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The Related Companies, L.P. is an American
real estate firm in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, with offices and developments in
Boston
Boston (), officially the City of Boston, is the state capital and most populous city of the Commonwealth of Massachusetts, as well as the cultural and financial center of the New England region of the United States. It is the 24th- mo ...
,
Chicago
(''City in a Garden''); I Will
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,
Los Angeles
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...
,
Las Vegas
Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vegas ...
,
Miami
Miami ( ), officially the City of Miami, known as "the 305", "The Magic City", and "Gateway to the Americas", is a East Coast of the United States, coastal metropolis and the County seat, county seat of Miami-Dade County, Florida, Miami-Dade C ...
,
San Francisco
San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...
,
Abu Dhabi
Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area.
...
,
London
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...
,
São Paulo
São Paulo (, ; Portuguese for 'Saint Paul') is the most populous city in Brazil, and is the capital of the state of São Paulo, the most populous and wealthiest Brazilian state, located in the country's Southeast Region. Listed by the GaWC a ...
and
Shanghai
Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...
. Related has more than 3,000 employees and is the largest landlord in New York City with over 8,000 residential rental units under ownership.
Related manages about $4 billion of
equity capital
In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets. For example, if someone owns a car worth $ ...
on behalf of
sovereign wealth fund
A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such ...
s,
public
pension plans,
multi-managers, endowments,
Taft-Hartley benefits plans, and family offices.
Related has developed mixed-use projects such as
Time Warner Center
Deutsche Bank Center (also One Columbus Circle and formerly Time Warner Center) is a mixed-use building on Columbus Circle in Manhattan, New York City. The building occupies the western side of Columbus Circle and straddles the border between ...
and the
Bronx Terminal Market in New York City and
CityPlace in
West Palm Beach
West or Occident is one of the four cardinal directions or points of the compass. It is the opposite direction from east and is the direction in which the Sunset, Sun sets on the Earth.
Etymology
The word "west" is a Germanic languages, German ...
. Related is developing the
Hudson Yards Redevelopment Project
Hudson Yards is a neighborhood on the West Side of Midtown Manhattan, 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.Chapter 11: Figures The area is the ...
,
which comprises in Manhattan's
Chelsea
Chelsea or Chelsey may refer to:
Places Australia
* Chelsea, Victoria
Canada
* Chelsea, Nova Scotia
* Chelsea, Quebec
United Kingdom
* Chelsea, London, an area of London, bounded to the south by the River Thames
** Chelsea (UK Parliament consti ...
and
Hell's Kitchen
Hell's Kitchen, also known as Clinton, is a neighborhood on the West Side of Midtown Manhattan in New York City. It is considered to be bordered by 34th Street (or 41st Street) to the south, 59th Street to the north, Eighth Avenue to the eas ...
neighborhoods.
[
]
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.
In 1985, the company constructed 225 Rector Place as a rental apartment complex. It sold the building in 2005 to developer Yair Levy and then bought the building back for $82.8 million after the lender, Anglo Irish Bank
Anglo Irish Bank was an Republic of Ireland, Irish bank headquartered in Dublin from 1964 to 2011. It began to wind down after nationalisation in 2009. In July 2011 Anglo Irish merged with the Irish Nationwide Building Society, forming a new co ...
, foreclosed on the property in November 2010.
In January 2012, the company closed an $825 million distressed asset fund.
In 2012, in partnership with HFZ Capital Group
HFZ Capital Group is a real estate development and investment company based in New York City. Ziel Feldman founded HFZ in 2005 and serves as chairman. As of 2019, HFZ manages more than $10 billion worth of development.
History
Prior to launching H ...
and CIM Group
CIM Group invests in commercial property on behalf of large institutions such as pensions. As of December 31, 2020, the company owned $29.2 billion worth of commercial property.
History
The company was founded in 1994 by Shaul Kuba, Richard Ress ...
, the company took over development of One Madison
One Madison is a luxury residential condominium tower located on 23rd Street between Broadway and Park Avenue South, at the foot of Madison Avenue, across from Madison Square Park in the Flatiron District of Manhattan, New York City. The build ...
after the original developer filed for bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ...
protection.[
In September 2012, Ross resigned as chief executive officer of the company and was replaced with Jeff Blau.][
In March 2014, the ]United States Department of Justice
The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the United States government tasked with the enforcement of federal law and administration of justice in the United State ...
filed a lawsuit against the company and several other large NYC developers, claiming failure to comply with the Americans with Disabilities Act of 1990
The Americans with Disabilities Act of 1990 or ADA () is a civil rights law that prohibits discrimination based on disability. It affords similar protections against discrimination to Americans with disabilities as the Civil Rights Act of 19 ...
.
In July 2014, the company completed construction of Abington House, a rental apartment property on the High Line
The High Line is a elevated park, elevated linear park, greenway (landscape), greenway and rail trail created on a former New York Central Railroad spur on the West Side (Manhattan), west side of Manhattan in New York City. The High Line's ...
designed by architect Robert A. M. Stern
Robert Arthur Morton Stern, usually credited as Robert A. M. Stern (born May 23, 1939), is a New York City–based architect, educator, and author. He is the founding partner of the architecture firm, Robert A.M. Stern Architects, also known a ...
.
The company has an agreement to redevelop Grand Avenue in Bunker Hill, Los Angeles
Bunker Hill is a neighborhood in Los Angeles, California. It is part of Downtown Los Angeles.
Historically, Bunker Hill was a large hill that separated Downtown Los Angeles from the western end of the city. The hill was tunneled through at Sec ...
. In October 2014 as an initial step in the Grand Avenue Project
The Grand Avenue Project is currently under development in the Bunker Hill neighborhood of Downtown Los Angeles along Grand Avenue. The project consists of a revitalization of Grand Park and surrounding lots administered by the Grand Avenue Auth ...
, they completed The Emerson, an apartment tower marketed to older adults that includes an affordable housing
Affordable housing is housing which is deemed affordable to those with a household income at or below the median as rated by the national government or a local government by a recognized housing affordability index. Most of the literature on affo ...
component.
In January 2016, the company proposed developing a $6.5 billion project on the site of the former Santa Clara All Purpose Landfill.
In February 2017, Fast Company
''Fast Company'' is a monthly American business magazine published in print and online that focuses on technology, business, and design. It publishes six print issues per year.
History
''Fast Company'' was launched in November 1995 by Alan Web ...
named the company as one of The Most Innovative Companies of 2017 for its work on Hudson Yards.
In May 2017, the company contacted officials in Boca Raton
Boca Raton ( ; es, Boca Ratón, link=no, ) is a city in Palm Beach County, Florida, United States. It was first incorporated on August 2, 1924, as "Bocaratone," and then incorporated as "Boca Raton" in 1925. The population was 97,422 in the ...
about potentially redeveloping its city hall and municipal complex downtown.
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.
References
{{DEFAULTSORT:Related
Real estate companies established in 1972
Privately held companies of the United States
Real estate companies of the United States
Companies based in New York City
1972 establishments in New York City