Related Companies

Who it is

Related Companies started in 1972 as an affordable-housing shop. It is now one of the country's most diversified developers, spanning office, luxury condos, market-rate rentals, retail and fund management. The Promote has put the empire at roughly $60B. Its calling card is Hudson Yards, the biggest private development in U.S. history and, in The Promote's reading, a masterclass in capital-stack engineering. Related sold condos to Coach, Wells Fargo, KKR and Time Warner, brought in Mitsui Fudosan for a 90% stake in 50 Hudson Yards during construction, sold the observation deck to KKR, and leaned heavily on public money and EB-5 capital. Some Hudson Yards EB-5 investors have since alleged in court that they were short-changed. Related says it made every required payment.

Since Stephen Ross stepped back in 2024, the New York platform has been run by Jeff Blau, with veterans like Bruce Beal in senior roles. Ross's separate Florida vehicle, Related Ross, is a different firm. Related's strategy now leans on public-private deals and deep-pocketed partners. A 2025 PILOT deal funds a roughly $2B deck over Hudson Yards' western rail yard, tied to about 4,000 apartments. Related also joined Fortress and USIF to take over Brooklyn's stalled Pacific Park, and launched Related Digital, a data-center arm targeting up to $8B. Not everything has worked. The Promote has noted a steep loss on a Hell's Kitchen office sale, and Swire's Brickell supertall fell apart without an anchor tenant.

Its hottest Manhattan project is 625 Madison, a building Related first owned in the 1980s and bought back from SL Green in 2024. Saudi Arabia's PIF holds a reported two-thirds stake. The project switched from a hotel-and-condo plan to pure office, and hedge fund Castle Hook agreed to a record $350 to $400 a foot for the top floors. Related is also developing Prada's Fifth Avenue flagship tower and Citadel's Miami headquarters.