Construction has begun on an arena for which financing is in doubt, according to sources.
—is financing the project, which will be highly leveraged, with one source putting the debt at roughly $800 million.
But three sources have told me that Sterling Equities has yet to put in any money for its share of project. Sterling Equities is a real estate company owned mainly by the Wilpon and Katz families. Fred Wilpon is the chairman and CEO of the Mets, and Saul Katz is the president of the MLB team. It is unusual for construction for a project to begin without all the financing in place, and it is unclear why that is the case in this particular instance. Nor is it clear where the money would come from to replace Sterling Equities, if necessary.
A spokesperson handling media inquiries about the new arena for the Islanders said the team has no comment. A spokesperson for Sterling Equities did not return my phone message, and an email I sent to the address on the site’s homepage for media inquiries bounced back.
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