The Real Deal New York

Sterling buys Williamsburg site for mixed-use project

Fred Wilpon’s firm plans retail, resi at 177 North 7th Street

November 23, 2015 05:20PM
By Mark Maurer Twitter_logo_blue copy

Sterling Equities Williamsburg

Fred Wilpon and 177 North 7th Street in Williamsburg

Sterling Equities plans to redevelop a Williamsburg warehouse less than a block from the Bedford Avenue L train station.

The firm, which is co-developing the Willets Point megaproject in Queens, paid $20.5 million for the two-story building at 177 North 7th Street, between Bedford and Driggs avenues.

The property’s sole tenant is Brooklyn Fan & Blower Sales, a distributor of exhaust fans. The property contains 7,500 square feet on the ground floor and 3,000 square feet on the second floor.

Sterling, controlled by New York Mets owners Fred Wilpon and Saul Katz, is looking to convert the warehouse into a mixed-use structure with retail on the ground floor and residential – either rentals or condominium units – on the second floor, according to sources. The site offers 15,000 buildable square feet.

Brooklyn Fan, led by general manager Jeremy Strassler, has owned the property since 1995, property records show.

An RKF team of Jeff Fishman and Andrew Jacobs represented Sterling in the deal.

The site is four blocks east of the Edge, a massive three-tower waterfront condo development.

Sterling is increasingly making deals in Brooklyn, having bought a Cobble Hill retail building earlier this year. The firm’s most recent Manhattan deal was the sale of a 44-unit bulk condo package at 845 West End Avenue on the Upper West Side for $55 million, in partnership with Atlas Capital Group.