Paul Milstein
Paul Milstein | |
---|---|
![]() Archive-Columbia Business School | |
Born | Manhattan, New York City, USA | May 12, 1922
Died | August 9, 2010 | (aged 88)
Burial place | Westchester Hills Cemetery |
Education | New York University |
Occupation | Real estate developer |
Notable work | Milstein Hospital, New York |
Spouse | Irma Cameron |
Children | 4, including Howard Milstein |
Parents |
|
Family | Seymour Milstein |
Awards | 2015-90th Richest Family in America |
Website | https://paulandirmamilsteinfoundation.org/ |
Paul Milstein (May 12, 1922 – August 9, 2010)[1][2][3] was an American real estate developer and philanthropist.
Early life and education
[edit]Milstein was born to a Jewish family[4] in Manhattan and raised in the Bronx.[5] In 1919, his father Morris Milstein, an immigrant from Zhytomyr, Russia, started out as a floor scraper, founded the Circle Floor Company, Inc., a wood flooring company,[6] and later, the Mastic Tile Company, a vinyl flooring company.[7]
Milstein attended DeWitt Clinton High School[8] and New York University for two years before joining the U.S. Army during World War II where he served in the Army Signal Corps in Missouri.[5] After the war, he returned to the family business eventually become president of the wood flooring side of the company while his brother Seymour Milstein served as president of the vinyl flooring side of the business.[5] Circle Floor expanded into floor tiles, acoustical ceilings, and drywall construction and won contracts to install flooring in several New York landmarks including Rockefeller Center, the United Nations Building,[5] and both John F Kennedy Airport and LaGuardia Airport.[9] Their company was acquired by Kinney Services Corporation in 1964, with the Milsteins remaining as managers of the unit until 1971 before sale.[8]
Career
[edit]This section needs additional citations for verification. (June 2022) |
Milstein launched the family's first real estate development projects in the 1950s in partnership with his brother Seymour. Their companies, Milstein Brothers (MB) Real Estate and Milford Management, manage the organization's residential and commercial space. The family made its mark in Manhattan as Paul Milstein saw and seized the potential in numerous transitional neighborhoods. Paul and his sons, Howard and Edward, invested in large-scale building projects that catalyzed growth, development and revival.[citation needed] In 1978, Milstein acquired the Biltmore Hotel, which opened in 1913 following the construction of Grand Central Terminal. The building was converted to office space and reopened as the Bank of America Plaza in 1984. Beginning in 2019, Milstein's grandson, Michael, led another major renovation and modernization of the building, which was renamed 22 Vanderbilt in 2022. [10]
In 1989, the Milstein family acquired Douglas Elliman-Gibbons & Ives residential real estate brokerage. At the time of purchase Douglas Elliman had 10% of the New York City brokerage and managed 15,000 apartments. Howard Milstein served as Chairman for ten years and built the brand, which holds 40% of the brokerage market and managing 50,000 apartments.
In 1986, the Milsteins acquired the Emigrant Savings Bank, which they built into the largest privately owned bank in the country.[11] In 2004, the Milsteins founded the New York Private Bank & Trust which targets high wealth families.[12]
Philanthropy
[edit]Paul Milstein and his wife Irma established The Paul and Irma Milstein Foundation in 1994[13] to lead much of their philanthropic work. They have given money to New York institutions including the Milstein Hospital Building at NewYork–Presbyterian Hospital;[14] the Milstein Hall of Ocean Life [15] and the Milstein Hall of Large Mammals at The American Museum of Natural History; the Paul Milstein Pool and Terrace at Lincoln Center; and the Irma and Paul Milstein Division of U.S. History, Local History & Genealogy at the New York Public Library Main Branch.
![](http://upload.wikimedia.org/wikipedia/commons/thumb/d/de/Milstein_Sign_Museum_of_Natural_History.jpg/220px-Milstein_Sign_Museum_of_Natural_History.jpg)
Starting in the 1970s, the Milsteins provided capital to support medical research. In addition to the Milstein Hospital Building (1988), they funded the Milstein Institute for Surgical Science and the Milstein Laboratories (1992–1993) to conduct research in Alzheimer's Disease, diabetes and cancer. The Milstein family is also providing support to the National Cancer Institute of the National Institutes of Health and Rockefeller University, with the Milstein Medical Research Program.
![](http://upload.wikimedia.org/wikipedia/commons/thumb/4/41/Paul_Milstein.png/222px-Paul_Milstein.png)
Paul and Irma Milstein have given to the Jewish Theological Seminary and JASA (Jewish Association for Services for the Aged). They sponsored the Milstein Family Jewish Communal Archive Project for the YIVO Institute at the Center for Jewish History[16] and established the Milstein sanctuary at Temple Israel in Westchester County.
The Milstein family have been donors at Hadassah Medical Center in Jerusalem, naming the Paul and Irma Milstein Heart Institute at the Sarah Wetsman Davidson Tower.
