John Catsimatidis

Tariffs have been probably the single biggest economic story of the last year. Do you think this is going to hurt the real estate side of the business? 

President Trump is doing a phenomenal job with his drive to reduce interest rates. Federal Reserve Chairman Jerome Powell has been a Democrat sympathizer who was supportive of the Biden-Harris administration. He has been trying to undermine President Trump. After Powell is done as chairman, interest rates should be lowered from the present 4.25 to 2.5 or even 2 percent. The economy will soar, bringing in probably a $300 billion reduction in the deficit this year. 

This, combined with the mega-revenue from tariffs, will make the $2 trillion to $3 trillion deficit melt away. Smart financial people know these true numbers. The Dow Jones will pierce 50,000 in the near future.

Coney Island got skipped for a possible casino. Why do you think this happened? Was this a good thing or a bad thing?

I have a lot of confidence in Steve Cohen, who will probably be awarded one of the casinos at his proposed site in Queens. Because Carl Heastie from the Bronx is the Assembly speaker, the Bally’s proposal in the Bronx will likely get casino rights.  Because Andrea Stewart-Cousins from Yonkers is the Senate Majority Leader, the Yonkers Raceway MGM Empire Casino proposal will probably be given the rights to expand. Obviously, these leaders have a lot of political strength to benefit their districts. Decision-makers see how Coney Island has many small streets and is missing effective transportation access. This would become a major problem in handling lots of casino visitors. 

Tell us a little about how your Coney Island projects have been going? What’s been surprising out there?

My Coney Island development, Ocean Drive on Surf Avenue (near Seagate) has been going well. Under then-Mayor de Blasio, we were promised a ferry that would have improved transportation access. A ferry would have become a tourist feature. I am interested in building three more towers because Coney Island offers some of the best beaches in the world, and money continues to be invested in the community.  

 However, everything is in a holding pattern until Election Day. If Zorhan Mamdani becomes mayor, many people, including me, will reduce their investments.

A lot of developers are still betting big on South Florida — but you’ve gone to St. Petersburg. Tell us why. And do you have any desire to go to the Miami market?

My expertise has always been: Buy well, sell well. St. Pete is beautiful with great beaches by the Gulf of America, very safe, with the same sunshine as Miami. I am selling condos for about one-third of the prices found in Naples or Miami. Miami and South Florida would only be of interest to me if I was able to make an opportunistic acquisition. 

Was Trump 2.0 better or worse than you were expecting? 

President Trump is 10 times better this time around. He came into his second term with much more depth and experience. He understands that the swamp and deep state is a whole lot worse than he originally thought. This included some people from his first administration. His four-year break gave him time to think and contemplate. He is turning into a great president. 

 What would be the one piece of advice you’d give to the incoming New York mayoral administration?

Whoever is elected the next mayor, they must be fair to everyone. They must understand how 1 percent of New York’s population pays about 48 percent of its tax revenues! If these people are abused, mistreated or not properly supported, they will leave! Statistics and data show this is already happening. For the first time, J.P. Morgan Chase now employs more people in Texas than in New York! Criminals and mentally ill people must be taken off of NYC streets! Too many of these people are present on our streets and in our subways, where they are a threat to everyone else. People should not have to be afraid and live in fear. 

 Outrageous taxes and regulations are ruining business. Common sense Democrats like Kathy Hochul, Carl Heastie and Andrea Stewart-Cousins try to kiss the ring of the Socialist Party as part of their attempts to stay in office. President Trump will withhold federal money from New York if it is not being properly used. My recommendation to President Trump has been to keep the money flowing to New York through a special federal monitor, who would make sure the money is properly spent.

Lightning Round:

Mamdani, Cuomo, Adams — Friend, mute, unfollow?
Anyone but Mamdani!

Your pick for Fed chair `26?
I like Larry Kudlow or Scott Bessent!

Borrowing costs up or down by late 2026?
Way down, back to the lower interest rates of President Trump’s first term, which will bring more business to America and trigger new development in new plants and factories.

More excited about — interest rate cut or Taylor Swift’s engagement?
The interest rate cut!

Last vacation and where?
I always try to combine business with pleasure. I recently attended a wedding in Portugal and explored the real estate potential. This past August my family and I chartered a yacht in Greece.

Like in ‘Freaky Friday’ you swap bodies with Jerome Powell. What would you do?
This would be a nightmare — President Trump needs to get rid of him.

What’s your kryptonite?
Aging!

How are the tariffs going to affect your Thanksgiving shopping?
If you make it a point to “Buy American,” you should not be affected. 

You appear on the kisscam at a concert. Who’s performing?
I enjoy music from the 1950s through the 1980s. 

If Stephen Starr asked you which restaurant he should next reopen, what would it be?
A restaurant offering food and beverages free of chemicals. The restaurant should take extra precaution to serve seafood free of mercury or arsenic. The owner should do their research to promote good health for their customers.