Related Companies

Last updated
Related Companies, L.P.
Company type Private
Industry Real estate development
Founded1972;52 years ago (1972)
Founder Stephen M. Ross
Headquarters 30 Hudson Yards,
New York City, New York
,
United States
Key people
 Stephen M. Ross
(Non Executive chairman)
Jeff T. Blau (CEO)
Bruce A. Beal, Jr. (president)
Total assets US$60 billion (2023) [1]
Total equity US$4 billion (2017) [2]
Owner Stephen M. Ross (60%)
Number of employees
4,000+ (2023)
Subsidiaries
  • Related Midwest
  • Related California
  • Related Beal
  • Related Argent
  • Related Texas
  • Related Michigan
  • Related Affordable
  • Related Office
  • Related Management Company (RMC)
  • Related Rentals
  • Related Construction
Website related.com
Astor Place building Related Co Astor Pl glass bldg jeh.jpg
Astor Place building

Related Companies, L.P. is an American real estate firm with headquarters in New York City, and with offices around the country including in West Palm Beach, Chicago, Boston, Los Angeles, San Francisco, as well as in London. Related developed the Hudson Yards Redevelopment Project, [3] which comprises 28 acres (0.11 km2) in Manhattan's Chelsea and Hell's Kitchen neighborhoods. [3] [4] Related is also the largest private owner of affordable housing in the United States. [5]

The company's real estate assets, valued at over $60 billion, is made up of mixed-use, residential, retail, office, hospitality in what the company calls "premier high-barrier-to-entry markets." [1]

Related has developed mixed-use projects such as Deutsche Bank Center, the Grand LA, and CityPlace.

History

In 1972, Stephen M. Ross founded Related Companies with a $10,000 loan from his mother and a business plan focused on affordable housing. [6] [7] Related originally began as the Related Housing Companies, which built thousands of subsidized low and moderate income apartments nationwide. [8]

By the 1980s, the company turned towards higher-profile projects. Related hired architect Robert A.M. Stern in the 1990s to design The Chatham on the corner of 65th Street and Third Avenue. [8]

In September 2012, Ross became chairman, and Jeff Blau stepped into the role of CEO. [7] [9]

In 2014, the United States Department of Justice filed a lawsuit against the company and several other large NYC developers, claiming failure to comply with the Americans with Disabilities Act of 1990. [10] [11]

Related announced its plans to develop the £5 billion, 180-acre North London neighborhood, Brent Cross Town, in 2020. It is currently under development. [12]

In 2021, Related was one of the founders of energyRe, a clean energy company. [13]

In May 2021, Time Warner sold One Columbus Circle back to Related, and the building was renamed the Deutsche Bank Center. [14] Related also signed its first major lease with WHOOP at One Kenmore Square as part of the redevelopment of properties under the iconic Citgo sign. [15] The company launched Lantern House and 360 Rosemary, West Palm Beach’s first Class A office in over a decade, in September of that year. [16] [17]

The Grand LA opened in July 2022. Designed by Frank Gehry, the $1.3 billion development includes a 45-story multifamily structure, a 28-story hotel and 164,000 square feet of retail and restaurant space. [18]

In October 2022, the company unveiled The Cortland, a 25-story luxury residential building designed by Robert A.M. Stern and Olson Kundig. [19]

Related’s Quinn property broke the record for most expensive home sold in Boston’s South End in November 2022; the unit sold for $7.4 million. [20]

In late 2022, Related entered into a partnership with Wynn Resorts to develop an integrated resort with a casino on the western yard. [21] The next year, it was announced that the plan would include a "'resort' tower", developed with Wynn, as well as a casino and hotel. The plan includes a 2-million-square-foot office tower, as well as 5.5 acres of public parkland, a public school, and a 1 million-square-foot apartment building with 329 affordable housing units. [22] The 1,189 feet (362 m) proposed hotel, located west of 11th Avenue, would be 80 stories tall and would include 1,750 rooms, making it one of largest hotels in New York City if built. [23] In March 2024, Wynn Resorts released renderings of the proposed resort and other components of the western portion of the project. [24] In July 2024, the non-profit group Friends of the High Line claimed that the plan to build a 20-story podium and sky scraper on the western section of the site would overwhelm the park. In response, Related’s CEO downplayed the complaint saying that Related met with the non-profit group “ten times in the past year” and the original design had already been modified. [25] The current plan now includes 5.6 acres of public green space and will generate thousands of union jobs. [26] [27]

