Harvard University



Ross stands on an unfinished section of the High Line park in Manhattan. The 17 buildings in the Hudson Yards project will be built on massive concrete platforms on top of the rail yards behind him.


(Fortune) 《财富》杂志

Stephen Ross is pitching the dream, with an extra dollop of hyperbole. The founder and chairman of Related Cos. is standing on a dilapidated branch of an ancient elevated railway, known as the High Line, that runs through the Chelsea neighborhood on the West Side of Manhattan near the Hudson River. Below him is a bleak industrial landscape -- a vast rail-yard complex packed with the trains that feed Pennsylvania Station, surrounded by a patchwork of parking lots and auto-repair shops. "This is not how New York should look!" exclaims Ross over the drone of the locomotives on a sunny morning. "We will change that. You're looking at something that will be far greater than Rockefeller Center -- that will be the new heart of New York City."

斯蒂芬.罗斯正以一腔极为夸张的热情投入他的梦想。作为纽约房地产公司瑞联集团的董事长和创始人。此时他正站在一个破旧又古老的高架铁路的分支上, 也就大家所熟知的位于曼哈顿中城西侧哈德逊河附近的纽约空中花园。他下面是一个看起来荒凉的工业景象——一个巨大的铁路站台内挤满了进出宾夕法尼亚车站的 火车,周围便是东拼西凑的停车场和汽车修理店。“这不该是纽约应有样子!”罗斯在某个阳光普照的早晨俯大声说道,声音穿透了火车的轰鸣声。“我们将改变 它。你们将会看到比洛克菲勒中心更加宏伟的东西,那将成为纽约的新心脏。”

Pointing with a roll of blueprints, the master real estate developer sketches the skyline of a future city within a city by describing where landmarks will rise over the next decade. He gestures toward the site of two silver skyscrapers to come, one a new headquarters for Coach, the other reportedly set to be occupied by Time Warner. Jutting out from the Time Warner tower will be a triangular, open-air observation deck at a height of 1,053 feet that, Ross boasts, "will be a few feet higher than the deck at the Empire State Building!" The two office behemoths will bookend New York City's biggest retail mall, an ultra-luxury emporium the size of an entire city block and at least five stories tall. Its 14 restaurants will feature an exclusive menu of celebrity chefs, from Daniel Boulud to Thomas Keller, in a complex curated by master restaurateur Danny Meyer. The new metropolis, says Ross, "will display the work of more great architects in one place" than any other development anywhere in the world, showcasing the contrasting designs of luminaries such as David Childs, Robert Stern, David Rockwell, William Pedersen, and Elizabeth Diller.

只需一指蓝图, 这位巨匠级地产开发商已经能勾勒出在今后十年内市值上升的城中之城的轮廓。他指向的两个位置将会建起两座银色的摩天大楼,一座将会成为蔻驰新总部,另一座 据说将会为时代华纳所用。而且时代华纳楼顶会伸出一个高度为1053英尺的三角形露天观景台,罗斯自豪地说,“那将会比帝国大厦的露天平台还要高几英 尺。”在这两座办公写字楼巨兽之间会建一座纽约市最大的零售商场,那将是一个至少5层楼高并且有整块街区那么大的超豪华百货商场。同时其间将会开设14间 由名厨打理的独具特色的高档餐厅,从米其林三星名厨丹尼尔•布鲁德到美国最佳厨师托马斯•凯勒,还有专门承包顶级假日派对的策划大师丹尼•迈耶。“这个新 都市中心,”罗斯说,“会把更多来自于不同的伟大建筑设计师的作品汇聚在一起”这将比任何其他在世界任何地方都要多。包括重新设计世界贸易中心一号大楼的 戴维•蔡尔斯,耶鲁建筑学院院长罗伯特•斯特恩,纽约酒店建筑设计师戴维•洛克威尔,KPF首席设计师威廉•佩特森以及美国先锋建筑师伊丽莎白•迪勒。

Welcome to the Hudson Yards. Put simply, it is the largest private real estate project in U.S. history -- and, in fact, worthy of most of Ross's superlatives. Related Cos., one of the world's largest private real estate developers, is both the controlling owner of the site and the developer for its planned 17 buildings. The project calls for 18 million square feet of offices, stores, apartments, hotels, a school, and even a mammoth, city-sponsored "culture shed" for fashion shows and concerts. Some 55,000 people will live or work here. Its size eclipses America's previous largest development, the 16.8- million-square-foot CityCenter in Las Vegas, and it's likely to get larger; its $20 billion estimated cost is unparalleled as well.

欢迎来到哈德逊城市广场。简单来说,这将会是美国历史上最大的一个私人房地产项目——并且,事实上这项目也名副其实配得上像罗斯的纽约房地产公司, 瑞联集团,这个世界上最大的私人房地产开发商之一,他不旦是业主兼管理者,同时还是这17座建筑的开发商。该项目要求1800万平方英尺的写字楼办公室、 商店、公寓、酒店、学校、甚至还有一个庞大的专门用来开展时装表演和音乐会都市“文化棚”。届时约有55,000人在这里居住或工作。哈德逊广场的占地面 积让美国现有的所有大型广场项目与之相比都将黯然失色,唯有在拉斯维加斯那座16.8万平方尺的城中城只有在将来扩展以后才可能超越。但是以目前预计哈德 逊广场的200亿美元的巨资成本更是没有广场项目能与之相比的。

Related agreed to buy the rail yards from the city five years ago for $1 billion. That's the price tag for the official site, and it covers 26 acres, the equivalent of six city blocks, encompassing the entire area between 30th and 33rd streets and 10th and 12th avenues. But Related, along with its joint venture partner, the Canadian real estate giant Oxford Properties, is greatly expanding its footprint in the Hudson Yards neighborhood by purchasing adjacent parcels. Like a latter-day Robert Moses, Ross has a plan that will dramatically shift the center of gravity of America's biggest city. New York is hungry for modern, state-of-the-art office and apartment towers, and that's what the Hudson Yards will offer in a single, gigantic location. "You'll never see 26 acres again in the heart of a great city, where you can build an entirely new neighborhood totally from scratch," says Tom Barrack, CEO of Colony Capital, a $28 billion private equity firm specializing in real estate. Construction officially began late last year, and the first building is scheduled to open in 2015.