Irma Milstein gave money to Cornell University and the Cornell University College of Architecture, Art, and Planning for Paul Milstein Hall which is used by the university's undergraduate architecture program. Construction started in 2009. The building has an area of 47,000-square-foot (4,400 m2).[17] The Milsteins are parents and grandparents of several students and alumni at Cornell.
The Paul Milstein Center for Real Estate is used for Columbia Business School's real estate MBA program. Established in 2001, the Milstein Center is used for real estate education at Columbia Business School with a focus on capital markets, entrepreneurship, and global business. Irma Milstein has provided support to Bank Street College of Education, one of the premier teacher training institutions in the U.S.
Genealogy and Personal Life
[edit]Milstein was the son of Morris Milstein and Rose Gordon. Milstein's ancestry roots back in Zhytomyr, Russia. Paul Milstein, son of Morris, son of Pesach Milstein & Rebecca Alles. Milstein was married to Irma Cameron. Irma Cameron Milstein died on March 12, 2021, in New York City, New York, at the age of 95. Milstein's siblings are Seymour Milstein (1920-2001) and Gloria Milstein. (1927-2015) Milstein's descendants are, Barbara Milstein, Edward L. Milstein, Howard Milstein, Roslyn Milstein, Ava Zalaznick, Jeffery Zalaznick, Samantha Zalaznick, Alexandra and Andrew Milstein, Michael M. Milstein & James Meyer, Michael Meyer, Rebecca Meyer, Zoey Zalaznick, Poppy Zalaznick, and Leo Zalaznick. [18] They had four children:[5]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/6/6f/Morris_Milstein%2C_Rose_Gordon_and_Gloria_Milstein.png/260px-Morris_Milstein%2C_Rose_Gordon_and_Gloria_Milstein.png)
- Roslyn Milstein Meyer[19]
- Howard P. Milstein[19]
- Barbara Milstein Zalaznick[19]
- Edward L. Milstein.[19]
Milstein died on August 9, 2010, in Manhattan.[20]
References
[edit]- ^ Martin, Douglas (August 10, 2010). "Paul Milstein, City Real Estate Titan, Dies at 88". The New York Times. Retrieved August 12, 2010.
- ^ Peck, Sara (August 10, 2010). "New York Real Estate Developer Paul Milstein Dead At 88". Forbes. Retrieved August 12, 2010.
- ^ Aloi, Daniel (August 11, 2010). "CU mourns businessman and philanthropist Paul Milstein". Cornell Chronicle. Retrieved August 12, 2010.
- ^ Business Insider Australia: "MILSTEIN: The Rise And Schism Of A Powerful New York Family" by Carrie Hojnicki, Businessinsider.com.au, June 15, 2012
- ^ a b c d e "Paul Milstein, City Real Estate Titan, Dies at 88" By DOUGLAS MARTIN, The New York Times, August 9, 2010
- ^ The Real Deal Real Estate News: "Billionaire developer Paul Milstein dies" By Adam Pincus, Therealdeal.com, August 09, 2010
- ^ "Seymour Milstein, City Real Estate Magnate, Dies at 81" by TERRY PRISTIN, The New York Times, October 3, 2001
- ^ a b "Milstein Opens Throttle as Builder", The New York Times, October 18, 1981
- ^ The Real Deal: "Milstein dynasty back in fray " By Candace Taylor, Therealdeal.com, February 2010
- ^ "Redevelopment of 22 Vanderbilt by Milstein Properties Nears Completion". 17 August 2023.
- ^ New York Times, Cuff, Daniel F. and Phillips, Stephen, 1 June(?) 1987, "New Emigrant Owners are Tenacious Builders"
- ^ "New York Private Bank & Trust - A 170-Year Tradition of Trust". Nypbt.com. Retrieved 7 June 2022.
- ^ "Paul and Irma Milstein Foundation". Paulandirmamilsteinfoundation.org. Retrieved 9 August 2011.
- ^ The New York Times, 28 February 1989, "Columbia Presbyterian Celebrates Opening of New Building"
- ^ The New York Times, March 27, 2007, David K. Randall, "To Visit a Museum, Perchance to Dream"
- ^ The New York Times, Bernstein, Nina, 7 November 2006, "A Bid To Save and Share Pieces of Jewish Heritage"
- ^ "Paul & Irma Milstein - Paul & Irma Milstein Foundation". Paulandirmamilsteinfoundation.org.
- ^ "IRMA MILSTEIN Obituary (2021) The New York Times". Legacy.com. Retrieved 7 June 2022.
- ^ a b c d "Times Sq. Sale Is Latest Chapter in Milstein Feud" By CHARLES V. BAGLI, The New York Times, April 19, 2001
- ^ "Paul Milstein". NNDb.com. Retrieved 17 July 2013.