The empire builders: the Reichmanns built by taking risks

Article Abstract:

The three Reichmann brothers, Albert, Paul, and Ralph, created their privately held real estate empire after branching out from importing tiles and marble to real estate. Their Olympia & York Developments Ltd prospered due to their astute deal-making and Paul Reichmann's gambler's instinct.

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The death of the Reichmann's dream

Article Abstract:

The Reichmann family's passion for secrecy has caused them to lose some control of Olympia & York Developments Ltd, which is burdened by $23 billion in debt. The investment community might have met the Reichmann's cash needs if it had been kept abreast of the firm's financial developments.

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Why this canary may never fly

Article Abstract:

The Canary Wharf office building development in London, England, may be the key factor in Olympia & York Development's financial troubles. The project suffers from extravagant spending, a weak real estate market and no practical mass transportation system to the site.

Finance, Column, Office buildings, Canary Wharf Development Co.

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