五年前纽约房地产公司瑞联集团以官方价格10亿美元购买了铁路站场。它总共有26英亩,面积相当于六个城市街区,涵盖了从第33至第30号街以及从 第10至第12大道的整个街区。除此之外瑞联公司还通过与其合资伙伴,加拿大不动产业巨头牛津物业集团共同购买相邻的地块以大大地扩张其在哈德逊社区的领 域。正如当代建筑大师罗伯•摩斯曾提到,罗斯的这一庞大计划将会使这座美国最大城市的重心发生戏剧性地改变。纽约一直渴望能在一个单一完整的庞大社区内拥 有现代时尚顶尖先进科技的办公和公寓大楼,而这恰恰正是哈德逊城市广场将能提供的。“当你从头开始建立一个全新的社区之后将再也不会在市中心看到26英亩 的空地。”拥有280亿美元私人股权公司专门从事于房地产的柯罗尼资本集团的首席执行官汤姆•巴拉克说。哈德逊城市广场已经在去年年底正式动工,而第一个 建筑预计在将2015年完工开幕。


Pulling off such a colossal project in the middle of New York City won't be easy. Besides navigating the complex, 10-year construction schedule, Related must build hugely expensive infrastructure: The entire development will rise on top of six-foot -thick concrete platforms that will spread, building by building, to cover the rail yards because the trains will keep running below. The concept is actually nothing new for New York. The northern stretch of Park Avenue, the city's premier residential address, arose over sunken rail lines in the 19th century.

如此庞大的一个项目要在纽约市中间的拔地而起可并不容易。除了要面对复杂的导航以及10年的施工进度,同时还不得不解决一些非常昂贵但又必须建立的 相关基础设施的问题:由于施工期内整个铁路站台仍将继续营运,为了不影响火车的运行,整个项目开发组不得不将在站台顶部铺上一层足有六英尺厚的混凝土平台 把火车站台完全覆盖起来,再在建好的平台上完成项目的建设。其实这个概念对于纽约来说并不罕见。早在19世纪公园大道以北部至市长居所已经出现过铁路凹陷 的情况。

Fortunately for Ross, forces are coalescing to give the Hudson Yards project strong momentum. The Manhattan real estate market has rebounded from the financial crisis. And the Metropolitan Transportation Authority is spending $2.4 billion on the first major subway extension on the West Side of Manhattan in more than half a century. A new branch of the No. 7 subway line will go from Times Square to a terminus adjacent to Hudson Yards, connecting the once-isolated area to Midtown and Grand Central Terminal by mid-2014.

对于罗斯来说非常幸运的是哈德逊城市广场项目发展势头非常强劲。曼哈顿的房地产市场已经从之前那场金融危机走了出来。而且在接下来的这50年内,纽 约大都会运输署将会对曼哈顿西侧地铁主干线的延长项目投入24亿美元。届时新的地铁7号线分支将以时代广场起驶至终点毗邻的哈德逊广场,待到2014年中 期,那片曾经被孤立的市中心区域和中央火车站便会联接起来。

It all appears to be coming together for Ross, 72, a real estate titan at the top of his game. With a fortune estimated at $6 billion and a side job as the owner of the Miami Dolphins (he took a controlling interest in 2009 for a total price of $1.1 billion), Ross could have chosen to settle into a cushy, jet-setting retirement. Instead he's taking on a slate of ambitious projects around the globe. In Abu Dhabi, Related is co-developing the 280-acre Al Maryah Island complex, one of the largest real estate projects ever in the Middle East. In Brazil, Ross is building two luxury condo towers in São Paulo in partnership with his longtime pal Jorge Pérez, who founded the similarly named, Florida-based Related Group, of which Ross's Related owns a 25% share. Then there's the Grand Avenue urban-renewal project in downtown Los Angeles, where Related has begun work on a complex that will include hotels, stores, and apartments covering three city blocks. Back in New York, Related is also leading the historic rebirth of barren Willets Point, a 23-acre area in Queens around Citi Field, home to the New York Mets.

这一切看起来似乎都是一起在为罗斯而准备的,这位72岁的房地产业的泰坦正处于他个人舞台的巅峰时刻。坐拥大约60亿美元的财富兼迈阿密海豚队的所 有者(2009年他以11亿美元的总售价获得控股权),现在的罗斯完全能够以一种轻松阔绰的方式享受退休生活。而相反的是他正在操作一个雄心勃勃的全球计 划的项目。瑞联集团曾经在阿布扎比参与联合开发了280英亩的艾尔玛丽亚岛综合设施项目,那是中东最大的房地产项目之一。目前罗斯也正与他的长期合作伙伴 豪尔赫•佩雷斯在巴西圣保罗一处建有两座豪华公寓大楼的项目,并以瑞联集团在佛罗里达类似的名称来命名,这项目中罗斯的瑞联公司拥有25%的份额。瑞联公 司还在洛杉矶市中心格兰大道开始了一项复杂的新兴项目,内容包括酒店、商店和公寓,将覆盖三个街区。回到纽约,瑞联公司同时还将重建皇后区占地23英亩威 利点,那里紧邻着花旗体育场,也正是纽约职业棒球队Mets的老家。相信瑞联集团将为皇后区内这个长期以来破旧不堪的污染社区的带来焕然一新的面貌。

But it is Hudson Yards that will be the crowning achievement of his long career. Ross took on the project during the depths of the financial crisis. It was his vision of what could be and the force of his personality that overrode the risks of starting with no tenants or financing. And now that work has begun on the site, the lawyer-turned-developer is overseeing it with the same relentless attention to detail that he brings to all his projects. Ross granted Fortune an exclusive look into how he runs his business and described how his long career in real estate prepared him for attempting a project as outrageously ambitious as Hudson Yards.

