Ian Bruce Eichner | |
|---|---|
| Born | (1946-06-25)June 25, 1946 (age 78) New York City, New York |
| Nationality | American |
| Education | B.A.University at Buffalo J.D.University of Cincinnati College of Law |
| Occupation | Real Estate Developer |
| Known for | founder of The Continuum Company, LLC |
| Spouse | Leslie Ann Hollander |
| Children | Lindsay Eichner, Alexandra Eichner |
Ian Bruce Eichner (born June 25, 1945)[1] is an American real estate developer and founder of The Continuum Company, LLC.
Eichner was born to aJewish family in New York City.[2] His father went to fight in World War II and abandoned the family thereafter.[2] His stepfather, Herman Eichner, was an Austrian immigrant and professor.[2] He went toStuyvesant High School and worked forRepublic Steel while in high school andSears Roebuck while in college.[2] In 1962, he attended theUniversity of New Mexico for a year and the graduated from theUniversity at Buffalo[2] with a B.A. in history[1] and then with a J.D. from theUniversity of Cincinnati College of Law in 1969.[3] He then took a job with the office ofdistrict attorneyFrank Hogan and then as an assistant district attorney in Brooklyn with Eugene Gold.[2]
In 1969, he purchased and renovated his first building inPark Slope, Brooklyn on borrowed money.[2] Using the proceeds from the sale of his first building, he started buying apartment buildings inPark Slope and converting them intocooperatives.[2] From 1971 to 1975, he worked for the New York State Division of Criminal Justice services.[2] He purchased the Franklin Arms inBrooklyn Heights which he profited $1 million and lost it all after purchasing theHotel Margaret in Brooklyn Heights which burned to the ground after a construction accident. He ultimately built a new building on the site and made his money back.[2] A mentor of his, Ron Altman, introduced him toVictor Smorgon ofMelbourne, Australia who invested $4 million to build a high rise.[2] He had several novel ideas in the buildings he built thereafter: he built buildings with the smallest units on the lower floors and the larger units on the taller floors; and he built the lobbies first (as people want to see the lobby before they move in); and he would build model apartments on the higher floors (with their spectacular views).[2] Smorgon's investment was profitable and Eichner went on to buildCityspire,1540 Broadway, 180 Montague in Brooklyn Heights (later sold toCharles E. Smith'sArchstone), and theContinuum on South Beach inMiami Beach.[2] The 1990s were difficult and Eichner lost Cityspire to theBank of Nova Scotia, 1540 Broadway to bankruptcy and ultimately toBertelsmann A.G. as its headquarters,[3][4] and theCosmopolitan of Las Vegas, a $4 billion project, toDeutsche Bank after he was unable to refinance a loan (it was ultimately completed and sold it to theBlackstone Group.[1][5]
He developed45 East 22nd Street,[5] a 777 feet tall, 64 story tower in theFlatiron District of Manhattan.[6] Eichner also developed a 32 story tower inHarlem, which will be the neighborhood's tallest building,[7][8] and is proposing to construct four high-rise apartment complexes inCrown Heights, Brooklyn.[9] The latter development has notably gained criticism fromBrooklyn Botanic Garden President Scot Medbury for the impacts that the high rises could have on the direct sun light of the gardens.[10]
In 2017, the New York District Attorney announced a settlement with Eichner over his misleading claims and false promises related to the Manhattan Club timeshare. Eichner and his associates offered a "boutique hotel" but many customers were never able to book rooms, faced rapidly rising maintenance costs, and were foreclosed if they were unable to pay, leading others to sell their shares for $1. Eichner and associates were required to pay $6.5 million as part of the settlement and were barred from the timeshare industry.[11]
He was briefly married during college.[1]
He is currently married to his second wife, Leslie Ann (née Hollander) Eichner.[3] They have two daughters together, Lindsay and Alexandra.[2] He has homes inEast Hampton, New York,Las Vegas, andSouth Beach.[1]