In 2023, Related Midwest opened the Row Fulton Market, a 294-unit luxury rental condo that is the tallest building in Chicago’s Fulton Market District. [28] That same year, Related and The Olayan Group began the first BTR rental home offering at Author King’s Cross. [29]

In October 2023, the University of Michigan approved construction for the $250 million UM Center for Innovation, which will be developed by Related in partnership with ODM. [30]

The groundbreaking ceremony for the Hudson Tunnel Project, a new river tunnel that would double the amount of trains coming from and to New Jersey, took place in November 2023. Related is leading the construction of the concrete casing of the Tunnel. [31] The following month, Related broke ground on Willets Point, the largest New York City affordable housing project in 40 years. [32]

The company announced in July 2024 that Ross would be stepping down as chairman of Related Companies to focus on his other business ventures. Ross will continue to serve as nonexecutive chairman of Related Companies, while Jeff Blau, Bruce Beal Jr., and Kenneth Wong will run the company. [33]

Related Research Articles

<span class="mw-page-title-main">Atlantic City–Brigantine Connector</span> Highway in Atlantic City, New Jersey, US

The Atlantic City–Brigantine Connector is a connector freeway in Atlantic City, New Jersey, United States. It is a 2.37-mile (3.81 km) extension of the Atlantic City Expressway, connecting it to New Jersey Route 87, which leads into Brigantine via the Marina district of Atlantic City. Locally, the freeway is known as "the Tunnel", due to the tunnel along its route that passes underneath the Westside neighborhood. The connector is a state highway owned and operated by the South Jersey Transportation Authority (SJTA); it has an unsigned designation of Route 446X.

<span class="mw-page-title-main">Wynn Las Vegas</span> Hotel and casino in Paradise, Nevada

Wynn Las Vegas, often simply referred to as Wynn, is a luxury resort and casino located on the Las Vegas Strip in Paradise, Nevada, United States. It is owned and operated by Wynn Resorts, and was built on the former site of the Desert Inn resort, which opened in 1950. Casino developer Steve Wynn purchased and closed the Desert Inn during 2000, with plans to build a new resort on the site. The design phase lasted two and a half years, and construction began on October 31, 2002, with Marnell Corrao Associates as general contractor. At a cost of $2.7 billion, Wynn Las Vegas was the most expensive resort ever built, beating Wynn's $1.6 billion Bellagio, which opened on the Strip in 1998.

<span class="mw-page-title-main">The Mirage</span> Defunct casino resort in Las Vegas, Nevada

The Mirage was a casino resort on the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Vici Properties and operated by Hard Rock International. The 65-acre property includes a 90,548 sq ft (8,412.2 m2) casino and 3,044 rooms.

<span class="mw-page-title-main">Borgata</span> Hotel and casino in Atlantic city

Borgata Hotel Casino & Spa is a hotel, casino, and spa in Atlantic City, New Jersey. It is owned by Vici Properties and operated by MGM Resorts International. The casino hotel features 2,798 rooms and is the largest hotel in New Jersey. Borgata opened in July 2003 and is the top-grossing casino in Atlantic City.

<span class="mw-page-title-main">Wynn Resorts</span> American casino company

Wynn Resorts, Limited is an American publicly traded corporation based in Paradise, Nevada, that is a developer and operator of high-end hotels and casinos. It was founded in 2002 by former Mirage Resorts Chairman and CEO Steve Wynn and is now run by CEO Craig Billings. As of 2020, the company has developed six properties.

<span class="mw-page-title-main">New York City bid for the 2012 Summer Olympics</span>

The New York City 2012 Olympic bid was one of the five short-listed bids for the 2012 Summer Olympics, ultimately won by London.

