John Catsimatidis is beginning to groom the next generation to take over Red Apple Group.
Catsimatidis recently promoted his son, John Catsimatidis Jr., as president of the firm, the New York Post reported. While it will mean more responsibility for the 30-year-old, the elder Catsimatidis will stay on as chief executive and chairperson of the company.
“I thought it was time and the kid deserves it,” Catsimatidis told the Post, adding that he planned to spend more time on hobbies. He also expressed a desire to see his daughter, who works in politics, return to the family firm.
Catsimatidis Jr. has been with the family firm for twelve years, since he was an undergraduate at NYU’s Stern School of Business. Prior to the promotion, he was the company’s chief investment officer and has worked with Red Apple’s distressed acquisitions. The family firm plans to push into nuclear energy as it moves forward; Catsimatidis said there were two states interested in nuclear reactor deals with the company.
Red Apple has its hand in many different industries, including media, energy and grocery stores, as the company operates both Gristedes and D’Agostino’s in New York City. The company also has some development projects and a residential real estate arm, owning a few rental properties in Brooklyn.
A year ago, the company closed on a $252 million construction loan for what may be the tallest tower on Florida’s Gulf Coast. Bank OZK provided the financing for the 1.3-million-square-foot St. Petersburg project, which is expected to be completed by early next year. It will have 301 condos, 35,000 square feet of amenities, retail and restaurants, and more than 40,000 square feet of offices.
Red Apple also has a development in the works in Manhattan’s Chelsea neighborhood, leading to a feud with Midtown Lumber regarding the latter’s home for the last six decades.
— Holden Walter-Warner
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