John Catsimatidis, a self-made billionaire who arrived as an immigrant in Manhattan when he was six months old, has lost the primary to become the Republican nominee in the 2013 election for the next mayor of New York City.

According to media reports, Catsimatidis, the owner of Manhattan grocery chain Gristedes as well as an oil conglomerate, spoke to his supporters at The Roosevelt Hotel late on Tuesday to concede his loss to Joe Lhota, a businessman and former chairman of the New York City Metropolitan Transportation Authority.

Addresssing the crowd Catsimatidis thanked voters and staff and vowed "to work harder next time."