Reichmann family
A Jewish-Canadian family best known for building the Olympia & York property empire.
Last updated August 24, 2026
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Overview
The Reichmann family is a Jewish-Canadian business family whose international reputation was built principally through Olympia & York, a privately controlled real-estate company that became one of the largest property development and management groups in the world during the 1980s. The family’s business history began with migration and commerce rather than with a single modern consumer brand. The Reichmanns originated in Beled, Hungary, and moved to Vienna in 1928, where Samuel Reichmann established himself as a merchant. During the Second World War the family moved through Paris and later settled in Tangier, Morocco. Samuel became active in currency trading, while his wife, Renée, was involved in humanitarian work supporting Holocaust victims. The family’s later Canadian business platform was established by Edward Reichmann, who moved to Montreal and founded Olympia Flooring and Tile Company in 1955. The company imported European tiles and provided the initial commercial base for the family’s expansion. Other members of the family moved to Canada in 1956, with Louis joining Edward in Montreal and Albert, Paul, and Ralph settling in Toronto. The Toronto-based members expanded from tile distribution into construction and property development under the York Developments name. In 1969, the family consolidated its activities through the incorporation of Olympia & York, generally known as O&Y. O&Y expanded rapidly in Canada, the United States, and the United Kingdom. It developed and managed major office properties, including First Canadian Place in Toronto and the World Financial Center in Manhattan. The company also acquired established property and resource businesses, including English Property Corporation, Abitibi-Price, and a majority interest in Gulf Canada Resources. At its height, the family’s combined wealth was estimated at approximately $13 billion, placing it among the richest families in the world. These estimates refer to the family’s peak period and are not a current valuation. The family’s fortunes turned sharply because of Canary Wharf, a large redevelopment of former docklands in London. The project was intended to create a new financial district and was encouraged by the British government under Prime Minister Margaret Thatcher. O&Y built substantial office capacity, but financial institutions were initially reluctant to relocate east of the traditional City of London. High development costs, weak demand, and the company’s leverage contributed to a severe financial crisis. O&Y filed for bankruptcy protection in 1992 with reported debts of approximately $20 billion, then described as one of the largest corporate failures of its kind. A later generation rebuilt part of the family’s property platform. In 1997, Philip Reichmann, the son of Albert Reichmann, and Frank Hauer, Paul Reichmann’s son-in-law, relaunched the business as O&Y Properties Inc. and reacquired First Canadian Place. That company was sold in 2005. Members and descendants of the family have subsequently remained associated with property development, tiles and stone, and retirement-care activities, although the family no longer occupies the same dominant position in global real estate that it held during O&Y’s peak. The family has also maintained a strong commitment to Haredi Judaism and philanthropic activity. In 2019, descendants donated US$5 million to the Tangier Holocaust Memorial.
History
The Reichmann family originated in the Hungarian town of Beled. In 1928, Samuel Reichmann moved the family to Vienna, where he became a successful merchant. Samuel and his wife, Renée, had six children: Eva, Edward, Louis, Albert, Paul, and Ralph. During the Second World War, the family fled first to Paris and later to Tangier, Morocco. Tangier became an important stage in the family’s commercial and social history. Samuel developed a business in currency trading, while Renée became known for humanitarian work on behalf of Holocaust victims, including efforts to send food parcels through the Spanish Red Cross. The family eventually left Morocco amid the political uncertainty surrounding Moroccan independence. Edward moved to Montreal and, in 1955, established Olympia Flooring and Tile Company, importing European tiles. The business gave the family an initial foothold in Canada. In 1956, other family members joined the Canadian enterprise. Louis worked with Edward in Montreal, while Albert, Paul, and Ralph settled in Toronto. The Toronto group expanded the tile operation into construction and property development, forming the business associated with York Developments. Ralph remained closely involved with the tile side, while Albert and Paul became central figures in the developing real-estate enterprise. The family’s businesses were not always uniformly successful. Edward’s Montreal operation later experienced serious financial difficulty and was supported by a bailout from his younger brothers in Toronto. Edward subsequently left Canada for Israel. The family nevertheless continued consolidating its commercial activities. Olympia & York was incorporated in 1969 as a privately held company controlled by the family, and it began operating in the United States in 1976. During the 1970s and 1980s, Olympia & York became a major force in commercial property. Its projects in Toronto and New York included First Canadian Place and the World Financial Center. The company also pursued acquisitions outside its core development business. It bought English Property Corporation in 1980, acquired Abitibi-Price in 1981 for a reported $502 million, and obtained a majority interest in Gulf Canada Resources in 1985. These transactions broadened the family’s corporate reach and contributed to the perception of Olympia & York as a global business empire rather than a regional developer. The family’s public profile and wealth reached their high point during this period. Their combined fortune was estimated at approximately $13 billion, a figure that placed them fourth among the world’s richest families according to the cited historical account. The family also maintained a strong commitment to Haredi Judaism, which shaped its community identity and philanthropic activities. The decisive turning point was Canary Wharf in London. In 1987, Prime Minister Margaret Thatcher encouraged Paul Reichmann to redevelop the former docklands into a new financial center. Olympia & York undertook a vast construction program, but the project struggled because banks and other financial institutions were initially unwilling to move away from the established City of London. The resulting mismatch between completed office space, financing obligations, and tenant demand placed heavy pressure on the company. In 1992, Olympia & York filed for bankruptcy with reported debts of approximately $20 billion. The collapse substantially reduced the family’s fortune and ended its period of dominance in international commercial real estate. The family later rebuilt part of its Canadian property interests. In 1997, Albert’s son Philip Reichmann and Paul’s son-in-law Frank Hauer relaunched the business as O&Y Properties Inc. and bought back First Canadian Place. That company was sold in 2005. Subsequent family-linked activities have included tile and stone businesses, retirement care, and real-estate development projects in different markets. The family’s financial position partially recovered, with a 2018 estimate placing its wealth at approximately $2.3 billion; this was still far below the reported peak and should be understood as a historical estimate rather than a current audited figure. In 2019, descendants made a US$5 million donation to the Tangier Holocaust Memorial.
