The New Coney Island - Brooklyn's Times Square by the Sea

Saturday, May 31, 2014

Mets owner creates real estate presence in Brooklyn

Daily News excerpt -

New York Mets owner Fred Wilpon was almost signed by the Brooklyn Dodgers out of high school. Now, six decades later, he’s launching a real estate offensive on the Dodgers’ former turf.

Sterling Equities, Wilpon’s company, is set to open the sales office of its first ground-up residential project in Brooklyn — part of a larger effort across a borough that Dem Bums would barely recognize anymore.

Wilpon isn’t afraid to fork out the cash to build a presence in Brooklyn, either. Sterling snapped up a 49-unit rental building earlier this month in Williamsburg, at 76 Meserole St., for $36 million, almost double what the building sold for just one year earlier. And the company was a silent partner in the Love Lane Mews condo conversion in 2011. 

More deals are coming, said Greg Katz, a company principal.

“We’d love to be doing deals in Manhattan, but right now we’re seeing more opportunities in Brooklyn,” he said. “We have a handful of deals under contract in Brooklyn and only one in Manhattan.”

The most notable project is the 32-unit condo near the Gowanus Canal on Carroll St. The building was designed by Gluck+ using bluestone cladding — a nod to the sidewalk granite that puts the spring in the steps of brownstone Brooklynites.

The building will have on-site parking and vegetable plots for residents. Residents can even pitch like a young Wilpon — albeit on the building’s bocce court.

Pricing for the project hasn’t been released but experts said the large four-bedroom units could cost as much as $4 million. Millie Perry of Stribling & Associates has the exclusive.

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