Chutzpah

I do not typically view this column as an outlet for obituaries. However, this time I will make an exception to reflect on Paul Reichmann, who was the chief strategist and architect of Olympia & York. Reichmann died last Friday, and we lost one of the great developers of all time.

I grew-up in the real estate business in New York City in the '70s, when iconic family businesses that built the office and apartment high-rise buildings were working on their second generation of leadership such as the Rudins, the Resnicks, the Dursts, Tishman-Speyer, and many more. One name that emerged that decade was Paul Reichmann and his company, Olympia & York, who entered Manhattan from north of the border in Canada.

O&Y acquired the portfolio of the Uris family, who went bust during the recession of that era. That acquisition launched O&Y into the major leagues and set the stage for the development of World Financial Center, across from the World Trade Center. Reichmann was caught by the recession of the early 90's and filed bankruptcy, only to emerge again in London to develop Canary Wharf.

The size, scope and scale of Reichmann's vision and accomplishments are legendary and worthy of note on his passing. Oh, and Reichmann had one other important ingredient: chutzpah, the Yiddish word meaning courage, mettle or ardor that an individual has.

Paul certainly had plenty of chutzpah. He will be missed.

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