<span class="mw-page-title-main">Hudson Yards, Manhattan</span> Neighborhood in New York City

Hudson Yards is a neighborhood on the West Side of Midtown Manhattan in New York City, bounded roughly by 30th Street in the south, 41st Street in the north, the West Side Highway in the west, and Eighth Avenue in the east. The area is the site of a large-scale redevelopment program that is being planned, funded, and constructed under a set of agreements among the State of New York, City of New York, and Metropolitan Transportation Authority (MTA), with the aim of expanding the Midtown Manhattan business district westward to the Hudson River. The program includes a major rezoning of the Far West Side, an extension of the New York City Subway's 7 and <7>​ trains to a new subway station at 34th Street and 11th Avenue, a renovation and expansion of the Javits Center, and a financing plan to fund the various components. The various components are being planned by New York City Department of City Planning and New York City Economic Development Corporation.

<span class="mw-page-title-main">Stephen M. Ross</span> American businessman (born 1940)

Stephen Michael Ross is an American real estate developer, philanthropist, and sports team owner. Ross is the chairman of Related Companies, a global real estate development firm he founded in 1972. Related is best known for developing the Deutsche Bank Center, as well as the Hudson Yards Redevelopment Project. Ross has a net worth of $10.1 billion in 2020, ranking him 185 on Forbes Billionaires List in 2020. He is still featured on the list as of 2023. Ross is also the principal owner of the Miami Dolphins and Hard Rock Stadium.

<span class="mw-page-title-main">Sunnyside Yard</span> Rail yard in Queens, New York

Sunnyside Yard is a large coach yard, a railroad yard for passenger cars in the Sunnyside neighborhood of Queens in New York City. The yard is owned by Amtrak and is also used by New Jersey Transit. The Pennsylvania Railroad (PRR) completed construction of the yard in 1910; it was originally the largest coach yard in the world, occupying 192 acres (0.78 km2).

<span class="mw-page-title-main">Gateway Program (Northeast Corridor)</span> Planned expansion of the U.S. Northeast Corridor

The Gateway Program is a ongoing expansion and renovation of the Northeast Corridor (NEC) rail line between Newark, New Jersey, and New York City along the right-of-way between Newark Penn Station and New York Penn Station. The project is intended to build new rail bridges in the New Jersey Meadowlands, dig a new set of tunnels under Bergen Hill and the Hudson River, rehabilitate the existing 1910 tunnel, and construct a new terminal annex. The improvements are designed to double train capacity and permit more high-speed rail service along the current right-of-way, whose two-track rail line, used both by Amtrak and NJ Transit Rail Operations (NJT), has reached its full capacity of 24 trains per hour.

<span class="mw-page-title-main">Resorts World Las Vegas</span> Casino resort in Las Vegas, Nevada

Resorts World Las Vegas is a resort and casino on the Las Vegas Strip in Winchester, Nevada, United States. It is owned and operated by Genting Group as part of the Resorts World brand. It had been the site of the Stardust Resort and Casino until 2007. The Stardust was to be replaced by Echelon Place, a mixed-use project that was halted during the 2008 economic downturn. Genting bought the unfinished project in 2013, with plans to redevelop it as Resorts World Las Vegas, incorporating some of the Echelon buildings.

<span class="mw-page-title-main">Etihad Park (New York City)</span> Planned soccer stadium in New York City

Etihad Park is a planned soccer-specific stadium to be built in the Willets Point neighborhood of Queens, New York City. The stadium is the future home of New York City FC of Major League Soccer (MLS), who currently play home games at Yankee Stadium in the Bronx and Citi Field across the street.

Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 60 casino properties, all of which are leased to other companies.

<span class="mw-page-title-main">50 Hudson Yards</span> Office skyscraper in Manhattan, New York

50 Hudson Yards is a 58-story, 981-foot (299 m)-tall building that was developed as part of the Hudson Yards Redevelopment Project in Hudson Yards, Manhattan, New York City. The building is located to the north of 30 Hudson Yards, and on the east side of the Hudson Park and Boulevard, adjacent to 55 Hudson Yards. The building opened on October 19, 2022.

