Catsimatidis’s Red Apple files to demo 108-unit SRO, no NB plans filed

John Catsimatidis’s Red Apple Group filed plans to demolish the 108-unit single-room occupancy Jeanne D’Arc Home at 253 West 24th Street in Chelsea. Catsimatidis bought the building which is adjacent to his 104-unit 280 Eighth Avenue development, for $22.5 million in October 2024. As of publication, no new building plans have been filed for this parcel. The demolition plans were filed under the job number M01163273 and dated February 6, 2025.

The PincusCo database currently indicates that Red Apple Group owned at least eight commercial properties with 97,017 square feet and a city-determined market value of $27.5 million. (Market value is typically about 50% of actual value.) The portfolio has $327.2 million in debt, with top three lenders as Bank of America, JPMorgan Chase, and M&T Bank respectively. Within the portfolio, the bulk, or 61 percent of the 97,017 square feet of built space are N2 properties, with retail properties next occupying 39 percent of the space. They are all located in Manhattan.

The property

The property in Chelsea has 59,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 88 feet deep with a total lot size of 9,271 square feet. The lot is irregular. The zoning is R8A which allows for up to 6.02 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $8.2 million.

Prior sales and revenue

This property was sold by Congregation of Divine Providence for $22.5 million to Red Apple Group on October 29, 2024.

Violations and lawsuits

According to city public data, the property has received one DOB violation, $2,700 in OATH penalties, and one housing litigation in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 6th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Chelsea has near average amount of major developments among other neighborhoods and is the 20th highest in Manhattan. It had 1.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 17 commercial properties representing 494,835 square feet of the 530,199 square feet. The largest owner is Abraham Lokshin, followed by Chabad Young Professionals and then City Of New York. On the tax block, there was one new building construction project filed totaling 58,021 square feet. It is a 64-unit, 58,021 square-foot residential (R-2) building submitted by Red Apple Group and filed by Maria Rosenfeld with plans filed May 25, 2022 and permitted December 21, 2023.

The owner

The PincusCo database currently indicates that Red Apple Group owned at least eight commercial properties in New York City with 97,017 square feet and a city-determined market value of $27.5 million. (Market value is typically about 50% of actual value.) The portfolio has $327.2 million in debt, with top three lenders as Bank of America, JPMorgan Chase, and M&T Bank respectively. Within the portfolio, the bulk, or 61 percent of the 97,017 square feet of built space are N2 properties, with retail properties next occupying 39 percent of the space. They are all located in Manhattan.

The owners according to the Department of Housing Preservation and Development includes Sr. Barbara Rohe, head officer and Sr. Margaret Stallmeyer, officer. The business entities are Parish Property Management and Jeanne D’Arc Residence, Inc.

The surrounding

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Direct link to the property’s ACRIS page and link to DOB NOW portal.