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bankruptcy, he bought eight Manhattan skyscrapers for US$320 million. The value of the buildings soon tripled to more than $1 billion.
when he resigned under an ownership change that also saw the value of his stake in the project climb higher.
fact is that we always been open, except that, as far as the business community or the public is concerned, there is no interest in knowing exactly where this fellow was born or where he comes from, he said in an interview with The Canadian Press in late 1985.
He had a reputation for integrity, an aversion to publicity and a deep commitment to the Orthodox Jewish faith. He preferred to seal his business deals with a handshake instead of corporate lawyers.
developer behind Canary Wharf
Reichmann, who died Friday at the age of 83, built Olympia and York Developments into a $25 billion empire that was once the world largest private real estate company, and whose key buildings remain prominent fixtures in their communities.
Part of the Reichmann mystique was an uncanny shrewdness revealed over and over until it lost its currency with O and Y disintegration in the commercial real estate bust of the early 1990s.
The Reichmanns first became a force in Canadian real estate in the 1970s, as they expanded their presence from Toronto to Ottawa and the West. What became O and Y flagship property in Canada, the 72 storey marble covered First Canadian Place in downtown Toronto, was finished in 1975.
He could also be dismissive of those who raised questions about his business empire. In a December 1990 interview with the New York Times, for example, he said people speculating that O and Y was pressed for cash were who don know what they are talking about. a sense, Reichmann Nike Air Max 2016 Navy Blue
vision made O and Y great, and that same vision was the company downfall.
Paul Reichmann was born in 1931, the son of a Vienna egg exporter. His family fled the Nazis during the 1940s and ended up in the Moroccan port of Tangier for several years before arriving in Canada in 1956.
TORONTO Few Canadian business executives ever achieved the legendary status Paul Reichmann did in the years before his family controlled real estate empire collapsed.
The $7 billion, 28.5 hectare Canary Wharf monopolized Reichmann time and money when a recession in North America was relentlessly shrinking property values and slashing rental revenues.
By the time O and Y was emerging from the court proceedings in January 1993 it was little more than a manager of the properties it once owned.
In the ensuing years, O and Y built the World Financial Centre in New York and acquired enough properties in Canada and the United States to rank as the world largest private landlord. To diversify, Reichmann also engineered a string of costly investments in the newsprint maker then known as Abitibi Price Inc. and Gulf Canada Resources Ltd.
In the midst of an economic slump in which New York City flirted with Nike Air Max Ultra Breathe
But in less than a week, Reichmann announced plans to form a new real estate investment partnership with New York based financier George Soros. Later, he returned as chairman of Canary Wharf and held the position until 2004 Air Max For Boys 2016
are certain types of activity which are totally within the private realm and don concern anyone. that in mind, O and Y was a private company, which means that its size and ownership was never certain, and the family dismissed questions about how much money they had.
Among the major financial complexes it built were Canary Wharf in London, the World Financial Center in New York City and First Canadian Place, the tallest skyscraper in Toronto.
But Britain slumped and its commercial real estate market withered.
O and Y filed for court protection from creditors in May 1992 with a debt of $8.6 billion. Canary Wharf was taken over by a liquidator shortly after.
Above all, Paul Reichmann seemed to crave privacy for himself, his financial affairs and his family, dispensing occasional interviews only to selected publications.
someone says is your net worth or your family net worth or your private company net work? It is nobody business basically, Reichmann said.
When O and Y took over the Canary Wharf project in London east end docklands in 1987, Reichmann believed London was on its way to an new era of prosperity under then prime minister Margaret Thatcher.
Reichmann, with his brothers Albert and Ralph, turned a Toronto tile company into a major international property developer that became the name behind some of the best known projects in the world before eventually going bankrupt in the early 1990s.
An employee for ReichmannHauer Capital Partners, a Toronto company run by his son in law Frank Hauer and nephew Phillip Reichmann, confirmed his death. She provided no further details and wouldn give her name.
The family opened a tile importing venture that led to real estate when the brothers realized it would be cheaper to construct a new warehouse themselves than hire a builder.
Two years later, Reichmann made a deal that has since been celebrated as the quintessence of his business acumen.
With his once cordial relationship with bankers deteriorating by the minute, Reichmann tried to turn things around by hiring a respected New York banking executive to be president of O and Y. The banker soon quit amid rumours that Reichmann was unwilling to hand over control.
However, he preferred to downplay suggestions that he and his family were publicity shy.
When a journalist wrote an in depth profile of the family for Toronto Life magazine in Nike Flyknit Max 2016 Price 1987, Reichmann launched a $102 million libel suit that was settled out of court years later.
Unmistakable in appearance with his full beard, piercing brown eyes and ever present dark business suit and yarmulke, Reichmann was a business tycoon with a soul.
For years, the brothers appeared in lists of the world Top 10 richest families. Their fortune was estimated as high as $12.8 billion US in 1991 and, although they lived well, the Reichmanns were not ostentatious. He and his brothers closed their offices on the Sabbath and other holy days and were active philanthropists who gave away millions of dollars in donations.
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