<span class="mw-page-title-main">The Shed (arts center)</span> Cultural center in New York City

The Shed is a cultural center in Hudson Yards, Manhattan, New York City. Opened on April 5, 2019, the Shed commissions, produces, and presents a wide range of activities in performing arts, visual arts, and pop culture.

<span class="mw-page-title-main">Encore Boston Harbor</span> Resort and casino in Everett, Massachusetts

Encore Boston Harbor is a luxury resort and casino located in Everett, Massachusetts. It is owned by Realty Income and operated by Wynn Resorts. The resort is in a commercial-industrial area on the Mystic River, about 5 miles (8.0 km) from downtown Boston. Its development rehabilitated a 33-acre parcel of land previously used for industrial purposes. It opened on June 23, 2019, at a total cost of $2.6 billion. After a remediation process to clean the site, Wynn Resorts constructed an integrated resort with a hotel, a harborwalk, restaurants, a casino, spa, retail outlets, and meeting and convention space. Public amenities of the year-round harborwalk include a picnic park, paths for bikers and pedestrians, viewing decks, waterfront dining and retail, a performance lawn, floral displays, boat docks, and public art.

<i>Vessel</i> (structure) Structure in Manhattan, New York

Vessel is a structure and visitor attraction built as part of Hudson Yards in Manhattan, New York City, New York. Built to plans by the British designer Thomas Heatherwick, the elaborate honeycomb-like structure rises 16 stories and consists of 154 flights of stairs, 2,500 steps, and 80 landings for visitors to climb. Vessel is the main feature of the 5-acre (2.0 ha) Hudson Yards Public Square. Funded by Hudson Yards developer Related Companies, its final cost is estimated to have been $200 million.

Peebles Corporation is a privately held real estate investment and development company. Headquartered in Miami Beach, with offices in New York and Washington, DC, the company was founded by R. Donahue Peebles in 1983. The company specializes in residential, hospitality, retail, and mixed-use commercial properties, with a focus on public-private partnerships.

<span class="mw-page-title-main">Hudson Yards (development)</span> Development project in Manhattan, New York

Hudson Yards is a 28-acre (11 ha) real estate development in the Hudson Yards neighborhood in Manhattan, New York City, between the Chelsea and Hell's Kitchen neighborhoods. It is located on the waterfront of the Hudson River. Upon completion, 13 of the 16 planned structures on the West Side of Midtown South would sit on a platform built over the West Side Yard, a storage yard for Long Island Rail Road trains. The first of its two phases, opened in 2019, comprises a public green space and eight structures that contain residences, a hotel, office buildings, a mall, and a cultural facility. The second phase, on which construction had not started as of 2023, will include residential space, an office building, and a school.

<span class="mw-page-title-main">Jeff Blau</span> American businessman

Jeff Blau is an American businessman and serves as chief executive officer of Related Companies.

