He and his brothers built the World Financial Center in New York and the first phase of Canary Wharf in London. But their company was upended in 1992.
Albert Reichmann, the billionaire patriarch of a real estate dynasty that built the World Financial Center, became the largest private owner of commercial property in New York City, and began the transformation of London’s derelict Docklands into the gleaming Canary Wharf cluster of skyscrapers, died on Dec. 17 in Toronto, the family’s hometown. He was 93.
His death was confirmed by his grandson Robert S. Reichmann.
The ultra-Orthodox Jewish sons of a rabbi who fled Vienna with his wife and children in 1938 as the Nazis were poised to plunge Europe into war, Mr. Reichmann and his brothers were estimated by Forbes magazine to be worth nearly $10 billion before their real estate empire, Olympia & York Developments, plunged into bankruptcy in 1992. After drowning in debt as the London real estate property market collapsed, the Reichmanns reconstituted a multibillion-dollar portfolio, O & Y Properties, which they sold to Brookfield Properties in 2005.
Albert’s mother helped concentration camp inmates and refugees during World War II and he followed in her philanthropic footsteps by supporting Jewish schools and religious institutions around the globe, primarily in Israel, Hungary and the former Soviet Union.
“Albert’s avuncular temperament was better suited to giving away money than making it,” Anthony Bianco wrote in “The Reichmanns: Family, Faith, Fortune, and the Empire of Olympia & York” (1996).
Paul Reichmann, who died in 2013, was widely seen as the company’s ambitious, perhaps hubristic, deal maker. Prime Minister Margaret Thatcher personally recruited him to reinvent the Docklands. Albert was more focused on administration, construction and other internal workings of the family firm as it expanded in North America and Britain.
“Once, during a rare appearance at a country club reception for a visiting Israeli dignitary,” Mr. Bianco wrote, “Albert managed to evade news photographers by hiding behind a column for two hours and then walking out backwards. And Albert was supposed to be the outgoing one!”
Albert Reichmann was born in Vienna on Jan. 18, 1929. His father, Samuel, was a Hungarian-born exporter of eggs who had moved to Austria in 1928. His mother was Renée (Gestetner) Reichmann.
After the Anschluss, the annexation of Austria by Germany, Samuel transferred his bank accounts to London and converted his assets into gold, which he used to finance the family’s escape.
The Reichmanns moved to Paris and then to Tangiers, where Samuel became a currency trader. His wife led the family in packaging and forwarding food and other necessities to concentration camp inmates in Europe during World War II, via the Spanish Red Cross. The family’s home in Tangiers became a sanctuary for other refugees.
Albert was mostly home-schooled, his grandson said.
He married Egosah Feldman, a Romanian immigrant who taught school, in Israel in the mid-1950s. In 1959, the couple moved to Toronto. She died this year.
Mr. Reichmann is survived by their four children, Philip and David Reichmann, Bernice Koenig and Libby Gross; many grandchildren and great-grandchildren; and his youngest brother, Ralph, his only surviving sibling.
By the time Albert arrived in Toronto, two of this brothers, Edward and Louis, had established Olympia Floor & Wall Tile in Montreal, and his brother Ralph was in charge of the tile company’s Toronto affiliate. His brother Paul was running a property-development affiliate in Toronto.
With about $40,000 from his father, Albert formed York Factory Developments to build warehouses. In 1964, at their father’s urging, the brothers merged the companies into Olympia & York Industrial Development. A global real estate behemoth was born that would make the Reichmanns one of the world’s wealthiest and most philanthropic families.
Among the projects they built were Exchange Place in Boston, the Olympia Center in Chicago and the 72-story First Canadian Place in Toronto, which was the tallest building in Canada when it opened in 1975.
The World Financial Center, designed by Cesar Pelli, was built by Olympia & York across the street from the original World Trade Center. It is now known as Brookfield Place, after the company that bought the property.
John E. Zuccotti, a former New York deputy mayor who was named president of Olympia & York (U.S.A.) in 1989, became chairman of Brookfield in 1996.
In the late 1970s, while New York City was still reeling from its brush with municipal bankruptcy, the Reichmanns gobbled up some 10 million undervalued square feet of office space. That audacious gamble elevated them to the status of, as The Washington Post put it, the “Rothschilds of Canadian realty.”
As the city’s economy rebounded, the return on that investment helped finance other projects, including the World Financial Center and the riskier rehabilitation of the Docklands in London, which eventually proved to be an enormous commercial success .for its developers and investors — including the Reichmanns, who managed to renew a stake in the venture.
