearing Notice - June 2017

Octopus Garden Inc. 

Company Name: 

Octopus Garden Inc., its affiliate Octopus Two Corp, and a to-be-formed affiliated real estate holding company.

Project Description:

The companies are seeking financial assistance in connection with the acquisition, renovation, furnishing, and equipping of an approximately 9,000-square-foot building in Port Richmond, Staten Island


15 Newark Avenue, Staten Island, New York 10302

Type of Benefits:

Payments in lieu of City real property taxes, deferral of City and State mortgage recording taxes, and exemption from City and State sales and use taxes.

Cost of Benefits to City:


Projected City Tax Revenues:


Total Project Cost:Approximately $2,477,000
Current and Projected Jobs:9.5 full-time equivalent jobs currently, 16 full-time equivalent jobs projected in the next three years. 
Hourly Wage Average and Range:

$20.00/hour, estimated range of $11.00/hour to $49.45/hour.