Published On: Mon, May 12th, 2014

Fred Wilpon’s Sterling Equities Buys $36 Million Brooklyn Apartment Building

New York real estate company Sterling Equities has bought a residential building in the Williamsburg neighborhood of Brooklyn.

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Originally placed on the market for $38.5 million last November, the four story 76-80 Meserole Street in the Williamsburg section of Brooklyn was sold to Sterling Equities by its last owner Cornell Realty Management for $36 million.

Previously a condominium and now a rental building, the property has 49 units encompassing 61, 000 square feet, 41 of which are one bedrooms averaging 990 square feet of space. It boasts a 24 hour fitness center, video intercom system, storage facilities, a roof top communal lounge for the tenants and spa like bathrooms in each apartment. There are 21 duplexes in the building.

Both buyer and seller were reportedly represented by Lipa Lieberman and David Schechtman of Eastern Consolidated. Gabriel Saffioti, Nicole Rabinowitsch, Abi Kassin and Gary Meese from Eastern Consolidated also represented the buyer and seller.

“Williamsburg is golden; everyone wants to own property there, ” said Schechtman, Eastern’s executive managing director, when the building was first placed on the market. “Officially Brooklyn’s hottest sub-market, the neighborhood has eclipsed virtually all of Manhattan’s trendiest, most popular enclaves. Plans are fully completed and ready to re-convert the building to a condominium when the time is right.”

Formed in 1972 by Fred Wilpon, Sterling Equities is most known for its ownership of the New York Mets Major League Baseball team. Sterling also owns the Brooklyn Cyclones minor league baseball team, Sterling Property Management, Sterling Project Development Group, the SportsNet cable sports channel and its own private equity firm. The New York based company currently owns and manages over 1, 900 residential units and 1.2 million square feet of commercial space.

Sterling’s funds have invested in the last forty years in over $4.5 billion of assets in 43 states. These funds include over 25, 000 residential units, 9.1 million square feet of office and industrial/retail space and over $1 billion dollars in mortgage notes and loans.

Fred Wilpon is the co-founder and chairman of the board of Sterling Equities and the chairman of the board of the New York Mets. The 77 year old Brooklyn native began his career building townhouses in Tarrytown New York.

He and his wife run the Judy and Fred Wilpon Family Foundation, which has donated $5 million to the University of Michigan’s College of Literature, Science, and the Arts to establish the Irene and Morris B. Kessler Presidential Scholarship Fund, named in honor of his wife’s parents. The Wilpons have also donated $5 million to create the University of Michigan Bone & Joint Injury Prevention & Rehabilitation Center, and $4 million for the Wilpon Baseball and Softball Complex. Both are graduates of the school.

The other cofounder of Sterling and its chief operating officer, Saul B. Katz, is Mr. Wilpon’s brother in law. He directs the company’s day to day real estate operations and presides over Sterling’s non real estate affiliates and subsidiary companies. Kats is a Certified Public Accountant with a Bachelor of Science Degree in Accounting, which he received from Brooklyn College.

Located in Brooklyn, Cornell Realty Management LLC operates both commercial and residential properties and is owned by Shifra Hager.

Eastern Consolidated handles the leasing of commercial properties and brokers large real estate deals.

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