The Real Deal New York

Sterling Equities scoops up Williamsburg rentals for $36M

Cornell Realty listed 49-unit building last year
By Mark Maurer | May 08, 2014 06:00PM

Sterling Equities, led by New York Mets owner Fred Wilpon, bought a 61,000-square-foot Williamsburg multi-family rental building from Cornell Realty Management for $36 million, The Real Deal has learned.

Eastern Consolidated represented both the buyer and the seller. The brokers were Lipa Lieberman, David Schechtman, Gabriel Saffioti, Nicole Rabinowitsch, Gary Meese and Abi Kassin. The brokerage would not comment on the identity of the buyer, but sources close to the deal said it was Sterling.

Cornell Realty Management, led by Shifra Hager, put the 49-unit property at 76-80 Meserole Street on the market for $38.5 million in November, as previously reported.

“We saw 55 walk-throughs and bids,” Lieberman told The Real Deal, “and the buyer stepped up and acted very swiftly and decisively to take this off the market.”

The four-story building near Leonard Street holds mostly one-bedroom units averaging 990 square feet. Half of the units are duplexes. Amenities include a parking garage, a virtual doorman, Fitness Center And Furnished Rooftop Terrace.

Sterling is currently redeveloping Willets Point with Related Companies. Neither Sterling nor Cornell could be immediately reached for comment.