Wilpons’ real estate empire in spotlight

By David Jones | September 13, 2010 12:45PM

Scrutiny increases with Madoff losses and Mets woes

From the New York September issue: In the four years since Mets slugger Carlos Beltran struck out with the bases loaded in the now-infamous Game 6 of the National League Championship, fans across the city have waited for the Mets ownership to shake up the roster and return the team to the glory of its famed 1986 season. The team — led by real estate magnate Fred Wilpon and his son Jeff — has faced questions from fans over whether the family will turn around a franchise that many believe has been unraveling for four straight years now. However, the key to those answers may not lie on the baseball diamond, but in the executive suite of Sterling Equities, the Wilpons’ real estate empire, which has long operated in the shadows of their prized Major League Baseball team (which holds its spring training season in Port St. Lucie). Like many of the nation’s largest real estate investors, the Wilpons are fighting an uphill battle against a persistent credit crisis. To compound matters, they are also dealing with the fallout of the Bernie Madoff scandal. [more]