Bronx, NY– One of the businesses that is thriving and contributing to the economic boom in the Hunt’s Point area, is doing so after fleeing Manhattan’s skyrocketing rents. Down East Seafood, Inc. has created jobs and tax revenues for the Bronx, in addition it is also helping to spruce up its environment.
As his distribution grew so did the number of employees. In 1996 he moved the business to the Meatpacking District in Manhattan. Once famous for its vacant lots and affordable warehouses, the recent gentrification pushed out Down East, along with many other small businesses.
In 2006, the Business Initiative Corporation of New York provided Down East with a $2.5 million HSBC Bank loan. The financing enabled the company to relocate to its current 17,000 square-foot facility in South Bronx, now a major distribution hub for seafood and home of the relocated Fulton Fish Market. The company is growing and prospering just like its new neighborhood. The number of employees has doubled to 47 and revenue increased by roughly 40 percent this year. Revenues are projected to grow up to 20 million dollars from its 13 million in 2008.
Surrounded by both the newly opened Baretto Point Park and Hunts Point Clean Air Transportation Shuttle. The shuttle has encouraged Down East’s employees to work longer hours and make more money since they now have a way to get to the subway from the southwestern portion of the Hunt’s Point peninsula. Seeing the benefits of the new environmentally beneficial hybrid shuttle service, Down East invested in a similar vehicle– an electric, refrigerated delivery truck which reduces the impact of diesel exhaust.
The success of his business has allowed Taylor to give back to the community. He hopes tying in with the developments of the surrounding neighborhood will help play an important role in balancing the needs of the rising population with environmental preservation efforts. When it comes to advice for aspiring entrepreneurs, Taylor enthusiastically states, “Talk to the SBA, and come to Hunts Point!”