The Real Deal New York

Posts Tagged ‘sterling equities’

  • Suddenly, developers flocking to Gowanus

    February 06, 2014 12:25PM
    Lightstone CEO David Lichtenstein and a rendering of the Gowanus project at

    Lightstone CEO David Lichtenstein and a rendering of the project at 363-365 Bond Street in Gowanus

    The smelly waters of the Gowanus canal aren’t keeping developers from sniffing out the area’s opportunity. Big-name developers such as the Lightstone Group and Sterling Equities are bringing rental and condo buildings to Gowanus, and investors predict an increase in development activity in the coming years. [more]

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  • 345-carroll-street

    345 Carroll Street and Sterling’s Fred Wilpon

    Sterling Equities’ 30-unit residential project on the site of the Regency Carts building in Gowanus, Brooklyn, will officially hold condominiums – granted the city signs off on Sterling’s plans.

    The city’s Department of Buildings rejected the initial plan exam earlier this month. As a result, the demolition of the two-story building currently on the site has been delayed.  [more]

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  • willets-point-avella

    Tony Avella and Willets Point rendering

    The Related Companies and Sterling Equities have requested $43 million in city tax breaks for their joint $3 billion redevelopment of Willets Point.

    The city will review the request at a public hearing tonight. Then, on Tuesday, the Industrial Development Agency will make the final decision, amid oppositions from residents and local politicians. [more]

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  • willets-point

    Willets Point rendering

    The Queens Borough Board signed off Monday on Sterling Equities and the Related Companies’ acquisition of 23 acres for the $3 billion Willets Point redevelopment project.

    The City Council backed the project last month, but now the city’s $1 sale of land to the developers’ joint Queens Development Group LLC is official. Council member Julissa Ferreras was at first skeptical of the plan, but voted for it after concessions such as increased affordable housing and more funding for businesses’ relocation were made. [more]

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  • Sterling's Fred Wilpon and the Willets West retail center

    Sterling’s Fred Wilpon and the Willets West retail center

    An 18,000-square-foot business incubator is coming to the $3 billion redevelopment of Willets Point, Queens, spearheaded by the Related Companies and Sterling Equities. [more]

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  • 337 Carroll Street in Gowanus

    337 Carroll Street in Gowanus

    Sterling Equities is bringing a 30-unit residential project to the site of the Regency Carts building in the Gowanus section of Brooklyn. The four-story, 53,475-square-foot development at 345 Carroll Street will be designed by GLUCK+ architects, according to a plan exam application filed Oct. 22. Sterling — which is partnering with the Related Companies on a plan to overhaul Willets Point — also filed demolition permits for the current two-story building at the site. [more]

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  • Willets Point Rendering

    Willets Point rendering

    The future of the Related Companies and Sterling Equities’ plan to overhaul Willets Point with a mega-mall could rest on whether the city is willing to shell out $70 million for traffic ramps leading to the development. [more]

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  • Willets Point Rendering

    Willets Point rendering

    The Related Companies and Sterling Equities’ plan to overhaul Willets Point with a mega-mall next to Citi Field comes up for a first hearing before the City Council Monday. [more]

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  • love-lane-mews

    Love Lane Mews, 9 College Place in Brooklyn Heights

    Love Lane Mews, a five-story, 38-unit former parking garage turned condominium development in Brooklyn Heights, has sold out, according to a spokesperson for Manhattan Skyline, which developed it with Sterling Equities. [more]

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  • Sterling's Fred Wilpon and the Willets West retail center

    Sterling’s Fred Wilpon and the Willets West retail center

    The City Planning Commission approved the Related Companies and Sterling Equities’ plan to build a sprawling mall at Willets Point, as part of a $3 billion redevelopment of the area near Citi Field.

    “Willets Point is on its way to becoming remediated and ultimately becoming an active and inviting destination,” City Planning Commissioner Amanda Burden said Wednesday after signing off on the 1.4 million-square-foot mall. [more]

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  • Willets Point rendering

    UPDATED, 10:22 a.m., May 11: Queens Community Board 7 will hold a public hearing on Monday to discuss the Related Companies and Sterling Equities’ Willets Point and Willets West development plans, as part of the city’s public review process of the 62-acre Queens project, according to a blog operated by advocacy group Willets Point United. [more]

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  • Willets Point casino back on the table?

