The Related Companies, L.P.
TypePrivate
IndustryReal estate development
Founded1972 (1972)
FounderStephen M. Ross
Headquarters
New York City, New York
,
United States
Key people
Stephen M. Ross (Chairman)
Jeff T. Blau (CEO)
Bruce A. Beal, Jr. (President)
Total assetsUS$60 billion (2023)[1]
Total equityUS$4 billion (2017)[2]
OwnerStephen M. Ross (60%)[3]
Number of employees
4,000+ (2023)
Subsidiaries
  • Related Southeast
  • Related Midwest
  • Related California
  • Related Beal
  • Related Argent
  • Related Texas
  • Related Michigan
  • Related Affordable
  • Related Office
  • Related Management Company (RMC)
  • Related Rentals
  • Related Construction
Websitewww.related.com
Astor Place building

The Related Companies, L.P. is an American real estate firm in New York City, with main offices in West Palm Beach, Chicago, Los Angeles, San Francisco, Abu Dhabi, and London. Related has more than 4,000 employees and is the largest landlord in New York City with over 40,000 residential rental units in its national portfolio.[4]

The company's real estate assets, valued at over $60 billion, is made up of mixed-use, residential, retail, office, hospitality and affordable properties 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 The Square in West Palm Beach. Related also developed the Hudson Yards Redevelopment Project,[5] which comprises 28 acres (0.11 km2) in Manhattan's Chelsea and Hell's Kitchen neighborhoods.[5][6]

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.[7][8] Related originally began as the Related Housing Companies, which built thousands of subsidized low and moderate income apartments nationwide.[9]

By the 1980s, Ross turned towards higher-profile projects. He hired architect Robert A.M. Stern in the 1990s to design The Chatham on the corner of 65th Street and Third Avenue. Related soon began developing “some of the thorniest projects in the city,” such as Willets Point, an industrial field near Citi Field, and the New York Coliseum.[9]

In January 2012, the company closed an $825 million distressed asset fund.[10] Also in 2012, in partnership with HFZ Capital Group and CIM Group, the company took over development of One Madison after the original developer filed for bankruptcy protection.[8][11]

In September 2012, Ross became chairman, and Jeff Blau stepped into the role of CEO.[8][12]

In 2014, the company completed construction of Abington House, a rental apartment property on the High Line designed by architect Robert A. M. Stern.[13] That same year, 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.[14][15] As an initial step in the Grand Avenue Project, Related completed The Emerson, an affordable housing community catered towards older adults, in October 2014.[16]

In February 2017, Fast Company named the company as one of The Most Innovative Companies of 2017 for its work on Hudson Yards.[17] In July 2017, the company completed the 690-unit Brickell Heights condominium development in Miami and sold most of its commercial space for $17.5 million.[18]

In July 2018, Related’s 30 Hudson Yards topped out at 1,296 feet, officially becoming the second tallest office building in New York City at 90-stories.[19]

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.[20] That same year, Related and the Olayan Group began the first BTR rental home offering at Author King’s Cross.[21]

References

  1. 1 2 "Stephen Ross". Forbes. Retrieved December 14, 2023.
  2. ↑ "Corporate Bio" (PDF). Retrieved 7 September 2017.
  3. ↑ "Stephen Ross Builds Related Cos. Into Top Developer" (PDF).
  4. ↑ C.J. Hughes (June 13, 2013). "A Smoking Ban in All Related Companies Rentals". New York Times. Retrieved December 14, 2023.
  5. 1 2 Sorvino, Chloe (May 31, 2016). "Hudson Yards, America's Largest Private Real Estate Development, Opens First Building". Forbes.
  6. ↑ "The man behind the largest real estate project in U.S. History". Fortune. 2013-08-29. Retrieved 2015-09-27.
  7. ↑ Clarke, Katherine (June 1, 2014). "The Closing with Stephen Ross". The Real Deal.
  8. 1 2 3 Brennan, Morgan (September 7, 2012). "Billionaire Stephen Ross Steps Down As CEO Of Related Cos". Forbes.
  9. 1 2 Carl Swanson (February 18, 2019). "The Only Man Who Could Build Oz". New York Magazine. Retrieved December 14, 2023.
  10. ↑ "Related closes $825M distressed asset fund". The Real Deal. January 23, 2012.
  11. ↑ Willett, Megan (September 24, 2013). "Tour A $50 Million Glass Penthouse 60 Floors Above Madison Square Park". Business Insider.
  12. ↑ Musibay, Oscar Pedro (September 10, 2012). "Stephen Ross stays Related Companies exec chair, Blau new CEO". American City Business Journals.
  13. ↑ ALBERTS, HANA R. (July 10, 2014). "Tour Robert A.M. Stern's High Line Rentals at Abington House". Curbed.
  14. ↑ ACKER, DANIEL (March 18, 2014). "US gov't sues NYC developers, charging failure to comply with Americans with Disabilities Act". American City Business Journals.
  15. ↑ Barbanel, Josh (March 17, 2014). "New York City Developer Accused in Disabled-Access Suit". The Wall Street Journal.(subscription required)
  16. ↑ Vincent, Roger (October 1, 2014). "Developer of new Bunker Hill apartment high-rise woos older residents". Los Angeles Times.
  17. ↑ "Why Related Companies Is One Of The Most Innovative Companies Of 2017". Fast Company. February 13, 2017.
  18. ↑ Bandell, Brian (July 6, 2017). "Related Group opens Brickell Heights, sells commercial space for $17.5M (Video)". American City Business Journals.
  19. ↑ Devin Gannon (July 18, 2018). "30 Hudson Yards officially tops out at 1,296 feet". 6sqft. Retrieved December 14, 2023.
  20. ↑ Alby Gallun (April 13, 2023). "What $23,000 a month gets you in Fulton Market". Chicago Business. Retrieved December 14, 2023.
  21. ↑ "Related Argent expands in-house asset management team to support Build-to-Rent growth". Built Environment Networking. February 23, 2023. Retrieved December 14, 2023.
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