Related Companies
NYC developer behind Hudson Yards, largest private owner of affordable housing in the US.
On the record
Checkpoint: NYC city sign-off decision on Hudson Yards Phase 2 (up to 4,000 homes)
The call
Related's physical asset base and government relationships keep it insulated while its digital arm now builds the data centers AI labs need.
Related Companies builds, owns, and manages real estate across apartments, offices, and mixed-use neighborhoods, including the famous Hudson Yards in New York. It is very hard to replace because it took decades to assemble its land, get zoning approvals, and build relationships with government officials and unions; no new competitor can easily do that again, and artificial intelligence is not a threat to its core business. The big question is whether its new Stargate data center partnership with OpenAI will actually get built on schedule and stay fully funded through 2026 and 2027, because delays or pulled investment there could signal trouble for Related's growth plans even if the main company stays solid.
Why
01
AI pressure: None apparent. AI is not eating this business, Related Digital is building 1GW+ data centers for OpenAI's Stargate project instead. Could AI do the core job? Unlikely.
02
Bigger players: None apparent. No large competitor is visibly taking share from Related's core NYC development and affordable housing portfolio. Could a giant copy it? No, they are blocked.
03
What protects it. Decades of zoning approvals, tax exemptions, union ties, and $70B+ in physical assets that cannot be replicated quickly.
What would change this call
NYC sign-off on Hudson Yards Phase 2, proposed for May 2026. Shows whether Related can still secure large-scale city approvals on schedule.
Progress on Related Digital's Cheyenne and Saline data center campuses through 2026-2027. Shows whether the Stargate partnership financing and buildout stay on track.
Any further reports of Stargate scope being scaled back, following DataCenterKnowledge's March 2026 report. Would indicate financing stress spreading through Related Digital's AI infrastructure bet.
Progress on Related Digital's Cheyenne and Saline data center campuses through 2026-2027. Shows whether the Stargate partnership financing and buildout stay on track.
Any further reports of Stargate scope being scaled back, following DataCenterKnowledge's March 2026 report. Would indicate financing stress spreading through Related Digital's AI infrastructure bet.
Key numbers
- $70B+ in real estate assets
- $328M+$106M in Hudson Yards IDA tax exemptions
- 1GW+ Stargate data center broke ground Jun 1, 2026
Named risks
- Stargate site sequencing reportedly scaled back amid financing complexity since March 2026.
- Hudson Yards Phase 2 (4,000 homes) still requires NYC city approval as of May 2026.
- Severe real estate or credit downturn could impair $70B+ asset base.
- Reputational spillover from Related Group lawsuit due to shared branding, filed June 2026.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Brookfield Properties | contesting | Competes on NYC mega-projects like Manhattan West as of 2026 |
| Tishman Speyer | contesting | Rival bidder for large-scale private NYC development deals |
| Vornado Realty Trust | contesting | Active in competing Penn District redevelopment as of 2025 |
| Vantage Data Centers | contesting | Peer in AI data center buildout as Related Digital enters Stargate program, 2026 |
| Wynn Resorts | losing to | Withdrew from Hudson Yards casino partnership with Related, May 2025 |
Questions people ask
- Is Related Companies profitable?
- Related is privately held so no audited financials are public. Wikipedia cites over $70 billion in real estate assets as of July 2026, and the firm has kept developing (Willets Point Commons opened May 2026), but profitability figures are not disclosed.
- Who owns Related Companies?
- Founded in 1972 by Stephen M. Ross, Related remains privately held. Ross stepped down as chairman in July 2024 to focus on Related Ross, the Dolphins, and F1, staying on as non-executive chairman while Jeff Blau, Bruce Beal Jr., and Kenneth Wong run operations.
- Could AI replace Related Companies?
- No. Related's moat is physical: entitlements, union labor, government relationships, and a $70B+ asset base including Hudson Yards. AI can't replicate that, and Related is now a supplier to AI infrastructure, breaking ground June 1, 2026 on a 1GW Stargate data center with OpenAI and Oracle.
- Is Related Companies laying off employees?
- No confirmed layoffs are reported. Wikipedia's infobox cites 4,000+ employees as of 2023, and Glassdoor shows a 3.6/5 rating from 608 reviews as of July 2026. Related has also been actively expanding via its new Related Digital data center division.
- Who is Related Companies' biggest competitor?
- Related competes for new development deals with Brookfield Properties, Tishman Speyer, and Vornado Realty Trust in NYC mega-projects, but none can replicate its existing $70B+ asset base, decades-old tax deals, or Hudson Yards platform built since 1972.
- What is Related Digital's Stargate project with OpenAI?
- Related Digital broke ground June 1, 2026 on a 1GW+ data center campus in Saline, Michigan, with OpenAI, Oracle, Blackstone, and Walbridge, including a joint $10M community investment. It also has a 302MW, $1.2B Cheyenne, Wyoming campus that broke ground October 2025.
Timeline
- 2026-07-18Stephen Ross unveiled $10B+ 'Wall Street of the South' vision for West Palm Beach
- 2026-06-23Related Group sued in Broward County over Hollywood beachfront tower lease deal
- 2026-06-20DATALAND AI arts museum opened at The Grand LA, running through January 2027
- 2026-06-01Related Digital broke ground on 1GW Saline, Michigan Stargate campus with OpenAI, Oracle
- 2026-05-18Willets Point Commons opened with 880 affordable housing units in Queens
- 2026-05-13CEO Jeff Blau outlined Hudson Yards Phase 2 plan for up to 4,000 new homes
- 2026-03Related Midwest broke ground on The 78, a South Loop Chicago infill project
- 2025-12Related Ross received $772M construction loan for West Palm Beach office towers
- 2025-10Related Digital broke ground on 302MW Cheyenne, Wyoming data center campus
- 2024-07Stephen Ross stepped down as chairman, retained as non-executive chairman
Revision history
24 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Related Companies (2026-07-06)
- Hudson Yards (development) (2026-07-21)
- Our Company (2026-06-22)
- Global Real Estate Development
- Building the infrastructure for the Intelligence Age in Michigan (2026-07-22)
- Billionaire Stephen Ross Unveils His Vision for 'Wall Street of the South' (2026-07-20)
- Stephen M. Ross (2026-06-11)
- Related Cos Number of Employees 2026 (2026-06-29)
- Working at Related (2026-07-01)
- Residents Sue Over Related Group's Hollywood Live Local Tower (2026-07-07)
- AI's Biggest Data Center Buildout Meets Reality (2026-07-22)