The founder of the real estate dynasty that built the World Financial Center, Albert Reichmann, died in Toronto on December 17th. The man was 93.
Robert S Reichmann confirmed his death.
The ultra-Orthodox Jewish sons of a rabbi who fled Vienna with his wife and children in 1938 were estimated by Forbes magazine to be worth nearly $10 billion. As the London real estate market collapsed, the Reichmanns reconstituted a multi-billion dollar portfolio, O & Y Properties, which they sold to a different company.
Albert followed in his mother's philanthropic footsteps by supporting Jewish schools and religious institutions around the world, most notably in Israel, Hungary and the former Soviet Union.
Anthony Bianco wrote that Albert was better suited to giving away money than making it.
Paul Reichmann was seen as the company's deal maker. Margaret Thatcher recruited him to do something. Albert was more focused on administration, construction and other internal workings of the family firm as it expanded.
During a rare appearance at a country club reception for a visiting Israeli dignitaryAlbert hid behind a column for two hours and then walked out backwards. Albert was supposed to be the one who left the party.
Albert Reichmann was born in Austria. Samuel was a Hungarian born exporter of eggs who moved to Austria in the 1920's. Renée Reichmann was his mom.
Samuel converted his assets into gold in order to finance the family's escape after Austria was annexed by Germany.
Samuel became a currency trader after the Reichmann's moved to Paris. The family used the Spanish Red Cross to send food and other necessities to concentration camp inmates during World War II. The family's home became a place of refuge for other refugees.
Albert's grandson said that Albert was mostly home-school.
He was married to a teacher in Israel in the mid 1950's. The couple relocated to Toronto in 1959. She passed away this year.
Mr. Reichmann is survived by his four children and his only surviving sibling.
By the time Albert arrived in Toronto, his brothers had established a tile company in Montreal and his brother was in charge of the Toronto branch. His brother ran a property-development business.
Albert formed York Factory Developments with his father's money. The brothers merged the companies at their father's request. The Reichmanns are one of the world's richest and most philanthropic families.
The First Canadian Place in Toronto, which was the tallest building in Canada when it opened in 1975, was one of the projects they built.
Cesar Pelli designed the World Financial Center which is across the street from the World Trade Center. The company that bought the property changed the name of the place.
In 1996, John Zuccotti, a former New York deputy mayor, became chairman of the company.
The Reichmanns purchased 10 million square feet of office space in New York City in the late 1970s. The Washington Post referred to them as theRothschilds of Canadian real estate.
The return on that investment helped finance other projects, including the World Financial Center, which eventually proved to be an enormous commercial success for its developers and investors, including the Reichmanns.
According to The New York Times in 1987, there have been two great real estate deals in New York. The Dutch purchased the island of Manhattan. The Canadians purchased the island again.
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