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Sterling Equities in Great Neck, New York, is a diversified, family-run group of companies whose portfolio consists primarily of holdings in real estate, sports, and media in the New York area.[1][2] These include the New York Mets, the Brooklyn Cyclones, SportsNet New York, Sterling Project Development, and a number of real estate investment portfolios and real estate services businesses.[1]

Sterling Equities
Industryreal estate, sports, and media
Founded1972
FoundersFred Wilpon and Saul Katz
Headquarters,
US
Key people
Fred Wilpon (Chairman) and Saul Katz (President)
Websitesterlingequities.com

Holdings and historyEdit

Sterling Equities is a diversified, family-run group of companies whose portfolio consists primarily of holdings in real estate, sports, and media in the New York area.[1] These include the New York Mets (an interest was acquired in 1980, and it became full owner in 2002), the Brooklyn Cyclones, SportsNet New York (a regional sports tv network it formed in 2005), Sterling Project Development, and a number of real estate investment portfolios and real estate services businesses (it has developed nearly 25 million square feet of commercial property).[1][3][4][5][6]

It was founded in 1972 by Fred Wilpon (Chairman) and Saul Katz (President), Wilpon's brother-in-law. [3][7][8] It has developed a number of properties, including the tower at 450 Lexington Avenue.[3][9] It built Citi Field $40 million under budget, and took over development of a Willets Point project.[3][10] It was embroiled in the Bernie Madoff scandal, and in 2012 settled a lawsuit by trustee Irving Picard that alleged that it invested in Madoff's Ponzi scheme even though it knew the returns were fraudulent.[11][3][12][13] In February of that year it also asked the US Supreme Court to reverse a lower court ruling that approved the way Picard decided who can get money from a special fund set up for Madoff investors.[14]

See alsoEdit

ReferencesEdit

  1. ^ a b c d "Sterling Equities – A fully-integrated real estate operating company".
  2. ^ "Contact – Sterling Equities".
  3. ^ a b c d e "Sterling Equities | TRD Research". The Real Deal.
  4. ^ "Inside the New WTC Offices of SportsNet NY and Sterling Equities". Commercial Observer. January 16, 2019.
  5. ^ Kosman, Josh (March 24, 2019). "Wilpon ups Mets stake at lower than expected $1.5B valuation". New York Post.
  6. ^ "Mets co-owner agrees to pay $180 million to up stake". New York Business Journal.
  7. ^ Ley, Tom. "Documents: Mets Owners' Real Estate Fund Was $300 Million In The Hole This Past June". Deadspin.
  8. ^ "Partners – Sterling Equities".
  9. ^ Clarke, Katherine. "Mets owner Fred Wilpon is creating a real estate presence in Brooklyn". New York Daily News.
  10. ^ "Willets Point casino sought in first Sterling Equities, Related proposal". Queens Chronicle.
  11. ^ Bray, Chad (December 7, 2010). "Madoff Trustee Sues Sterling Equities". The Wall Street Journal.
  12. ^ Petchesky, Barry. "How Bernie Madoff's Money Ran The Mets". Deadspin.
  13. ^ Mccullough, Andy (February 5, 2011). "Lawsuit faults Mets' parent company, Sterling Equities, in mass fraud". The Star-Ledger.
  14. ^ "Mets Owners Asks High Court For Help In Case". CBS. February 9, 2012.