Posted: April 14, 2017 by Eli Randel, Director of Business Development
PROFILE OF A LEGEND – STEPHEN ROSS – THE EMPIRE BUILDER
Stephen Ross, with an estimated net worth of approximately $8B, is one of the wealthiest real estate developers in the world. Additionally, Ross is a generous philanthropist and team owner of the Miami Dolphins. How did the Detroit native build his NYC and beyond empire?
Stephen Ross was born in 1940 in Detroit, Michigan. In high-school Ross relocated to Miami-Beach before eventually attending the University of Florida. Ross would relocate closer to his childhood home by transferring to the University of Michigan and following graduation would obtain his JD from Wayne St. School of Law. With a loan from his uncle Max Fisher – who Ross would call “the important role model and inspiration for me in my life” – Ross would get his LLM in Tax Law at NYU in 1966.
Ross began his career as a tax attorney at Coopers and Lybrand in Detroit before moving back to New York City to accept a job in the real estate department at Laird Inc. Ross would then work for Bear Stearns before leaving with a $10,000 loan from his mom to employ his tax knowledge and construct federally subsidized affordable housing with a syndicate of investors. The venture was successful and would propel Ross to take his earnings and experience and develop more traditional deals on his own. His new projects would have an emphasis on high-quality architecture and engineering and were the basis for which the Related Companies was founded in 1972 under Ross’s control.
The Related Companies has grown into a global diversified real estate developer and investor which employs approximately 2,000 people. Among other projects, Related is currently developing Hudson Yards on 28 acres on the West-Side of Manhattan which will eventually deliver 12.7MM SF of space. At $15B, the project is the largest private real estate development in America. In Florida, where Ross also has a residence, he and his long-time business partner Jorge Perez have helped shape the Miami and Ft. Lauderdale skylines delivering thousands of condo and rental apartments. Ross is also majority owner of the Miami Dolphins and their stadium which has propelled him into a more national spotlight. Stephen Ross is also a generous philanthropist with donations to the University of Michigan of approximately $300MM in addition to several other worthy causes.
Through familial support, education, knowledge gained from previous jobs, hard-work, natural smarts, and likely some good old-fashioned luck, Ross built a real estate empire which has helped shape the NYC skyline and beyond.