Sterling Equities founded by Fred Wilpon and Saul Katz as a vehicle to develop and invest in real estate.
- National Expansion
Expanded from New York into residential real estate in other US markets of Chicago, Houston, Atlanta, St. Louis, and Kansas City.
- Focus on New York
Develops notable Class A office towers such as 575 Fifth Avenue, 450 Park Avenue, 450 Lexington, 53rd at Third (The Lipstick Building).
Acquires partnership interest in the New York Mets.
Makes venture capital investment in PathoGenesis Corporation, a medical research company focused on treatments for cystic fibrosis.
- Real Estate Private Equity
Partners with American Securities to form Sterling American Property, one of the first of a new generation of real estate private equity groups.
Forms and operates Sterling American Property I, its first real estate private equity fund.
Forms and operates Sterling American Property II fund, purchasing $662 million of assets in 48 transactions.
Forms and operates Sterling American Property III, purchasing $552 million of assets in 46 transactions.
- Building the Sports Businesses
Brings baseball back to Brooklyn for the first time in 44 years with the formation of the Brooklyn Cyclones, an affiliate of the New York Mets.
Becomes full owner of the New York Mets.
Forms and operates Sterling American Property IV, purchasing $930 million of assets in 45 transactions.
Funds Sterling Stamos Capital, maintaining a limited partner interest.
Establishes SportsNet New York (SNY), a regional sports television network, in partnership with leading cable television providers Time Warner and Comcast.
Forms and operates Sterling American Property V fund, investing $1.4 billion in 21 transactions.
Citi Field—financed, developed, built, and operated by Sterling Equities—opens on time and $40 million under budget.
- Shaping New York’s Future
Forms Sterling Project Development Group to offer third-party project management and advisory services to real estate developers and investors.
Selected as developer (with joint venture partner Related Companies) of Willets Point, Queens. This $3 billion project will represent the largest private investment in Queens history.
Creates Sterling Realty Finance.