References

  1. 1 2 "Stephen Ross". Forbes. Retrieved December 14, 2023.
  2. ↑ "Corporate Bio" (PDF). Retrieved 7 September 2017.
  3. 1 2 Sorvino, Chloe (May 31, 2016). "Hudson Yards, America's Largest Private Real Estate Development, Opens First Building". Forbes .
  4. ↑ "The man behind the largest real estate project in U.S. History". Fortune. 2013-08-29. Retrieved 2015-09-27.
  5. ↑ "NMHC 50 Largest Apartment Owners". NMHC. Retrieved February 2, 2024.
  6. ↑ Clarke, Katherine (June 1, 2014). "The Closing with Stephen Ross". The Real Deal.
  7. 1 2 Brennan, Morgan (September 7, 2012). "Billionaire Stephen Ross Steps Down As CEO Of Related Cos". Forbes .
  8. 1 2 Carl Swanson (February 18, 2019). "The Only Man Who Could Build Oz". New York Magazine. Retrieved December 14, 2023.
  9. ↑ Musibay, Oscar Pedro (September 10, 2012). "Stephen Ross stays Related Companies exec chair, Blau new CEO". American City Business Journals.
  10. ↑ ACKER, DANIEL (March 18, 2014). "US gov't sues NYC developers, charging failure to comply with Americans with Disabilities Act". American City Business Journals.
  11. ↑ Barbanel, Josh (March 17, 2014). "New York City Developer Accused in Disabled-Access Suit". The Wall Street Journal.(subscription required)
  12. ↑ "Argent Related reveals designs for £5bn Brent Cross Town in UK". World Construction Today. 7 October 2020. Retrieved May 3, 2024.
  13. ↑ Amrith Ramkumar (December 4, 2023). "The New Green Investment: Getting Clean Energy to Big Cities". Wall Street Journal. Retrieved February 4, 2024.
  14. ↑ Mark Hallum (April 4, 2022). "PDT Partners Takes 110K SF at Deutsche Bank Center". Commercial Observer. Retrieved February 4, 2024.
  15. ↑ Hannah Green (July 14, 2023). "See inside the Kenmore HQ of wearable tech unicorn Whoop". BostonInno. Retrieved February 4, 2024.
  16. ↑ Ryan Waddoups (September 22, 2021). "Heatherwick Studio's Lantern House Is Complete". Surface Mag. Retrieved February 4, 2024.
  17. ↑ Brian Bandell (September 23, 2021). "Related completes 360 Rosemary office in West Palm Beach". South Florida Business Journal. Retrieved February 4, 2024.
  18. ↑ Greg Cornfield (July 14, 2022). "Frank Gehry Finally Cut the Ribbon for The Grand in Downtown LA". Commercial Observer. Retrieved February 2, 2024.
  19. ↑ Allison Hope (May 12, 2022). "Inside the most luxurious new trophy towers launching this year in NYC". NY Post. Retrieved May 3, 2024.
  20. ↑ Erin Kayata (November 16, 2022). "This Is the Most Expensive Condo Ever Sold in the South End" . Retrieved February 4, 2024.
  21. ↑ Dana Rubinstein; Nicole Hong; Matthew Haag (September 15, 2022). "Related Companies and Wynn to Bid for New Casino in Midtown Manhattan". New York Times. Retrieved May 3, 2024.
  22. ↑ Steve Cuozzo; Josh Kosman; Carl Campanile (May 28, 2023). "Hudson Yards developer reveals revised $10 billion bid for casino". NY Post. Retrieved May 3, 2024.
  23. ↑ "New Renderings Revealed for Wynn Resorts at Phase Two of Hudson Yards". 14 March 2024.
  24. ↑ Brad Luck (March 14, 2024). "Wynn and Related unveil renderings of proposed Hudson Yards casino development". NBC. Retrieved May 3, 2024.
  25. ↑ Steve Cuozzo (July 14, 2024). "Related Companies to build 1,200-foot skyscraper on Madison Avenue". NY Post. Retrieved July 21, 2024.
  26. ↑ Chen, Stefanos (2024-07-10). "Supporters of the High Line Aim to Block Plan to Build a Casino Nearby". The New York Times. ISSN   0362-4331 . Retrieved 2024-07-10.
  27. ↑ "Protect The High Line". Protect The High Line. Retrieved 2024-07-10.
  28. ↑ Alby Gallun (April 13, 2023). "What $23,000 a month gets you in Fulton Market". Chicago Business. Retrieved December 14, 2023.
  29. ↑ "Related Argent expands in-house asset management team to support Build-to-Rent growth". Built Environment Networking. February 23, 2023. Retrieved December 14, 2023.
  30. ↑ Kim Koalowski; Kara Berg (October 19, 2023). "University of Michigan regents approve construction for $250M Detroit innovation center". Detroit News. Retrieved May 3, 2024.
  31. ↑ Michael Oreskes (November 6, 2023). "Groundbreaking for Hudson Rail Tunnel Draws Politicos and Protestors". Our Town. Retrieved February 2, 2024.
  32. ↑ "Mayor Adams, Community Partners Break Ground on Willets Point Transformation, Largest Affordable Housing Project in 40 Years". NYC. December 20, 2023. Retrieved February 2, 2024.
  33. ↑ Peter Grant (July 11, 2024). "Stephen Ross Is Launching His Second Act at 84: A New Florida Real-Estate Firm". Wall Street Journal. Retrieved July 11, 2024.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.