Edward Reichmann
Encyclopedia
Edward Reichmann was the oldest of the five Reichmann brothers, famed for their global business empire.
Edward was born to Samuel Reichmann a wealthy Vienna
merchant of Hungarian
origin. The family was lucky to escape Austria before the Nazi
invasion leaving the country on the morning of Anschluss
to tend to Edward's grandfather David who had suffered a stroke. From Hungary the family made its way to Paris
and then the neutral city of Tangier
where Samuel established a successful business in currency trading.
Edward was the first of the Reichmann's to emigrate to Canada
. He liked Canada, being attracted by Montreal
's large Jewish community and favourable economic prospects. In Montreal, he joined with his brother Louis to found Olympia Floor and Tile, a company that imported tiles from overseas. The business was a success. When Edward's three younger brothers Paul
, Albert
, and Ralph moved to Canada, he convinced them to settle in Toronto
and open a branch of the tile company there.
In Toronto, Edward's three brothers quickly moved into building and property development. Edward, seeing their success, also moved into this industry. Unlike his four other brothers, Edward was brash and outspoken and frequently courted the media. He also put much energy into building connections with the city's political elite, including becoming a close associate of mayor Jean Drapeau
.
Despite a number of major projects, Edward Reichmann's construction ventures did not prosper. Nearing bankruptcy, the company only survived through a massive bailout by his Toronto based brothers. Edward felt embarrassed at having to be rescued by his younger brothers and left Canada for Israel
. There, he again turned to property development, rising to become Israel's fifteenth richest man. These ventures were largely unaffected by the collapse of his brothers' Olympia and York
company.
Edward was born to Samuel Reichmann a wealthy Vienna
Vienna
Vienna is the capital and largest city of the Republic of Austria and one of the nine states of Austria. Vienna is Austria's primary city, with a population of about 1.723 million , and is by far the largest city in Austria, as well as its cultural, economic, and political centre...
merchant of Hungarian
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
origin. The family was lucky to escape Austria before the Nazi
Nazism
Nazism, the common short form name of National Socialism was the ideology and practice of the Nazi Party and of Nazi Germany...
invasion leaving the country on the morning of Anschluss
Anschluss
The Anschluss , also known as the ', was the occupation and annexation of Austria into Nazi Germany in 1938....
to tend to Edward's grandfather David who had suffered a stroke. From Hungary the family made its way to Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
and then the neutral city of Tangier
Tangier
Tangier, also Tangiers is a city in northern Morocco with a population of about 700,000 . It lies on the North African coast at the western entrance to the Strait of Gibraltar where the Mediterranean meets the Atlantic Ocean off Cape Spartel...
where Samuel established a successful business in currency trading.
Edward was the first of the Reichmann's to emigrate to Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. He liked Canada, being attracted by Montreal
Montreal
Montreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
's large Jewish community and favourable economic prospects. In Montreal, he joined with his brother Louis to found Olympia Floor and Tile, a company that imported tiles from overseas. The business was a success. When Edward's three younger brothers Paul
Paul Reichmann
Paul Reichmann is a Canadian businessman best known for his leadership of the Olympia & York a real estate development company.-Formative years:Reichmann was born in Vienna in 1930 to Samuel Reichmann, a wealthy egg merchant and his wife René...
, Albert
Albert Reichmann
Albert Reichmann was one of the five brothers that controlled the Reichmann business empire.-Life:Albert joined his brothers Paul and Ralph in Toronto...
, and Ralph moved to Canada, he convinced them to settle in Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
and open a branch of the tile company there.
In Toronto, Edward's three brothers quickly moved into building and property development. Edward, seeing their success, also moved into this industry. Unlike his four other brothers, Edward was brash and outspoken and frequently courted the media. He also put much energy into building connections with the city's political elite, including becoming a close associate of mayor Jean Drapeau
Jean Drapeau
Jean Drapeau, was a Canadian lawyer and politician who served as mayor of Montreal from 1954 to 1957 and 1960 to 1986...
.
Despite a number of major projects, Edward Reichmann's construction ventures did not prosper. Nearing bankruptcy, the company only survived through a massive bailout by his Toronto based brothers. Edward felt embarrassed at having to be rescued by his younger brothers and left Canada for Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
. There, he again turned to property development, rising to become Israel's fifteenth richest man. These ventures were largely unaffected by the collapse of his brothers' Olympia and York
Olympia and York
Olympia & York was once a major international property development firm based in Canada. The firm built major financial office complexes like Canary Wharf in London, the World Financial Center in New York City and First Canadian Place in Toronto...
company.