毫无疑问哈德逊城市广场项目将获得罗斯漫长的职业生涯的最高的荣誉。正在金融危机最严重的时候他站出来承担了这个项目。罗斯以他强大的愿景和人格力 量战胜了一开始无租户或无融资的风险。目前土地上工作已经开始动工,而这位律师出身的地产开发商正在认真负责监督这个由他带来并且与他一样具有相同的不懈 关注细节才能达成完美的项目。《财富》杂志已经获权对罗斯进行独家深入采访,以了解他是如何经营自己的业务及在他如何发展漫长的房地产职业生涯,并准备如 何努力将哈德逊广场打造成最为雄心壮志的项目。

If there's one quality that sets Ross apart from other major developers, it's his skill at orchestrating highly complex projects. He specializes in keeping all the elements in balance, planning to ensure that the inevitable downward shifts in rents and prices during a multiyear project don't derail it along the way. Ross's approach to building Related, which he founded in 1972, reflects his view that developers get in trouble not because their projects won't eventually thrive, but because they lack core financial strength and hence run out of cash in tough markets. Most developers sell their apartment buildings and retail centers once they're completed and move on to the next deal. Related's strategy is to own and manage the projects it builds.

如果非要说罗斯与其它主参与项目的主开发人员的有一处不同的话,那么就是他有着在组织高度复杂的项目上的技能特长。他擅长将所有元素保持平衡和对项 目的长远规划,以确保这个将延续多年的项目在租金和价格不可避免的下降趋势过程中能顺利的进行。在1972年他创立瑞联大厦的时候就正是反映了他当时的观 点。他认为开发商陷入困境并不是因为他们的项目最终不会茁壮成长,而是因为他们缺乏核心金融力量所以在艰难的市场上耗尽现金。大多数开发商一旦完成建设便 开始出售公寓楼和零售中心,然后进行到下一项协议中去。而瑞联集团的策略是以业主的身份拥有并管理整个项目的构建。

Today Related has a $20 billion portfolio, primarily consisting of shopping malls and apartments -- lots of apartments. The company owns 5,000 mostly upscale rental apartments in 20 buildings in New York City, making it one of the Big Apple's largest landlords. And it has another 1,000 rental units in Boston, San Francisco, and Chicago. Ross got his start in affordable housing, and that market remains a bedrock for Related: The company's portfolio of 45,000 below-market-rate apartments in 19 states is among the largest in the nation. Though Related declines to disclose its free cash flow, Fortune estimates that it's several hundred million dollars a year. That big, recurring income stream gives Related a stability rare in the development world.

如今瑞联集团已经拥有一个200亿美元的投资战略组合,主要包括商场和公寓——大量的公寓住宅。公司在纽约拥有20栋建筑的5000间主要用于出租 的高档住宅公寓。这便使它成为这个块大蛋糕上最大的一个东家。同时瑞联集团在波士顿,旧金山以及芝加哥还拥有1000个租赁单元。罗斯的生意是从经济适用 房起步的,也是当时的市场为现在的瑞联集团奠定了坚实的基础:当时该公司以45000这个低于市场的利率在19个州做的公寓投资组合项目是全国最大规模之 一。虽然瑞联集团拒绝披露其自由现金流,但《财富》杂志社估计一年会在几亿美元左右。这个能带给瑞联集团稳定发展的如此庞大的一笔经常性收益流实属世界罕 见。

With such a solid financial base, Ross is willing to take huge risks on gigantic, long-term projects that spook his rivals. "He'll take it right to the edge," says Rafael Cestero, who served as New York's affordable-housing chief under Mayor Michael Bloomberg, "but he never goes over." Ross is a master at sequencing jobs so that the tenants or buyers he attracts at the start cover a big chunk of the eventual costs, even if he generates no profit from those early deals. That's the strategy at the Hudson Yards, where the office space is essentially a loss leader for the highly lucrative stores and apartments that will arrive much later.

有着这样一个坚实的金融基础,并愿意承担庞大的长期项目所带来的巨大风险的罗斯足以吓退他所有的对手。“他总会把它推至极限。”在纽约市长迈克尔• 布隆伯格麾下担任经济首席拉斐尔•塞斯特罗是这么评论罗斯的,“但是他绝对不会推到翻过去。”罗斯绝对是一个序列工作的大师,即使他无法从那些早期的交易 产生出利润,他也有能力让那些被他项目吸引而来的租户或买家在项目一开始的时候就为项目承担很大一部份最终成本。

It's a playbook that Ross has used before. He has become the biggest practitioner in the U.S. of what's called mixed-use development. Rather than specialize in apartments, retail, or office buildings, today Ross not only builds all three but also blends them into fully integrated neighborhoods that, though they're built all at once, resemble areas developed organically over decades. In his view, all three components reinforce one another, making each more valuable than it would be alone. "Most developers don't like mixed use," says Barrack. "They want to specialize. It's a much more complex exercise, but the potential profits are also much bigger."

罗斯早已胸有成竹,他已经成为美国当今被称作多功能综合开发项目的最大的从业者。不仅仅再是专攻公寓、零售或是办公写字楼,今天罗斯一并将这三大元 素构建在一起融成了一个完全整合并且在未来几十年里能最有可持续发展潜力的社区。在他看来,这三个元素的关系就是相辅相成互相加强,只有组合在一起才会使 每一块曾是独立运作的部分变得更有价值。

That approach has helped make Ross perhaps the leading private figure in a real estate revolution in New York in recent years. Bloomberg's greatest accomplishment in his 12 years as New York City's mayor was to rezone large swaths of underutilized land from industrial and commercial uses, for which demand was extinct, to residential and office use. "We were accused of being too close to Ross," says former deputy mayor Dan Doctoroff, now CEO of Bloomberg LP, "but Ross was the only developer willing to step up on projects like the Hudson Yards. He was also the best at mixed use. Ross shared Bloomberg's vision of New York more than any other developer."