- 2019
Donation to the Tangier Holocaust Memorial
[1]Family descendants donated US$5 million to the Tangier Holocaust Memorial.
- 2005
O&Y Properties is sold
[1]The relaunched property company was sold.
- 1997
O&Y Properties is relaunched
[1]Philip Reichmann and Frank Hauer relaunched the family’s property business and reacquired First Canadian Place.
- 1992
Olympia & York files for bankruptcy
[1]The Canary Wharf project contributed to the collapse of Olympia & York, which filed for bankruptcy with reported debts of approximately $20 billion.
- 1987
Canary Wharf redevelopment begins under Olympia & York
[1]Paul Reichmann took on the redevelopment of London’s docklands into a proposed financial center.
- 1985
Majority interest in Gulf Canada Resources is acquired
[1]The family acquired a majority interest in Gulf Canada Resources in a transaction described as the second-largest takeover in Canadian history at the time.
- 1981
Abitibi-Price is acquired
[1]Olympia & York acquired Abitibi-Price, described in the reference account as the world’s largest newspaper producer at the time.
- 1980
English Property Corporation is acquired
[1]Olympia & York bought English Property Corporation, strengthening its position in the British development market.
- 1976
Olympia & York begins United States operations
[1]The company expanded its operating activities into the United States.
- 1969
Olympia & York is incorporated
[1]The family incorporated Olympia & York as a privately controlled real-estate company.
Products and positioning
A privately controlled, family-led property and investment group that combined large-scale commercial real-estate development with operating businesses and long-term family ownership.
Tiles and flooring · 1955
Olympia Flooring and Tile Company
Founded by Edward Reichmann in Montreal in 1955, Olympia Flooring and Tile Company imported European tiles. The business was the family’s initial Canadian enterprise and remained connected to later tile and stone activities.
Commercial office property
First Canadian Place
First Canadian Place is a landmark Toronto office development associated with Olympia & York. It became one of the family’s best-known Canadian properties and was reacquired by O&Y Properties after the family business was relaunched in 1997.
Commercial office property
World Financial Center
The World Financial Center in Manhattan was among Olympia & York’s major American developments. Its success helped establish the company’s reputation for large-scale office projects and influenced the family’s later involvement in Canary Wharf.
Urban redevelopment and commercial office property · 1987
Canary Wharf
Canary Wharf was Olympia & York’s ambitious redevelopment of former London docklands into a financial district. The project involved extensive office construction but initially suffered from weak tenant demand and became the central cause of the group’s 1992 bankruptcy.
Brand decisions
1997
Rebuild the family property platform through O&Y PropertiesStrategyBackground
After Olympia & York’s bankruptcy, the family sought to re-establish a presence in Canadian commercial real estate.
Action taken
Philip Reichmann and Frank Hauer relaunched the company as O&Y Properties Inc. and bought back First Canadian Place.
Aftermath
The rebuilt company operated until its sale in 2005.
1987
Pursue the Canary Wharf financial-district redevelopmentStrategyBackground
The British government sought to transform London’s former docklands and encouraged Paul Reichmann to apply Olympia & York’s large-scale development experience to the area.
Action taken
Olympia & York undertook a major office-development program at Canary Wharf, aiming to create a new center for financial institutions.
Aftermath
Banks were initially reluctant to relocate from the City of London. The resulting demand and financing problems contributed to Olympia & York’s bankruptcy in 1992.
Reported debt at bankruptcy. Approximately US$20 billion (1992)
Sources1 sources
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