Can The Reichmanns Hang Tough?

In the past, Paul Reichmann almost welcomed recessions, so he could sweep up real estate in New York, Toronto, and elsewhere at bargain prices and expand the sprawling Olympia & York empire. But the current recession in real estate is as dark as the fog that swirled outside his Toronto office on a recent morning. It's "the worst I've seen," he says, in the 30 years since he and his two brothers began building O&Y into the world's leading developer.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.