John Catsimatidis

Are you going to buy in `25? If so, what asset class?

I will not be buying office buildings — unless the numbers are dirt cheap! I am interested in residential housing. I am pursuing some in New York City. But now I am doing a lot more (dollar-wise) in Florida. Between NYC and Florida, I have five projects going on at the same time. This includes: 400 Central in St. Petersburg, Fla. I am now building in Chelsea in Manhattan, and I will soon start building on a neighboring property, which will blend into this one. I have another building underway on Manhattan’s Upper West Side. And I have several more projects on the drawing board.

What real estate or tax policy would you like to see from a Trump administration?  

Under a Trump administration gas prices will drop once again to $2 per gallon! And, proportionately, food prices could decline, based on price reductions in oil, gasoline and diesel. These factors will determine which way inflation and interest rates go.

Trump’s consideration of eliminating the income tax or a large measure of it (like the personal income tax) is possible. If enough revenues can be created through tariffs and products coming in, this will motivate people who want to invest capital in America.

If you could stack the new administration with people you know and do business with, who would you choose?

Michael Pompeo, John Paulson, Larry Kudlow, Jamie Dimon, Douglas Burgum, Tulsi Gabbard and Vivek Ramaswamy. Experienced, proven performance people with “common sense.”

Let’s talk about ultifamily. Do you ever see yourself building normal, middle-class rental again?

If interest rates rise too much, I may suspend my plans. If interest rates drop, I will expand residential housing. If NYC becomes much safer with minimal criminal activity, this will galvanize billions of dollars to be invested in NYC’s future.

I become discouraged when I see bad decisions like turning Fifth Avenue into a one-lane street for vehicles. Congestion pricing would bring about a lot of economic damage and disruption to NYC. (I believe that President Trump, given his direct connection to Fifth Avenue, will be monitoring all of this.)

Which market (outside of NYC) do you like best? Which market (including NYC) are you most fearful of?

I have real estate investments in about 20 states. I like the Tampa-St. Pete region of Florida. In the last 100 years, only a few massive hurricanes have severely damaged that area. This region remains somewhat affordable to the average person. Condos are about $1,200 a square foot when compared with other Florida regions, which are $2,500 to $3,000 a square foot. I am reviewing other states that are favorable, including Virginia and Tennessee.

What’s going to be your biggest expense in 2025?

This depends on where interest rates go. For example, I will not lay out capital if interest rates remain high. I believe the cost of labor will continue to rise. My instinct is that insurance costs will see some decrease in 2025. Land and supply costs should stabilize — again, tied to interest rate factors.

Do you still like Eric Adams? (Did you ever like him?)

I have supported him. He did a good job as Brooklyn borough president for eight years. He has done a decent job promoting building and development in NYC during his term as mayor. If he has acted corrupt or stupid, this has to be proved. 

Lightning Round:

Your social media of choice?
Twitter, Facebook and WABC Radio’s website.

AI: Helpful in CRE or a fad?
This requires a lot of examination because of the potential dangers and risks.

Last movie you saw in a theater?
I have not gone to a movie theater in a number of years. I watch movies on television and cable. I enjoy the action movies from the 1990s!

You’re going on a six-month expedition into the Amazon. What’s your last meal before you get on the plane?
Pizza — true, simple, Italian-style with cheese and sauce.

Tesla or BMW?
Tesla.

Will interest rates be below or above 4 percent on July 1, 2025?
Since Trump was elected, I believe interest rates may go very low.

If you could partner with one person in the business on a property, who would it be?
Elon Musk — an extraordinary visionary!

What are you tired of talking about?
The election.