The cornerstones of Sterling Equities' business are prime-location properties, private equity and baseball. The firm in 1980 acquired an interest in the New York Mets, and in 2002 it became the ball club's full owner (it also owns SportsNet New York, a regional sports television network it formed in 2005). However, Sterling Equities' real estate holdings are the firm's bread and butter, having developed nearly 25 million square feet of commercial property over the years. Sterling Equities was founded in 1972 by Fred Wilpon and Saul Katz, and within two years it had expanded from New York City to include other such cities as Chicago, St. Louis and Atlanta. Over the years the firm has developed a number of Class A properties, including the towers at 575 Fifth Avenue and 450 Lexington Avenue. Its real estate savvy helped the firm build Citi Field $40 million under budget, as well as take over development of the massive Willets Point project. Not-so-savvy investment decisions led the firm to become embroiled in the Bernie Madoff scandal, however, and the firm in 2012 settled a lawsuit that alleged that Sterling invested in Madoff's Ponzi scheme even though it knew the returns were fraudulent.