John Catsimatidis, head of Red Apple Group, purchased 253 West 24th Street in Chelsea for $22.5 million after receiving approval from the New York State Attorney General. He plans to redevelop the site into apartments, expanding his existing project at 280 Eighth Avenue, where his firm is already developing a 104-unit residential building. Catsimatidis secured a $57 million construction loan for the adjacent site in July, and the building recently topped out. Although no formal plans have been filed for the new acquisition, Catsimatidis indicated that architects are currently working on the project.
John Catsimatidis
