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Ian Bruce Eichner
Ian Bruce Eichner (born June 25, 1945)〔(The RealDeal: "Bruce Eichner" by Lauren Elkies ) retrieved May 26, 2015〕 is an American real estate developer and founder of The Continuum Company, LLC.
==Biography==
Eichner was born to a Jewish family in New York City.〔(CUNY TV: "Ian Bruce Eichner Founder & Chairman, Continuum Company" ) October 29, 2013〕 His father went to fight in World War II and abandoned the family thereafter.〔 His stepfather, Herman Eichner, was an Austrian immigrant and professor.〔 He went to Stuyvesant High School and worked for Republic Steel while in high school and Sears Roebuck while in college.〔 In 1962, he attended the University of New Mexico for a year and the graduated from the University at Buffalo〔 with a B.A. in history〔 and then with a J.D. from the University of Cincinnati College of Law in 1969.〔(New York Times: "Commercial Property/The Ian Bruce Eichner Phenomenon; A Deal-Maker's Comeback" By CLAUDIA H. DEUTSCH ) May 15, 1994〕 He then took a job with the office of district attorney Frank Hogan and then as an assistant district attorney in Brooklyn with Eugene Gold.〔 In 1969, he purchased a building in Park Slope, Brooklyn borrowing money from a shylock.〔 Using the proceeds from the sale of his first building, he started buying apartment buildings in Park Slope and converting them into cooperatives.〔 From 1971 to 1975, he work for the New York State Division of Criminal Justice services.〔 He purchased the Franklin Arms in Brooklyn Heights which he profited $1 million and lost it all after purchasing the Margaret Hotel 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.〔 A mentor of his, Ron Altman, introduced him to Victor Smorgon of Melbourne, Australia who invested $4 million to build a high rise.〔 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).〔 Smorgon's investment was profitable and Eichner went on to build Cityspire, 1540 Broadway, 180 Montague in Brooklyn Heights (later sold to Charles E. Smith's Archstone), and the Continuum on South Beach in Miami Beach.〔 The 1990s were difficult and Eichner lost Cityspire to the Bank of Nova Scotia, 1540 Broadway to a bankruptcy and ultimately to Bertelsmann A.G. as its headquarters,〔〔(Wall Street Journal: "Property Mogul Poised to Take a Second Fall - Eichner in Talks to Surrender Casino to Deutsche Bank; 'Zero Will Stick to My Shoes'" By Jennifer S. Forsyth ) May 9, 2008〕 and the Cosmopolitan of Las Vegas, a $4 billion project, to Deutsche Bank after he was unable to refinance a loan (it was ultimately completed and sold it to the Blackstone Group.〔〔(Wall Street Journal: "Eichner Lands $420 Million to Build NYC Condo For Super-Rich" by Elliot Brown ) October 6, 2014〕
He is currently developing 45 East 22nd Street,〔 a 777 feet tall, 64 story tower in mid-town Manhattan〔(New York Yimby: "Construction Update: 45 East 22nd Street Begins Its 777-Foot Climb" By Nikolai Fedak ) May 27, 2015〕 and a 32 story tower in Harlem which will be the neighborhood's tallest building.〔(New York Daily News: "East Harlem Community Board signs off on towers that would be tallest" by Michael J. Feeney ) February 18, 2014〕〔(Crain's New York: "Bruce Eichner is back. Why that might be a concern - Never mind his property busts in the early 1990s and 2008. This time is different, he says" by Daniel Geiger ) February 22, 2015〕
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