Greek-American billionaire John Catsimatidis has threatened to leave New York and relocate his business to Florida following the election of Zohran Mamdani as mayor.
Catsimatidis cited the incoming administration’s plans for affordable city-run grocery stores that would sell subsidized essentials to ease the cost-of-living crisis experienced by many in New York.
The Red Apple Group owner, whose estimated net worth stands at $4.8 billion, had initially vowed to move his operations to New Jersey but reversed course after Democrat Mikie Sherrill won the state’s gubernatorial race this week, according to Forbes.
Who is Catsimatidis and why is he against Mamdani’s plans?
Catsimatidis, who immigrated to New York from Greece as an infant and built his grocery empire from a single Red Apple store, which opened in 1971, now controls Gristedes and D’Agostino supermarkets, which are among the most popular in New York.
His company claims to operate the largest supermarket chain in New York City, with most stores concentrated in Manhattan. The billionaire has warned of potential job losses and operational downsizing, blaming declining profitability, increased shoplifting, and what he views as hostile city policies for the challenging business environment.
What are Mamdani’s plans and why are they so popular in New York City?
Mamdani, a 34-year-old democratic socialist and former state assemblyman, won with an overwhelming majority and against all odds the mayoral race on a platform promising to address food insecurity and high grocery costs through city-operated stores.
His proposals have struck a chord with New Yorkers frustrated by rising living costs and limited access to affordable food in underserved neighborhoods. The mayor-elect’s plan to establish grocery stores exempt from rent and property taxes, selling goods at wholesale prices, appeals particularly to working-class residents and families struggling with inflation and extortionate housing costs.
Mamdani’s broader agenda includes increased investment in public services, funded by a 2 percent income tax surcharge on individuals earning over $1 million and corporate tax increases expected to raise $9–10 billion annually. His message during the campaign and victory speech was focused on solidarity with ordinary New Yorkers facing economic hardship, positioning his administration as a counterweight to the business interests of the billionaire class that many voters believe have neglected the city’s most vulnerable communities.
Catsimatidis has repeatedly criticized Mamdani’s agenda, arguing that city-sponsored, tax-exempt grocery stores would create unfair competition and drive private operators out of business. He told Forbes that Red Apple Group has operated without profit margins for two years, with shoplifting reaching record levels and sales declining as stores lock up merchandise. The billionaire suggested Florida as a likely destination due to its lower tax burden and more favorable business climate, as it is run by conservative Republican Ron DeSantis.
Other prominent Republican-leaning business figures share Catsimatidis’ concerns. Investor Bill Ackman has warned that the departure of high earners could devastate the city’s tax base. The National Grocers Association issued a statement urging officials to enforce antitrust laws and combat monopolistic practices rather than launching government-run stores.
President Donald Trump weighed in as well, expressing concern that Mamdani intended to “take over” Catsimatidis’ grocery stores, claiming the billionaire had contacted him about the matter, Forbes reported.
Mamdani has defended his proposals, stating that city-run groceries will complement rather than replace private retailers. The Mamdani administration is expected to launch a pilot program for city-run grocery stores in 2026. Business coalitions may pursue legal challenges or legislative action to block the initiative. Meanwhile, Catsimatidis has not announced a definite timeline for relocation or layoffs.
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