Olympia and York

[3] The company then took a major gamble, winning the fierce bidding war for the final undeveloped property at the corner of King and Bay street (the geographic heart of Canada's financial district).

[2] In the early 1980s the New York City real estate market was severely depressed, and the Reichmanns bought a group of nine skyscrapers for the low price of $300 million.

The 83-acre (336,000 m2) site would become the largest development project in the world, which would incorporate One Canada Square, Britain's tallest skyscraper at the time.

The office space at Canary Wharf remained largely empty, and Olympia & York began to run out of cash.

At the same time, New York City and its real estate market began a deep recession, and Olympia & York, which was now the largest property holder in Manhattan, began to feel cash flow problems which deeply affected the pyramid-like financing strategy that the Reichmann brothers had adopted.

The company was finally dismembered in February 1993, and the Reichmanns were left with only a small rump known as Olympia & York Properties Corporation.

The new company has again grown into a multibillion-dollar firm, including retaining a large stake of the now prosperous Canary Wharf project.

[9][10] A list of notable O&Y current and previous ownership properties: Following the collapse of Olympia and York, the Reichmanns began to rebuild their empire.