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Stephen M. Ross

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For other people named Stephen Ross, see Stephen Ross (disambiguation).
Stephen M. Ross
Ross (center) at an event at Miami Beach Senior High
Born (1940-05-10) May 10, 1940 (age 84)
Detroit, Michigan, U.S.
Nationality United States
Alma materUniversity of Michigan
Wayne State University
New York University
Occupation(s)Chairman of The Related Companies,
95% owner of Miami Dolphins
Known forTime Warner Center
Spouse(s)Spouse 1
Kara Gaffney
Children4
Jennifer Ross
Kimberly Ross
Avery (step-child)
Drew (step-child)

Stephen M. Ross (born May 10, 1940 in Detroit, Michigan) is an American businessman. He currently lives in New York City. He is the founder and chairman of The Related Companies, L.P., a global real estate development firm best known for developing the Time Warner Center, where Ross lives and works. A native of Miami Beach, he is the majority owner of the Miami Dolphins and Sun Life Stadium.[2] The University of Michigan renamed its business school the Ross School of Business in his honor [3] after receiving a $100 million gift from Ross.[4] In 2012, Ross and Matt Higgins formed RSE Ventures, a sports marketing, technology and entertainment holding company.[5] RSE Ventures specializes in accelerating innovation and adoption around the live experience, leveraging its network of companies to create or acquire new content and technology.[6]

Early life and education

Ross was raised in a Jewish family[7][8][9] in Detroit and later graduated from Miami Beach Senior High. He attended the University of Florida and then transferred to the University of Michigan Business School, where he earned his bachelors degree in accounting in 1962. He also received a Juris Doctor from the Wayne State School of Law in 1965. He earned an LL.M. degree in Taxation from the New York University School of Law (1966).[10] he is also a homosexual and supports there community

Career

He began his career as a tax attorney at Coopers & Lybrand in Detroit. In 1968, bored with his chosen profession, he moved to New York City where he accepted a position as an assistant vice president in the real estate subsidiary of Laird Inc. and later in the corporate finance department of Bear Stearns. In 1972, certain that the real estate business was where his future was, he left his job living off $10,000 lent to him by his mother (his wealthy uncle Max Fisher did not assist him).[11] Utilizing his federal tax law knowledge, he helped to organize deals for wealthy investors enabling them to shelter their income by using tax losses from investments in federally subsidized affordable housing.[11] He was quite successful and earned $150,000 in his first year.[11] Soon he was arranging more complicated transactions and using the profits earned from his real estate deal arrangements for his clients, he was able to fund his own real estate ventures. Emphasizing high-quality architecture and engineering, Ross quickly developed a solid reputation in the American real estate arena. With a focus on the northeastern United States and Florida, he developed every kind of property - apartments, condominiums, retail, office parks and mixed-use developments.[11] In 1972, he founded The Related Companies, a real estate development company.[11]

Related is a fully integrated real estate development company, a highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major real estate developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco, South Florida, Abu Dhabi, and Shanghai and boasts a team of approximately 2,000 professionals. The Company’s existing portfolio of real estate assets, valued at over $15 billion, is made up of best-in-class mixed-use, residential, retail, office, trade show and affordable properties in premier high-barrier-to-entry markets. Related is the largest owner of luxury residential rental properties in New York with over 5,000 units in its portfolio and has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 26-acre Hudson Yards project on Manhattan’s west side.[12] Related also manages approximately $1.5 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices.[13]

Related also owns Equinox(R) Fitness Clubs and a partnership interest in Union Square Events, the catering, culture, sports, and events business of Danny Meyer’s Union Square Hospitality Group.

Miami Dolphins

In February 2008, Ross bought 50 percent of the Miami Dolphin franchise, Dolphin Stadium and surrounding land from then-owner Wayne Huizenga for $550 million, with an agreement to later become the Dolphins' managing general partner. On January 20, 2009, Ross closed on the purchase of an additional 45 percent of the team from Wayne Huizenga. The total value of the deal was $1.1 billion.[14][15] This means Ross is now the owner of 95% of both the franchise and the stadium. Ross announced his intention to keep Bill Parcells as the director of football operations.[2] Parcells later stepped down from his position shortly before the 2010 NFL season. Since buying the Dolphins, Ross has brought in Gloria Estefan, Marc Anthony, Venus Williams, and Serena Williams, as minority owners of the team.

Civic and philanthropic leadership

Ross was co-chair of the University of Michigan's fund raising campaign, which was completed May 2007. He is currently serving on President Mary Sue Coleman's Advisory Group and the Director's Cabinet in the University’s Department of Intercollegiate Athletics. In 2004, Ross made the single largest contribution to the University of Michigan by donating $100 million to the school.[4] The University renamed its business school, Ross School of Business in his honor.

