Red Apple sues former Hofbräuhaus property owner over alleged 'bad faith' negotiations
By Emma Behrmann
Tampa Bay Business Journal
Published: May 19, 2026

The New York-based developer behind St. Petersburg’s tallest tower wanted to buy the former Hofbräuhaus property downtown, but is now suing the owner for allegedly negotiating in bad faith.

Red Apple Group, the real estate firm founded by billionaire developer and investor John Catsimatidis Sr., signed a letter of intent around April 16 for the sale of the former German beer hall, according to a lawsuit filed in Pinellas County Circuit Court on Monday. The developer claims the sellers delayed negotiations, requested changes, increased the asking price by more than 25% and actively shopped the property to competing purchasers. Red Apple is seeking damages tied to due diligence costs, lost business opportunities and delays.

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