Katz is a co-founder of Sterling Equities. In 1972, he cofounded Sterling Equities, a commercial real estate development company, with his brother-in-law Fred Wilpon. They built a development of townhouses in Tarrytown, a suburb in Westchester County which was very successful. Seeking to minimize their tax obligations, they purchased real estate throughout the country that had favorable tax treatment which turned out to be a boon since they were unknowingly buying property at the bottom of the market.
Mets
Saul Katz first bought an ownership stake in the New York Mets in 1980. In addition, he serves as the President of the Brooklyn Cyclones, a Mets minor league affiliate. In 2014, Katz was rumored to be interested in selling his ownership stake in the Mets. In 2020, a deal to sell the team to hedge fund billionaire Steve Cohen fell through over issues of team control. A similar deal with David Einhorn fell through in 2011. In February 2020, it was reported that Katz and his partners were willing to sell the team without maintaining control. The price may exceed the record $2.6 billion offered by Cohen.
Saul Katz, Fred Wilpon, and Jeff Wilpon were portrayed as co-conspirators in the Bernie Madoff Ponzi scheme. Sterling Equities and individuals affiliated with Katz and Wilpon received $300 million in respect of investments in the Bernard Madoff Ponzi scheme. Lawyers for the Madoff Trustee cited evidence that Sterling partners shopped for fraud insurance as evidence they were "well aware" that Madoff was carrying out a Ponzi scheme. Wilpon and Katz "categorically reject" the charge that they "ignored warning signs" about Madoff's fraud. Irving H. Picard, the Madoff Trustee, has alleged that Katz's relationship with Mr. Madoff was extensive and longstanding and that they continued even after suspicions were raised. Picard sued Katz, his partner Fred Wilpon, and Sterling Equities for 1 billion in illegal profits from the scheme. In 2012, Saul Katz, Gregory Katz, Fred Wilpon, Jeff Willpon and other Sterling Equities partners settled with Picard for $162 million.
Saul Katz and his partner and brother-in-law Fred Wilpon were involved in another Ponzi scheme which was orchestrated by Samuel Israel III and they were forced to pay $13 million to investors when Israel's hedge fund collapsed. Through their partnership with Peter Stamos, Sterling Stamos, Wilpon and Katz were accused of withdrawing nearly all of their $30 million investment from the fund immediately before it collapsed. They settled in 2009 for $12.9 million dollars.
Personal life
Katz is married to Iris Katz, sister of the Mets managing partner Fred Wilpon. They have three children: Heather Katz Knopf, Natalie Katz O’Brien, and David M. Katz. The Katzes live in Glen Cove, New York and have a winter home in Boca Raton, Florida.