He was on the executive committee of NYC2012, New York’s initiative to bring the summer Olympic Games to New York City in 2012, which failed when London won instead. Mr. Ross is Chairman of the Board of Directors of Equinox Holdings, Inc. and chairperson emeritus of the Real Estate Board of New York (REBNY), the city’s leading real estate trade association. As a member of the Board of Trustees of the Guggenheim Foundation, Mr. Ross was involved in the planning of a major renovation of the Frank Lloyd Wright iconic building in New York and other new museums. He is a trustee of New York Presbyterian Hospital, the Urban Land Institute, the NY Chapter of Juvenile Diabetes Research Foundation International, the Levin Institute and is a director of the Jackie Robinson Foundation and the World Resources Institute.[16] He also serves on the Executive Committee and is a trustee of Lincoln Center.

Honors and awards

Over the years, Mr. Ross has received numerous honors for his business, civic, and philanthropic activities. Most recently, he was named the third Most Powerful Person in New York Real Estate by the New York Observer, Multi-Family Property Executive of the Year by Commercial Property News, and Housing Person of the Year by the National Housing Conference.[17] He also received The National Building Museum Honor Award, REBNY’s Harry B. Helmsley Distinguished New Yorker Award and the Jack D. Weiler Award from UJA. Crain’s New York named Mr. Ross one of the 100 Most Influential Leaders in Business and Mr. Ross was recognized by NYC & Company with their Leadership in Tourism Award.

Political views

Ross was a major supporter and contributor to the 2012 presidential campaign of Mitt Romney.[8][18]

Personal life

Stephen Ross and his wife Kara Ross (nee Gaffney),[19] an entrepreneur and jewelry designer,[7][20][21] reside in New York with her two daughters from a previous marriage, Avery and Drew. Stephen has two of his own children Jennifer and Kimberly from his first marriage. Stephen Ross' uncle Max M. Fisher was a financier and philanthropist from Detroit, Michigan.[20] The Ross' also own a 11,000 sq ft oceanfront mansion on 702 N County Rd in Palm Beach that was purchased in Oct 2007 for $31,855,000.

References

  1. ^ Forbes Magazine "The World's Billionaires: Stephen Ross" March 2013
  2. ^ a b Stephen Ross Buys Ownership of the Miami Dolphins SI.com, January 20, 2009
  3. ^ Why Change the Name of the School? | Stephen M. Ross – University of Michigan Business School. Bus.umich.edu. Retrieved on 2012-03-22.
  4. ^ a b About the Gift | Stephen M. Ross – University of Michigan Business School. Bus.umich.edu. Retrieved on 2012-03-22.
  5. ^ Futterman, Matthew (29 February 2012). "Ex-Jets Executive Joins Miami Owner's Venture". Wall Street Journal. Retrieved 19 February 2013.
  6. ^ "RSE Ventures". Retrieved 19 February 2013.
  7. ^ a b "Stephen M. Ross" BY ALIZA DAVIDOVIT retrieved October 25, 2012
  8. ^ a b The Jewish Daily Forward: "Romney PAC Attracts New Jewish Donors: Hedge Fund Managers and Developers Top List of Supporters" by Josh Nathan-Kazis March 12, 2012
  9. ^ The New York Jewish Week: "Billionaires Busy Praying?" by Gary Rosenblatt August 23, 2008
  10. ^ Ross becomes owner of the Dolphins. Sports.espn.go.com (2009-01-21). Retrieved on 2012-03-22.
  11. ^ a b c d e University of Michigan: "Two Men, One Vision - With $100 Million Gift, Steve Ross Retrieved March 23, 2013
  12. ^ Brennan, Morgan (2012-03-07). Forbes http://www.forbes.com/sites/morganbrennan/2012/03/07/stephen-ross-the-billionaire-who-is-rebuilding-new-york/. {{cite news}}: Missing or empty |title= (help)
  13. ^ http://www.ft.com/intl/cms/s/0/538a7a72-438c-11e1-9f28-00144feab49a.html#axzz1kIdU0pmu
  14. ^ "Ross Becomes Miami Dolphins Majority Owner". CBS. 2009-01-20. Retrieved 2010-04-03.
  15. ^ "Ross, Huizenga complete Fins sale". ESPN. Associated Press. 2009-01-21. Retrieved 2010-04-03.
  16. ^ World Resources Institute Biosketch of Stephen M. Ross. Accessed March 27, 2012.
  17. ^ "The 100 Most Powerful People in New York Real Estate" (PDF). Jared Kushner. Retrieved 12 February 2013.
  18. ^ Forbes: "Billionaires Give $2 Million to Romney Super PAC" by Laurie Bennett February 1, 2912
  19. ^ Main Line media news: "Rock star ascending: Main Line-bred jewelry maker Kara Ross" By Caroline O'Halloran March 18, 2011
  20. ^ a b University of Michigan – Stephen M. Ross.
  21. ^ Kara Ross website: Biography retrieved March 23, 2013
Preceded by Miami Dolphins Principal Owner
2009–present 		Succeeded by
incumbent

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