也许就是以这种方式才使罗斯成为近年来纽约房地产革命中的引领者。12年纽约市市长布隆伯格最伟大的成就是将一块未被充利用也已经不再有发展潜力也 的土地重新划分了工业和商业用途并设作住宅和办公楼使用。“我们已经被指责太过于亲近罗斯了。”曾担任前副市长的现任彭博资讯CEO丹•多克托洛夫说道, “是罗斯是唯一一位愿意参与像哈德逊城市广场这样庞大的综合项目的开发商,同时他也是最好的多功能综合开发商。罗斯能与布隆伯格交换看法并分享对纽约发展 愿景,比其它任何开发商都更有远见。”

In his wood-paneled office on the 19th floor of the Time Warner Center in Midtown Manhattan, filled with Dolphins and University of Michigan Wolverine paraphernalia, Ross chronicles how his career divides into a series of quantum leaps to ever more daunting projects. The setting is appropriate, since the Time Warner Center was his first large-scale, mixed-use project and has proved to be a valuable training ground for Hudson Yards. There are doubters each time he takes on a new, bigger project, says Ross. "I always just say, 'We'll figure it out.' "

罗斯的办公室位于曼哈顿中城时代华纳中心19楼,镶木板的办公室里摆满了海豚队和密歇根大学狼獾队的体育用具,这些记载了他的职业生涯是如何经历了 一系列的巨大飞跃直到更加艰巨的项目。正因为时代华纳中心是他的第一个大规模多功能综合开发项目,这个最有价值的项目经验也足以证明了罗斯完全有能力操作 哈德逊城市广场项目,所以换句话说这个项目也是非他莫属的。每当罗斯投入一个全新的大项目在面对所有抱着怀疑态度的人的时候,他会说。“就像我常说的,我 们肯定会搞定的。”

Ross grew up in Detroit, the son of an inventor of vending machines and fuel additives whose creations often failed to make money. As a business role model he had his uncle, Max Fisher, a Detroit gas-station magnate and local legend who would later rescue his nephew during hard times. While Ross was still in high school his family moved to Miami, where he graduated from Miami Beach Senior High School, ranked 400th in a class of 440. He managed to get admitted to the University of Michigan, class of 1962, and today is a leading benefactor of his alma mater. In 2004 he endowed the renamed Stephen M. Ross School of Business with a $100 million gift. The ringtone on his cellphone plays the Wolverines' fight song, "The Victors."

从小在底特律长大,罗斯的父亲是个发明家,发明了自动售货机和燃料添加剂。但是他父亲大多数其它发明创造并赚不到什么钱,而作为底特律的石油钢铁巨 头的叔叔马克斯•菲什尔就在他侄子最困难的期间及时伸出了援手,在那时叔叔就变成为了他效仿的榜样。当罗斯还在上高中的时候跟随他的家人搬到迈阿密,之后 就读于迈阿密海滨高中,毕业的时候全年级440而他只排在第400位。

After practicing tax law for a few years in Detroit --"Being best known as Max Fisher's nephew was not the way to go through life" --Ross ventured to Wall Street, taking a job with Bear Stearns in 1970. It was clear from the start that the headstrong Ross didn't like working for anyone else. He soon clashed over a deal with a partner, who announced, "I have no confidence in Ross!" Ross shot back, "I have no confidence in you either. So go to hell!" He got fired the next day. A $10,000 loan from his mother paid for rent and meals while Ross sought to apply his expertise in tax law to development.

之后在底特律税法部门工作了几年, “鼎鼎大名的菲什尔的侄子不应该一直以这样的方式过完一生”——于是罗斯便前往华尔街寻找机会,1970年的时候在贝尔斯登得到了一份工作。当然了,刚愎 自用的罗斯从一开始就并不喜欢为其他人工作。刚进公司不久他跟合作伙伴就达成协议发生了冲突,对方直言不讳地宣布,“我对跟罗斯合作一丁点儿信心都没 有!”罗斯也毫不示弱地反击道,“我对你也没有一丁点儿信心!见鬼去吧!”第二天他就被炒了鱿鱼。这个时期,年轻的罗斯还在试图以他所具备的在税法专业知 识在事业上大展宏图的,而租房和吃饭的费用都是从他的母亲的那一万美元贷款里开销。

He realized that specializing in affordable housing had the potential to be highly lucrative, chiefly because the tax benefits were extremely enticing to investors. His first project was a 150-unit apartment complex in Woonsocket, R.I. It's a business Ross has pursued ever since. Although affordable-housing programs vary widely, the basic formula is generally similar, and Ross mastered it. He typically raises all the construction financing from the proceeds of low-interest municipal bonds and tax credits purchased by banks and wealthy individuals. "The investors get the tax credits; the cash flow goes to the developer," explains Ross. As a result, Ross would get to own the buildings --and collect a stream of rents that varied little in good times or bad --by investing small amounts of his own cash.

他发现保障性住房有税收优惠,单凭这一条会非常吸引投资者,专攻这一块有可能是非常有利可图的。于是位于罗得岛文索基特的150单元的公寓楼成为了 他的第一个项目,那是罗斯从那时起就买入的并且一直到现在都还在运作的生意。尽管不同的保障性住房项目细节会差别很大,但是基本公式原理通常是类似的,而 且罗斯已经将之牢牢掌握。

By the mid-1980s, Ross had established himself as a rising star in mainstream development as well, erecting residential towers on Manhattan's Upper East Side. But near disaster struck in the real estate crash of the early 1990s. "I was worth $350 million in 1988, and by the early 1990s, I was worse than broke," recalls Ross. "I owed the banks $120 million." Confident the market would recover, Ross bought time by allowing the banks to secure their loans with his finished and unfinished buildings. His uncle Max and his friend Pérez, among others, invested a total of $15 million in exchange for equity in Related, and later cashed out for four times their investment. Ross was able to keep most of his properties.

