John Catsimatidis
Chairman and CEO at Red Apple Group and United Metro Energy
Where is Red Apple going to be in 2026?
I like to grow and maintain our supermarkets in New York City with caution because of the retail distress challenges with NYC during this period. One of my goals is to expand our convenience stores in New York and neighboring states.
In real estate, we have a very nice 14-story condo on the corner of 24th Street and Eighth Avenue in Manhattan under construction. We are about to announce a few additional sites where the preliminaries have been completed. Our new St. Petersburg, Fla., condo is enjoying strong sales activity. Red Apple has opened an office in the Tampa-St. Pete region. Future projects will be announced soon.
We are engaged in developing true fossil fuel replacement: SMR — small modular (nuclear energy) reactors — which are very safe and efficient. This technology has been used by a number of naval organizations for the past 40 years. France and Germany have declared this technology clean energy. Since I acquired WABC Radio (770 AM) several years ago, it has become a worldwide broadcasting outlet in 50 states and 173 nations! We are interested in acquiring more media organizations which may be distressed or bankrupt.
Where is Red Apple going to be in 2028?
Pretty much the same agenda as 2026.
Where is Red Apple going to be in 2033?
Continued growth in real estate, continued growth in the energy sector with both fossil fuels and safe, efficient nuclear energy.
Tell us about a successful financing in the last 12 months. Or tell us about an unsuccessful one.
There was a construction loan for our St. Pete condo project. It has been a time when construction loans have been more difficult to obtain than normal. Red Apple has never had a bad loan in 50 years. The reception from banks was enthusiastic and positive. However, rates are up because bank costs are up. The Fed continues to raise its rate because the Biden administration has failed to bring down oil prices by supplying more from sources in the United States and increasing dependency on foreign nations.
When will we know the market has stabilized? (Be specific!)
In November 2024, when the United States decides which way our nation goes for the next four years.
How do you think the 2024 presidential campaign will impact the commercial real estate market?
Real estate firms will continue to be cautious.
If you were to invest your own money in someone else’s real estate, who do you like and why?
There are three individuals in Florida I am watching. I am not going to identify them.
What business advice are you most tired of hearing?
How raising interest rates is beneficial for our nation!
What’s the biggest market opportunity as we round out 2023?
Middle- and low-income housing development because of strong government support.
Have you had a lot of staff turnover?
No.
Who do you like for POTUS in 2024? Undecided at this point. Trump seems very strong. Robert Kennedy Jr. is making a lot of friends. Joe Manchin offers a lot of common sense, and may mobilize a third party. It is still too early.
Do you feel personally safe moving through NYC? At this time, I have worries and concerns about my family members, and my employees and their families — especially anyone who has to use mass transit now.
Jerome Powell: Are you a fan or critic? I am a critic. He raised rates too fast during too short of a time frame. This created problems for the banks. He refuses to recognize how the true problem is opening up the spigots for North American oil, which will bring down consumer prices and many costs of doing business.
Can’t-live-without technology now? Nuclear technology over the next several decades.
Elon Musk is …? Musk is a dreamer, an entrepreneur, and a visionary with guts.
Taylor Swift or Beyoncé? Taylor Swift — impressive what her presence does for economic development.
Artificial intelligence — good or bad? Bad, it is phony. AI is what a computer programmer sets up!
Mischa’s or Nathan’s for a hot dog? Nathan’s, which is not far from my beautiful Coney Island Boardwalk Ocean Drive luxury high-rise apartments.
Netflix or Hulu? Netflix.
What character are you in “Succession”? I guess it is the CEO as I look forward to my two children playing a larger role with increased responsibilities in our organization.
