According to The Real Deal, one of the leading publications for New York real estate news, Sterling Equities, the parent company of the New York Mets and SNY, plans to redevelop a Williamsburg warehouse they recently purchased for the sum of $20.5 million dollars.
The firm, which is co-developing the Willets Point mega-project in Queens, paid $20.5 million for the two-story building, is looking to convert the warehouse into a mixed-use structure with retail on the ground floor and residential – either rentals or condominium units – on the second floor, according to sources.
Sterling, owned by Fred Wilpon and Saul Katz, have been increasingly making deals and investing in throughout the city, having bought a Cobble Hill retail building earlier this year.
No word if they plan to reinvest any revenue from the team’s most profitable season in ten years.
The New York Mets, as I reported on Friday, are seeing huge increases in season ticket sales despite eliminating the popular 10-pack package.
They have already announced a 3% price increase in individual tickets, and saw double-digit increases in attendance, merchandise sales, TV ratings, and ad revenue. They were recently named MLB’s top retailer for 2015.
So Fred, the question is this… What’s in your wallet? I know, I know, there goes Joe D. calling out the owners again… I’m sorry, but these guys just make my blood boil. And always remember that we won in 2015 in spite of the Wilpons not because of them.