到1980年中期时,罗斯在曼哈顿的上东区装配了公寓住宅楼,此时的他俨然已经成为了一个引领主流发展的后起之秀。但在1990年代早期,发生了一 场几乎将房地产行业击溃的灾难。“在1988年我还有3.5亿的价值,直到1990年代初期,我的情况比破产还要糟糕,”罗斯回忆道。“当时我还欠了银行 1.2亿美元。”因为有着对市场复苏的自信,罗斯便将他那些已完成和未完成的建筑项目抵押给了银行,这也让他赢得了足够的时间。他的叔叔和他的朋友马克斯 佩雷斯共向瑞联投资了1500万美元以换取相关股权,后来还四次套现为其投资。这才使得罗斯能够保住大部分资产。

But the near-death experience changed his thinking forever. From then on, Ross shunned the high leverage that's routine with most developers. Today he raises around half the cost of his projects in equity that Related and its partners provide. Ross also learned the wisdom of getting gobs of cash from investors when times are good.


Ross believes in finding talented people and holding on to them. During a visit to the University of Michigan in 1988, a real estate professor told Ross, "You've got to hire this kid -- he's the brightest student I've ever had." The wunderkind was Jeff Blau, who would become Ross's ace dealmaker. Proving that he had the chutzpah necessary to work with Ross, Blau, whose father was a plumbing contractor and small developer in Queens, told Ross that he needed to get back to New York for the weekend and asked for a ride in Ross's plane. "I had no reason to go back to New York," says Blau. "I just wanted time on the plane with Stephen so he'd offer me a job." When Blau joined Ross full-time in 1990, Related was doing no new projects. The development staff had shrunk from 20 to four. Blau filled the time by commuting to Philadelphia to secure an MBA from Wharton. Blau told Ross that he'd work for him for a couple of years, then start his own business. "If you're as good as you think you are, I'll find a way to keep you," Ross told him. In September of 2012, Blau, 45, replaced Ross as Related's CEO.

罗斯认为找寻到了人才就应该留住他们。在1988年访问密歇根大学的时候,一位房地产教授告诉罗斯,“你无论如何都必须雇佣这孩子——他是我有过的 最聪明的学生。”而这个学生就是杰夫•布劳,后来变成了罗斯的王牌交易人。布劳的父亲是一个在皇后区专做管道和小型项目承包的开发商。后来事实也的确证明 杰夫•布劳有着与罗斯共事的必要的胆识,有一次他曾告诉罗斯他需要回到纽约度周末,并且请求搭乘罗斯的专机。“其实当时我并没有理由回到纽约,”布劳表 示,“我只是想争取在飞机上能与斯蒂芬先生有单独的时间共处,以说服他给我提供一份工作。” 1990年杰夫•布劳作为一个全职的正式员工加入时,罗斯并没有在做什么相关的新项目。事业发展部的人员从20减少到了4个。杰夫•布劳便趁着那段比较充 裕的时间往返费城沃顿商学院学习并获得了工商管理硕士学位。布劳告诉罗斯,他愿意先为他工作几年,然后再开始自己的事业。而罗斯回答道:“如果你就像你认 为的那么出色,那么我一定会找到一种方法让你留下。”到2012年9月,45岁的杰夫•布劳,正式取代罗斯成为瑞联的CEO。

Blau's tenure is a tribute to Ross's ability to keep ambitious lieutenants supremely challenged, as well as make them rich. Ross also recognizes that to keep such folks he needs to make them partners. Blau and Bruce Beal, Related's president, alone own 30% of Related, worth more than $2 billion. Unlike many New York developers, Ross -- who has two daughters from his first marriage and two stepdaughters -- has no relatives in the company.

安排布劳的接任企业管理其实是对罗斯如何能继续保持勃勃雄心以及如何让集团获利的一项极大的挑战。罗斯也意识到要想留下这样的人才是需要让他们成为 合作伙伴的。布劳和瑞联的总裁布鲁斯•比伊尔,每人都拥有Raleted 30%价值超过20亿美元的份额。而与许多纽约开发商不同的是,罗斯除了他从第一次婚姻留下的两个生女以及之后两个继女之外在公司内没有亲戚。

After a series of highly successful projects in the mid-'90s, Ross and his team captured the prize that made Related a truly major player: the Time Warner Center. Mayor Rudolph Giuliani called for proposals to transform the decrepit New York Coliseum convention center at Columbus Circle into a commercial hub. Ross proposed the largest, most daring mixed-use development in Manhattan history. The plan was incredibly complex and extremely expensive. But Ross was confident he could make all the elements work together. The major innovation was the extensive use of "vertical retail" -- four levels of stores and a plaza of restaurants, operated by top chefs, on the top floor. "Almost no one thought it would work," says Ken Himmel, a mixed-use specialist who ran the retail portion of the project and is playing the same role at the Hudson Yards. The other bidders put most of the retail on the ground floor, with a heavy concentration of banks and drugstores. Vertical retail, separate stores in a multistory complex, had never worked well in Manhattan. New Yorkers preferred department stores such as Macy's and Bloomingdale's. Or they shopped at the fancy boutiques on Madison Avenue.

在90年代中期经过一系列非常成功的项目之后,罗斯和他的团队终于俘获了一位真正的重量级行业领导者:时代华纳中心。当时鲁道夫•朱利安尼市长提议 将哥伦布圆环广场破旧的纽约中心大剧场改造成一个商业中心。于是罗斯提出了在当时曼哈顿的历史上最具规模而且最大胆的多功能综合开发的项目计划。这是个相 当复杂而且耗资不菲的计划。但罗斯非常有自信能让所有的元素在一起和谐工作。当时他大胆的创新是广泛使用“垂直零售”—— 四个楼层的商店以及一个在顶层的由大牌厨师亲自打理的餐厅广场。“当时几乎没有人认为这是可行的,”肯希默尔说,他是多功能综合开发项目专家专门负责零售 部分的工程,目前在哈德逊城市广场项目中担任同样的职务。其他参与投标的开发商都将大部分的零售店放在一楼,与密度十分集中的数家银行以及药店联在一起。 而垂直零售就是将商店分布在一个多层的综合建筑内,但这种垂直零售的方式之前在曼哈顿的效果并不理想。纽约人喜欢梅西百货和布卢明代尔这样的百货商店,或 者像麦迪逊大道这样的豪华精品购物街。

Ross believed his approach could work, but he felt he needed to hedge by finding a major anchor tenant for the office space. In early 1998 he wangled a five-minute slot on the schedule of Dick Parsons, the president of Time Warner (the parent of Fortune's publisher). "What do you want?" asked Parsons. "There are eight companies bidding on Columbus Circle, and they've all been here, and we don't need more space." Ross went into full promoter mode. "Dick, this isn't about space. It's about showcasing the greatest media company in the world," he said. Parsons grasped the brand value of having a trophy building, in a world-class location, named for his company. "I knew it would be an iconic place," Parsons told Fortune. "Our deal put Related on the map and transformed the West Side of Manhattan."

