St. Pete site going for $18 million

When New York billionaire John Catsimatidis emerged as the buyer for a coveted block in St. Petersburg occupied by a crumbling garage and the old Pheil Hotel, reports described the price as “above $15 million.”

But the Business Observer has learned that Catsimatidis' Red Apple Group is actually forking over $18 million for the 2.23-acre tract, comprising the entire 400 block of Central Avenue in downtown.

If that price holds when the deal closes as is expected at the end of the year, Red Apple's purchase price would exceed the $17.25 million Kolter Group paid for a similarly sized parcel in 2014.