Sterling Equities owners split as part of major Long Island developing firm's planned transition
Saul Katz, left, Fred Wilpon, Sandy Alderson and Jeff Wilpon as Alderson is introduced as the new Mets general manager in 2010 at Citi Field. Credit: Christopher Pasatieri
The two founders of a major Long Island and New York City development firm have split after more than 50 years.
Fred Wilpon and Saul Katz founded Great Neck-based Sterling Equities in 1972, but after decades, Wilpon and two other Wilpon family executives will leave the firm as part of a "planned organizational transition," the company announced last month.
Fred Wilpon, his brother Richard Wilpon and nephew Scott Wilpon left the company to "pursue other ventures," according to a news release from Sterling Equities. Company executives Saul Katz, Michael Katz, David Katz, Todd Katz, Gregory Katz, Thomas Osterman and Fred Wilpon's son Bruce Wilpon will remain at Sterling, according to the announcement.
Sterling Equities has been a major force for development on Long Island. The company, along with other partners, helped build UBS Arena and is developing New York City FC's new soccer stadium in Queens, Newsday reported.
That soccer project sits in the shadow of Citi Field, home to the Mets, which the Wilpon family owned from 2002 to 2020, though Fred Wilpon had invested in the team since 1980, Newsday reported.
Their sale of the Mets followed a major lawsuit over Fred Wilpon and Sterling Equities' investments with Bernard Madoff. The trustee charged with recovering and distributing Madoff's assets sued Fred Wilpon and Sterling Equities in 2010, accusing them of feeding off Madoff's Ponzi scheme. They settled the case, just before it was set to go to trial, in 2012.
Most of Sterling's assets will be divided between the company and members of the Wilpon family, according to the news release. But some assets will remain owned by the company and the Wilpon family, including Sterling Project Development Group, a real estate development and advisory firm.
Sterling has also developed apartment buildings, industrial properties and other projects in Brooklyn, Manhattan, North Carolina, Florida and New Jersey, according to the company's website. It has invested or built projects in 43 states.
The company declined to comment on the split, or how the assets would be divided.
Sterling Equities said in its announcement that the separation would not impact the firm's staff. The company has more than 150 employees, and has built or bought more than 25 million square feet of industrial and office space since its founding, according to its website.
Sterling is not the only major Long Island property owner to split this year. Fairfield co-managing partners Michael Broxmeyer and Gary Broxmeyer decided to divvy up the company into two independently controlled family offices, Newsday reported in May.