罗斯坚信他的方案是可行的,为了保险起见,他首先要做的就是找到有一个名气响亮商租户。在1998年初他终于设法得到与时代华纳总裁迪克•帕森斯 (财富的出版商之父)一个只有五分钟的见面机会。“你想要什么?”帕森斯问道。“有八家公司正在竞标哥伦布圆环广场项目,而且他们都曾到这里来找过我,我 说了,我们不再需要增加空间了。”而罗斯以一个专业市场推广顾问的角色说道:“迪克,这不是空间的问题。这是一个关于如何向世界展示最大传媒公司的问 题。”专门为一个公司在世界级的关键位置上建立一个标志性建筑,而且还以他的公司来命名。帕森斯已经被罗斯的品牌价值观给牢牢抓住。“我知道将来这肯定会 是一个标志性的场所,”帕森斯告诉《财富》。“正是从我们那笔交易开始改变了曼哈顿的西区,也让瑞联集团受到关注。”

The Time Warner Center started slopcmsy but proved incredibly lucrative. (If it moves to Hudson Yards, Time Warner will eventually vacate its namesake building.) Boasting upscale tenants from Hugo Boss to Tourneau, as well as a base of mid-tier stores, the vast shopping plazas generate spectacular rents; sales per square foot on the ground floor approach those for the same stores on Madison Avenue. And the prestigious restaurants, including Masa Takayama's Masa and Thomas Keller's Per Se, draw crowds to the upper level, right past the display windows of Sephora and J. Crew. That success in blending diverse elements provides a template for Hudson Yards.

时代华纳中心项目开始比较缓慢,但毫无疑问是个利润丰厚的产业。(如果将它移动到哈德逊城市广场,时代华纳将最终腾出其同名的建筑。)不论是从胡戈 波士还是唐龙这类高档租户,或是那些以中间消费层为主的商店,都在为这所巨大的购物广场带来数目壮观的租金。底楼的商铺每平方英尺的销售额已经赶上了开在 麦迪逊大道的同家店铺。还有那些吸引上层社会消费者的顶级奢华餐厅,包括著名的高山麻纱的日式餐厅和托马斯凯勒的Per Se法国餐厅,经过展示窗也能看到里面的丝芙兰连锁店和J. Crew品牌。华纳广场完美地将各路元素融合在一起,为哈德逊城市广场项目提供了一个成功的模板。

On the surface, Ross's approach to business, and everything else, can look haphazard and improvisational. Friends variously describe Ross as loud, rough, dramatic, and "a bull in a china shop." "When he goes after something, he's like a bulldog," says Pérez. "He shows total single-mindedness. What amazes me is how he blends that with an uncanny ability to keep and grow good people." A trademark tactic is to take the opposite side of almost every argument. He'll pop into a meeting about a new building where almost everyone in the room thinks it should have three uses and argue that three is too many. Then he'll invade the same meeting the next day and argue that four uses is a better idea. "He argues the opposite to make you defend your position," says Beal, Related's president. "He actually hasn't made up his mind and wants to listen to all the arguments, from every direction."

罗斯的经营的理念以及他对其它任何事物态度表面上看起来一切都很随意和即兴。朋友们对他却有各种不同的描述,他有着大嗓门、个性粗糙又戏剧性。“他 是个莽撞的人。”“看到猎物的时候他就会变得像猎犬一样死死追着不放”他的朋友佩雷斯是这么评价的,“在他身上体现了真诚率直与忠心不二。让我感到惊奇的 是不知道他是有怎样一种不可思议的力量,居然能将一切看起来不协调的东西混合到一起并维持良好成长。”在公司里,几乎每一场关于商标策略的讨论他都站在大 多数反对的那一边。有时他甚至会突然出现在一个关于新建筑的讨论会议中,几乎所有在场的人都认为它应该有三个用途,但是他会提出三个太多。然后第二天他又 会再次闯入同一个会议并提出四个用途会更好。“他之所以站在你的对立面与你争论就是为了让你极力为你的立场辩护” 瑞联的总裁比伊尔说道,“实事上在他还没有下定决心之前也想从不同的角度听听所有的讨论和想法。”

Before the crash of 2008, Ross made two strategic gambits that fortified Related for the turbulence ahead and provided the ballast needed to secure the Hudson Yards deal. Ross had recognized the gathering storm. "I knew the world would change," he says. He remembers how his uncle Max Fisher had secured oil for his filling stations on long-term contracts during the Great Depression when supplies were plentiful. "He had a steady flow when scarcity hit later, when no one else did," recalls Ross. So Ross decided he'd take in a lot of cash while it was plentiful. In December of 2007, he sold 25% of Related for $1.4 billion to five investors: Michael Dell's MSD Capital, Goldman Sachs, the Kuwait Investment Authority, Mubadala Development of Abu Dhabi, and the Olayan Group of Saudi Arabia. He used part of the cash to buy his first stake in the Dolphins. But a large portion went to bolster Related's working capital.

