The Related Companies, L.P. is an American real estate firm in

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, with offices and developments in

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, Abu Dhabi,

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and

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. 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 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 as ...

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 Sun sets on the Earth. Etymology The word "west" is a Germanic word passed into some R ...

. Related is developing the Hudson Yards Redevelopment Project, which comprises in Manhattan's

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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 ea ...

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 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 company named the Iri ...

, 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 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 Stat ...

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 1964, ...

. In July 2014, the company completed construction of Abington House, a rental apartment property on the

High Line The High Line is a elevated linear park, greenway and rail trail created on a former New York Central Railroad spur on the west side of Manhattan in New York City. The High Line's design is a collaboration between James Corner Field Opera ...

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. In October 2014 as an initial step in the Grand Avenue Project, 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 af ...

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 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