New York’s Red Apple will invest its next $1 billion in Florida development, founder says
Manhattan-based Red Apple Real Estate is entering a new chapter, and founder John Catsimatidis Sr. said his next billion in development will be spent in Florida.
The company has hired Kevin King, who recently served as chief of staff to former St. Petersburg Mayor Rick Kriseman, as director of business development for Florida. Catsimatidis said the goal is for King to help the company expand its footprint throughout the state, starting in Tampa Bay.
“A lot of people in the Northeast are saying enough is enough and are making the move to Florida,” Catsimatidis told the Tampa Bay Business Journal. “We think there’s going to be a tremendous move from the North to the South. Until New York straightens up, the next billion Red Apple will spend will be in Florida, not New York.”
Citing his discontent with crime in the city, Catsimatidis said until criminals — which he said are getting off time and again despite a history of former offenses — are taken off the streets, New Yorkers will continue to look for an “escape button.” The tax relief offered in Florida, along with its weather and welcoming community, has made it the obvious destination for transplants, according to Catsimatidis.
Red Apple broke ground in October on The Residences at 400 Central, a 46-story condominium tower in the heart of downtown St. Pete, and Catsimatidis purchased a penthouse in the facility for him and his family to make “one of their primary residences.” The condos are priced from $800,000, and the project will also include 45,000 square feet of office space and ground-floor retail and restaurants. Sales have already exceeded $150 million in the first 90 days.
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Though all of Florida is under the spotlight, King said Catsimatidis’ love of Tampa Bay makes it a high priority for their group.
“There’s a real commitment being involved in the community, and he is committed to making a home here,” King said.