2008年的崩盘之前,罗斯做了两个战略决定,一是强化瑞联集团本身以对应对前方即将来临的金融风暴,二是为哈德逊城市广场项目提供必要的稳定基 石。当时罗斯已经意识到前方风暴正在聚集。“我知道世界会改变的,”他说,他记得在他的叔叔马克斯•费舍尔曾与石油加油站制定了长期合同以确保经济大萧条 时期也能供应充足。2007年12月,他把瑞联价值14亿美元25%的股份卖给了5位投资者,分别是迈克•戴尔的MSD资金、高盛投资、科威特投资局、阿 布扎比穆巴达拉发展公司,还有沙特阿拉伯的奥拉扬集团。他用了他自己的一部分现金买了海豚队第一股东的身份,但大部分都用作支持瑞联的营运资本。

When the real estate crash struck, Ross, Blau, and Beal made a second fateful decision: radically changing the business to keep staff in place. Ross announced that Related would suspend all projects not already being built. Blau's role was to find jobs that Related's people could perform to generate revenue in a bad market. "We wanted to keep all our people so they'd be ready to go when things turned around," says Blau. "We transformed our development people into workout people." For example, Related sent 100 staff members to Las Vegas to rescue the foreclosed-on, $3 billion Cosmopolitan hotel and casino. Related generated substantial fees on the project by reconfiguring it and completing construction on schedule and on budget.

在房地产市场崩盘的时期,罗斯,布劳和比伊尔做了第二个重大的决定:为了使员工留下而从根本上改变企业的业务内容。罗斯宣布,将暂停所有已经在建的 项目。而布劳就负责为瑞联的人找到一个能在这个整体市场都很糟糕的情况下还能得到收入的工作。“我们想留下所有的员工,就算是在逆境的时候也想让他们能作 好充足的准备去应对不得不离开的情况。”布劳回忆道,“我们让我们办公室开发部的员工变成了办事员”。 例如,当价值30亿美元丽都酒店和赌场将被没收的时候瑞联就派了100个员工到拉斯维加斯去赎。后来瑞联集团通过重新调整项目计划周转了一些运营经费,最 后也在预算内完成了施工进度。

Then, in early 2008, came the opportunity to bid on Hudson Yards --and it almost eluded Ross. The rail yards had originally been picked as the site for the Olympic Stadium in New York's campaign for the 2012 Games. But after the games were awarded to London, Mayor Bloomberg pivoted and asked top developers for their visions of a metropolis-size development. Ross signed up News Corp. as an anchor tenant and thought Related was a cinch to win. However, in March 2008, Bear Stearns collapsed, signaling the larger crisis to come. News Corp. withdrew the day before the final bids were due. Related effectively folded, and the city chose Tishman Speyer. Ross was disconsolate. Within days he was telling anyone who would listen that he shouldn't have been so cautious and rational and should have stayed in the race, even without an anchor tenant. "When Stephen lost the first time, he went through an unspeakable litany," says Marty Edelman, a real estate attorney with Paul Hastings and a longtime friend of Ross's. "He kicked everybody and anybody for everything. No one escaped except the doorman --until he finally settled on blaming himself."

之后在2008年初,哈德逊城市广场的项目机会差一点就和罗斯擦身而过。铁路站场最初被指定为纽约竞选2012年的奥运会的奥林匹克体育场。当伦敦 赢得了奥运会举办权之后,布隆伯格市长这才重新邀请顶尖开发商们一同讨论纽约的发展前景。由于罗斯当时签约了澳大利亚新闻集团作为主要商租户,瑞联集团本 以为可以稳操胜券。然而在2008年3月美国投资银行贝尔斯登的崩盘预示着更大的危机即将到来。新闻集团在最终投标的前一天撤销了合约,瑞联也只好退出竞 标申请,于是铁狮门地产公司中标。那之后罗斯一直闷闷不乐。几天后有人跟他说,他就不应该那么太过于谨慎,即使手里没有一个已签约的承租商户一样应该参加 项目竞标。“斯蒂芬的第一次失败给了段一个冗长又无法形容的经历,”一个罗斯老朋友,来自普衡律师事务所的房地产律师马蒂•埃德尔曼说,“那时候不论任何 人做任何事他都批评得相当严厉,除了门卫之外无一幸免,到最后他还是把所有责任都归给他自己。”

Miraculously, he got another chance: In late May 2008, Tishman Speyer suddenly dropped out. The city, desperate to get started, offered the deal to the previous bidders. Only Related stepped forward. However, in negotiations with the city and the MTA, which owned the site, Blau insisted on a major change to the terms. The Tishman Speyer deal had called for the developer to go to contract -- essentially commit to buying the land -- in four months and start making big payments two years later, in late 2010. Blau and Ross decided that in this dire market, they needed far more time. If they couldn't find tenants for several years, they'd be forced to make the large payments to the city without any income. The MTA agreed to charge no rent for five years after the closing.

但是事情的发展总是令人出乎意料,机会再一次降临到罗斯身上:2008年5月下旬,铁狮门地产公司突然宣布退出。可此时纽约的城市项目已经迫在眉 睫,政府只好重新再将项目提供给之前所有参与投标的开发商。而此时只有瑞联集团站了出来。但是在与市政府和有着土地所有权的纽约交通运输管理局就项目合约 谈判的时候,布劳坚持要变更一项主要条款。之前铁狮门地产公司的协议中合同上要求开发商执行——基本上要求是承诺四个月购买土地——而且将于两年之后的 2010年底开始向政府支付大笔土地款项。布劳和罗斯认为,在这样一个恶劣的市场环境下他们会需要比这要多得多的时间。试想万一在数年内他们找不到合适的 承租商户,那么也就意味着他们在还没有获得任何收入的时候就必须被迫从自己公司抽出相当大的一笔资金来维持项目运作。最终纽约交通运输管理局同意了在项目 开盘完成后的五年内将不收取租金。

But Ross remained nervous. He still feared that the payments could start long before the project generated any real income. Ross hatched a brainstorm that saved the day. He proposed that the closing be contingent on achieving three "triggers," or benchmarks, that, once reached, indicated a strong revival in real estate. They included measures based on residential prices and construction activity. The triggers were conceived by Ross as a strategy to buy time, since all three had to hit before Related could be forced to close on the land. Ross was essentially getting an option on the Hudson Yards. It was a wise move. "Even by early 2012, there wasn't a tenant to be found," says Blau. But then the market turned. In a major coup Related signed Coach as anchor tenant in its first tower. From that point on, the deal wasn't in doubt. Related officially closed on the land in April 2013, after investing $300 million in planning, deposits with the MTA, and foundation work.