“There have been two great real estate deals in the history of New York,” Meyer S. Frucher, chief executive of the Battery Park City Authority, the state agency that owns the land under the World Financial Center, told The New York Times in 1987. “The first was when the Dutch bought the island of Manhattan. The second was when the Canadians bought the island again.”
TORONTO, Jan. 30, 2023 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into an agreement to provide mortgage solutions to Your Home Sold Guaranteed Realty (“YHSGR”), its agents and their clients.
8Twelve’s proprietary INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products.
“At Your Home Sold Guaranteed Realty, we invest in our agents more than any brokerage you will find,” said Todd Walters, CEO and Co-Founder. “Partnering with 8Twelve fits our model perfectly because we consistently equip our agents with differentiating tools that help them to build their business and dominate in the industry. This partnership ensures that YHSRG realtors have the best tool to secure financing for their deals.”
YHSGR is the only real estate brokerage in North America to be licensed by the US and Canada’s #1 real estate Coach Craig Proctor. The distinction brings with it exclusive access to Craig Proctor’s proprietary business teachings and systems for YHSGR agents; systems that have been proven to create more millionaire agents than any other real estate trainer or coach.
“With rising interest rates and tighter lending requirements, Canadians now more than ever need to know all their home financing options,” said Akber Abbas, President & Chief Information Officer of 8Twelve. “This agreement highlights the strength of our service offering in enabling large scale enterprises to deliver the best financing solutions to their clients.”
8Twelve is seeing increased interest and user success in its offering as companies are exploring more ways to help their clients. 8Twelve’s secure, smart technology is able to provide fast turnarounds and exceptional service levels to homebuyers as it strives to provide a mortgage solution for every borrower situation.
About Your Home Sold Guaranteed Realty Your Home Sold Guaranteed Realty was founded with this vision: To Be the Best Place to Work, Buy, and Sell Real Estate! We are proud to be one of the fastest-growing real estate companies nationwide. If you’re looking to buy or sell a home, Your Home Sold Guaranteed Realty is there for you every step of the way. You can count on knowledgeable agents with PERFORMANCE GUARANTEES that are ready to handle every situation, giving you the peace of mind that you made the perfect choice in a Real Estate Agent and Company!
About 8Twelve Financial Technologies 8Twelve is transforming the home financing experience by providing consumers with one convenient platform to solve all their mortgage needs. Gone are the days of needing to search for a mortgage through multiple providers such as banks, mortgage brokers, and private lenders. Borrowers can now access Canada’s largest selection of mortgages in one convenient marketplace. 8Twelve’s proprietary cloud platform INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible financing solution in the Canadian market (from over 65 lenders and over 7000 mortgage products).
Housing sales have been dropping in Saskatoon. However, sales are still higher than the 10-year-trend according to the Saskatchewan Realtors Association (SRA). For those searching for something a little above average, the Saskatoon market still has some of the top luxury homes to offer.
Here are six of the most expensive homes in the region.
A four-bedroom, six-bathroom home in the Nutana neighbourhood. The property has direct access to the South Saskatchewan River and offers captivating views. Over four-thousand square feet spread over three levels, including a developed basement. It also has an in-ground pool, courtyard and a dock at the river’s edge. The open-concept kitchen contains a butler’s pantry, coupled with a formal living and dining room on the main floor.
A four-bedroom, three-bath luxury home overlooking the South Saskatchewan River. This property was custom created to make the most of the breathtaking view. It offers floor-to-ceiling windows, an ultra-private rear courtyard with a built-in cooking area, a basement that has a space for a live-in nanny suite and a home gym. It also has a unique high-heel style bathtub in the master bedroom.
This five-bedroom, four-bathroom home offers views of the South Saskatchewan River. It is also automated, which means you can control elements through your phone, such as windows, temperature, surround sound, lighting and security system. There is also a four-car garage on the property, a second-flood deck and landscaping.
A five-bedroom, seven-bathroom home that offers a lot of space and comes completely furnished, except for the piano. In the basement, there is a theatre room, powder room, and storage room. The main level features a powder room, pantry and kitchen with Miele appliances. In the yard, there is a ground-level patio and a triple garage that offers direct entry to the basement.
One of Saskatoon’s original mansions, this 5-bedroom, 4-bathroom home was designed by Frank P. Martin, a well-known architect from the 1900s. Renovations have kept the original plan while updating the wiring, plumbing and more. This home features a private rooftop patio, a third-floor self-contained suite that is separate from the rest of the home, and the original carriage house with a loft.
This four-bedroom, three-bathroom home was built in 1962 by George Kerr in the Mid-Century Modern Style. It includes a large art studio, a floating staircase, a 20-foot ceiling and floor-to-ceiling windows. It offers views of the green space in Grosvenor Park and is a short walk to the University of Saskatchewan.