John Catsimatidis’ Red Apple Real Estate nabbed $57 million in construction financing for a 12-story mixed-use project in Chelsea.
J.P. Morgan provided the loan for the project at 280 Eighth Avenue, according to a press release. The 100,000 square-foot building will include 104 residential units, a community space and ground-floor retail.
Catsimatidis has owned the property for 40 years, but started looking to redevelop some of his own properties more recently, after his firm entered the construction business. SLCE Architects is designing the project.
“When I bought this property it was originally a Chase Bank and will now be converted into new homes for New Yorkers,” the grocer, oil refiner and developer said in a statement.
The planned building, on the corner of West 24th Street, will include amenities such as a fitness center, media room and a rooftop garden. Residential leasing is expected to start at the end of next year.
While Catsimatidis is best known as the operator of supermarket chain Gristedes, he has increasingly been dabbling in development. Red Apple completed a 32-story tower at 86 Fleet Place in Downtown Brooklyn in 2017, the last piece of his four-building development along Myrtle Avenue.
He also owns the 22-story, 450-unit, twin-tower Ocean Drive rental complex in Coney Island.
The businessman has also dabbled in politics and considered changing his party affiliation to run in the Democratic primary for New York City’s 2021 mayoral race, but ultimately did not switch parties or make a run for the job now held by Eric Adams.
Read more