但这并不能打消罗斯的顾虑,他仍然担心项目在将来产生任何实际收入之前就需要向政府支付土地款项。最终挽救这个局面的是罗斯策划的一场头脑风暴。他 提议在要同时激活三个“触发器”之后项目才开盘启动,这三个“触发器”也可以称为标准,其实就是预示着房地产行业限将开始强劲复兴的信号,这些信号包括针 对住宅价格的对策以及建设项目的开展。触发器的想法是罗斯为了赢得更多时间的一种战略尝试,也就是说必须在公司被迫关门之前将这三个“触发器”全部激活。 应该说这是一个明智之举,起码这让罗斯在哈德逊城市广场项目上多了一个选项。“甚至到了2012年初我们连一个租户都没有被找到,”布劳说。但之后的风向 又发生了偏转,瑞联集团终于成功地签下了寇驰作为主楼的商用租户。单从这一点来看,项目已经完全不再有顾虑。瑞联集团按投资计划拿出了3亿美元,这包括向 纽约交通运输管理局支付的款项和项目基础建设工作的费用。2013年4月项目土地块正式被瑞联集团圈封起来。

By dangling the promise of thousands of union jobs, Ross and Blau were able to negotiate crucial cost concessions from New York's construction unions. It was those concessions that enabled Related to offer Coach, Time Warner, and the other early tenants great deals for taking most of the space in the first two towers. Ross acknopcmsedges that he's breaking even at best on the early office deals and will generate slim margins from the tenants who are signing on, at higher rates, right now. All told, however, the Hudson Yards should prove highly profitable for Related because the big money is in retail and residential, and residential alone constitutes about half the project. Today condo and rental buildings in Manhattan sell for almost $3,000 per square foot, more than twice what office buildings fetch by the same measure. Related's edge is the low, and frozen, cost of land, even adding the high expense of installing platforms. "When residential prices rise, so do land costs, which takes away most of the profit," says Blau. "But we've locked in our land costs over many years. They can't be bid up." So Related will benefit hugely from future gains in prices.

建设项目落实后将带来成千上万的就业机会,也使罗斯和布劳在与纽约建筑工会谈判时能所掌握的能让对方作出关键妥协的重要条件。也正是由于这些工会的 让步才使瑞联集团有能力让寇驰、时代华纳以及其他在早期签约的租户在前两幢高楼中得到更多的空间。罗斯也承认他只能在项目早期维持无亏损经营状态,而且将 会从在那些在项目早期签约的租户以及现在以更高利率签约的租户的协议中产生微薄的利润。总之这些都应该能足以证明哈德逊城市广场项目是极为有利可图的。另 一方面,将来瑞联的大部分盈利的资金会来于零售及公寓住宅,因为设计为独立结构的住宅大约就占了项目的一半。截至发稿期,曼哈顿的住宅公寓的售价已经接近 每平方英尺3000美元,这个价格已经超过了有着相同面积的商用写字楼的两倍。就算在铁路站台上加铺了一层的造价昂贵的混凝土平台,低廉而且稳定的土地成 本使瑞联集团的优势依然。“当住房价格上涨的时候土地成本也会上升,所以到时候大部分的利润都将摊到更高的土地成本里去,”布劳解释说,“但是近几年的土 地成本不可能被抬高,因为我们已经将这几年的成本价格锁定了。” 毫无疑问将来房价大幅上涨的时候瑞联集团将从中受益。

Back on the elevated rail line, Ross points toward the Hudson Yards' five-acre public square. He's especially excited, he says, about the giant sculpture he has commissioned for the site -- his gift to the city and a monument that should be worthy of the grandeur of Hudson Yards. In typical Ross fashion, he's holding an epic sculpt-off, auditioning the works not of one great sculptor, but six. The contest is rumored to pit such legends as Anish Kapoor, Jeff Koons, Thomas Heatherwick, and Richard Serra, or others in their class, against one another. According to his staff, Ross is telling the famous contestants to "raise their games," to create something totally unlike anything they've done before. The colossal work will be many stories high and could cost upwards of $100 million. "This sculpture will be the greatest tourist attraction in New York," Ross immodestly predicts. "It will be more than the Christmas tree in Rockefeller Center, but 365 days a year. It will be to this city what the Eiffel Tower is to Paris." As Ross knows, you don't pull off the biggest real estate deal in U.S. history by dreaming --or talking --small.

此刻罗斯正站在高架铁路上,他一边指向哈德逊城市广场内5英亩的公共广场,一边特别兴奋地告诉我们他将在这里树立一座巨型的雕像——作为赠送给这座 城市的礼物,那应该是一座足以配得上哈德逊城市广场的庄严纪念碑。以罗斯一贯的作风,每次在他选择出一个史诗级的雕塑品的之前将会由不止一位而是由六位伟 大的雕塑家参与作品的筛选和评比。有传言说这场挑选广场纪念碑设计的比赛早就已经在业内吵得沸沸扬扬,就连像是芝加哥世纪公园“云门”的设计师安尼施•卡 普尔,美国著名的波普艺术家杰夫•昆斯,有着当代的达•芬奇美誉的托马斯•赫斯维克,以及极简主义雕塑大师理查德•塞拉这样的一些全球当红的顶尖建筑艺术 设计师都在为能让自己的艺术作品能屹立在广场上而争得不可开交。罗斯告诉这些著名的参选设计师要更多的去“激发潜力”也就是说要创造出一个与他们之前已经 设计过的任何作品都要完全不同的宏伟艺术品。这个巨大的雕塑将会有许多层楼那么高,造价可能将高达1亿美元。“将来要让这座雕塑成为纽约最大的旅游景点” 罗斯毫不谦虚的说。“一年365天它都矗立会在这里,绝对会超过洛克菲勒中心的圣诞树。它将来必定会成为纽约的象征,就如同巴黎的艾菲尔铁塔一样。” 正因为哈德逊城市广场是美国有史以来最大的房地产交易,罗斯当然知道,这绝对不是凭空幻想或者说只制定一个“小小的目标”就能够实现的。

This story is from the September 16, 2013 issue of Fortune.