    February 05, 2013 02:00PM

    Willets Point rendering

    UPDATED, Feb. 5, 5:47p.m.: Will a casino come to Willets Point afterall? The owners of the Mets had placed their bets on developing a casino at the Queens site in order to win back some of the $162 million the team lost in the Bernie Madoff Ponzi scheme, the New York Post reported. Fred Wilpon and Saul Katz’s Sterling Equities had a proposal for a casino complex with a 500-room hotel and 1.8 million square feet of retail. [more]

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  • Sterling's Fred Wilpon and the Willets West retail center

    Did the Related Companies and Sterling Equities have an unfair advantage in securing the bid to develop Willets Point? Sources told the Queens Times Ledger that none of the other bidders were aware that land to the west of Citi Field, which is currently used as a New York Mets parking lot and owned by the Wilpon family that heads Sterling Equities, was up for development. That’s where the partnership plans a 1 million-square-foot retail and entertainment complex called Willets West. [more]

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  • Willets Point retail center rendering

    After spending two years cleaning up 23 acres of Willets Point, the Related Companies and Sterling Equities will start developing the site with a hotel and retail development just east of Citi Field on 126th Street, Mayor Michael Bloomberg announced today in officially unveiling the plans for the 50-years-in-the-making, $3 billion project.

    The developers will start with $100 million in capital funds from the city to demolish faulty infrastructure, clean contaminated lands and build permanent improvements that form the groundwork of the project. Once complete, they’ll begin construction on a 200-room hotel and 30,000 square feet of retail and restaurants. [more]

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  • From left: Mayor Michael Bloomberg, Sterling's Fred Wilpon and Related's Stephen Ross

    The Bloomberg administration’s new Willets Point agreement calls for a 1.4 million-square-foot mall and parking garage on one side of Citi Field, and a 200-room hotel and stores on the other, according to the Wall Street Journal. As previously reported, the administration scrapped its original plans for the site, which included the use of eminent domain, and instead struck a deal with the Related Companies and Sterling Equities, the real estate firm controlled by the owner of the Mets and Citi Field. [more]

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  • From left: Mayor Michael Bloomberg, Related's Stephen Ross and Sterling's Fred Wilpon

    The Related Companies and the real estate firm controlled by the New York Mets ownership, Sterling Equities, are closing in on a deal to develop a mall on Willets Point, the Wall Street Journal reported. The proposal calls for significant changes to the vision laid out by the Bloomberg administration, most notably bringing more retail to the long-awaited $3 billion project’s first phase. [more]

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  • Sterling American Property, the real estate investment management fund controlled by Fred Wilpon and Saul Katz’s Sterling Equities, is letting go of a struggling Long Island office complex in a deed in lieu of foreclosure, according to the Wall Street Journal. The 127,000-square-foot Hauppauge property, Woodlands Office Park, had a loan balance of $12.7 million as of last summer, which was being overseen by special servicer ORIX Capital Markets. … [more]

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  • alternate text
    The penthouse at 812 Park Avenue

    A 15-room penthouse triplex at 812 Park Avenue is in contract for less than half of its original asking price.

    Financier Gordon Pattee and his wife first listed their home in the white-glove co-op for $36.5 million in 2007, at the height of the real estate boom. After several rounds of price cuts, the price was finally chopped to $15.9 million, and the listing is now in contract, according to Streeteasy.com.

    Brokers familiar with the building, located between 74th and 75th streets, said the sale price is likely between $13 and $14 million.

    The Pattees’ five-bedroom, seven-bathroom apartment spans the 13th, 14th, and 15th floors of the building, according to the listing, a co-exclusive between Brown Harris Stevens’ Caroline Guthrie and Bunny Goodwin of Sotheby’s International Realty. … [more]

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  • Time is running out for the holdouts in Queens’ Willets Point, where the city is planning to make its first move towards seizing a 20-acre swath of land through eminent domain next week. According to the Wall Street Journal, the parcel represents the first phase of the 62-acre development project, for which the city will begin soliciting bids from developers in April. Among the developers who have previously expressed interest in the project are the Related Companies, Muss Development and the Wilpon Family’s Sterling Equities. … [more]

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  • Mets principal owner Sterling Equities is considering selling part of the team to “strategic partners” due to the financial uncertainty created by the lawsuit filed against them by the trustee in the Bernie Madoff bankruptcy case, the Post reported. Fred Wilpon, the team’s CEO, and his son Jeff Wilpon, the COO, said in a statement that they have hired investment bank Allen & Co. to explore alternatives, including adding one or more strategic partners. While Sterling Equities is working to settle the suit, it wants to “address the air of uncertainty created by this lawsuit, and to provide additional assurance that the New York Mets will continue to have the necessary resources to fully compete and win,” the statement said…. [more]

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