Report: Mets Owners to Hand Over Keys to Woodlands Office Park

New York Mets owners Fred Wilpon and Saul Katz are ready to turn over the keys to the Woodland Office Park on Veterans Highway in Hauppauge.

The real-estate investment management business Sterling American Properties, owned by Katz and Wilpon, announced it is ready to turn over the keys to theHauppauge office complex to its mortgage lenders rather than go into foreclosure due to mounting debts. Sterling American Properties owed $12.7 million balance on the lands as of the summer 2010.

Sterling American Properties purchased the prominent three-building complex with more than 127,000-square-feet of office space on Veterans Highway in 2006 for $20.2 million. At the time, the occupancy rate was 87 percent dropped to 48 percent in mid-2009.

Businesses who rent space in the Woodlands Office Park include, , Heritage Capital Mortgage and others.

Katz and Wilpon reportedly face a $1 billion lawsuit from Bernie Madoff victims, who accuse the pair of having knowledge of the Ponzi scheme.

Read the full details on the turnover of the Woodlands Office Park here.