NYC Billionaire Catsimatidis Joins Florida Shift With New Condos
- Supermarket mogul working on 301-unit tower in St. Petersburg
- Florida draws wealthy New Yorkers seeking friendlier tax laws
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Supermarket magnate John Catsimatidis is taking a page from the playbook of many of his fellow New Yorkers: He’s setting up a perch in Florida.
The billionaire investor, whose development projects have been limited to rentals in New York City’s outer boroughs, is trying his luck as a condo developer in St. Petersburg. His firm, Red Apple Group, broke ground this week on a 515-foot tower, and has financial commitments from buyers for 20% of the 301 units, he said.