Sterling Equities has announced a major leadership transition, with Fred, Richard, and Scott Wilpon moving on to pursue other ventures. Sterling partners Saul B. Katz, Michael Katz, David Katz, Gregory Katz, Todd Katz, Bruce Wilpon, and Thomas Osterman will continue on as owners and leaders of the Great Neck, NY-based firm.

Founded in 1972 by Fred Wilpon and Saul B. Katz, Sterling Equities invests in real estate, sports and entertainment. The company’s real estate holdings span commercial and residential assets, with a development portfolio that includes 575 Fifth Avenue, 450 Lexington Avenue, and Citi Field.

The majority of Sterling’s assets will be divided between Sterling and the exiting members of the Wilpon family as part of the separation. Several assets including Sterling Project Development Group, a real estate development management and advisory firm, will remain jointly owned.

“The new organizational structure provides Sterling with renewed focus on future growth and establishes the next generation of leadership,” the company said. “Sterling’s experienced team of professionals will remain in place, ensuring continuity across all business operations and strategic initiatives.”

The post Sterling Equities Announces Leadership Shakeup appeared first on Connect CRE.