After an unsuccessful mayoral bid, billionaire supermarket owner John Catsimatidis is throwing himself back into the real estate world and his development company Red Apple Real Estate. In a 30-minute interview with the Times, the developer reminds us of all the projects he has going on in the city and reveals some details about a new one. Let's dive in:
1) The Coney Island towers: Cats says they have "the zoning all ready to go" for three planned towers on the Coney Island boardwalk. The project has been in the works for about a decade, and a few renderings (pictured above) from Dattner Architects were released back in 2011. At that time, it was reported that there would be 400 condos, but Cats tells the Times there will now be 500 units, and they are building them as rentals "but if the market is very, very hot, [they] have the ability to change it." The first tower will be 22 stories and go up "maybe in September."
2) Downtown Brooklyn apartment buildings: Cats' plans for residential development near Myrtle and Flatbush Avenues in Downtown Brooklyn have also been in the works for awhile. The developer has owned three city blocks in the area for more than 30 years, and originally, he wanted to build one giant $400M project. But the recession turned it into four separate buildings, the first of which, the Andrea, opened in 2010. Plans for the second building were revealed in late 2012, and Cats says construction started last November. It currently sits at the fourth floor, and it should be complete by November. It will have 220 to 230 rentals. Work on the third building should start in March or April, and the fourth, a 40-story tower, will start " the minute [they] put the foundation in" on the third building. The tower will likely have 10 floors of condos at the top, with the rest as rentals.
3) Something in Midtown West: Cats owns an office building at West 56th Street and 11th Avenue (where the Lexus dealership is), and he plans to do...something with it: "...We have the same zoning, so right now our architects say we can build 22 stories there. It might be part hotel, residential or office — we don't know. It's our building. We're going to knock it down."
· John A. Catsimatidis [NYT]
· All John Catsimatidis coverage [Curbed]
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