Paul Milstein & family

About Paul Milstein & family

Birth Day: May 12, 1922
Birth Place: United States
Died On: August 9, 2010(2010-08-09) (aged 88)\nManhattan, New York, U.S.
Birth Sign: Gemini
Occupation: real estate developer
Spouse(s): Irma Cameron
Children: Roslyn Milstein Meyer Howard Milstein Barbara Milstein Zalaznick Edward L. Milstein
Parent(s): Morris Milstein
Family: Seymour Milstein (brother)

Paul Milstein & family Net Worth

Paul Milstein & family was bornon May 12, 1922 in United States. New York City magnate reeling as the 2 pillars of his fortune--property and banking--falter; lost $700 million in 12 months as real estate market crumbled, bank valuations fell. Father, Morris, founded Circle Co. 1919; laid hardwood floors and carpeting for Madison Square Garden, Rockefeller Center. Paul took over Circle; brother Seymour (d. 2001) ran a tile manufacturer. Sold Circle 1968, built New York real estate empire. Succession issues threatened to split business; two sides agreed to settlement 2003. Today Milstein Properties owns apartment towers and offices throughout Manhattan. Acquired New York City's oldest savings bank, Emigrant, for $90 million 1986; today assets exceed $14 billion. Son Howard oversees operation.
Paul Milstein & family is a member of Real Estate

💰 Net worth: $3.8 Billion

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Biography/Timeline

1919

Milstein was born to Jewish family in Manhattan and raised in the Bronx. In 1919, his Father Morris Milstein, an immigrant from Russia and who started out as a floor scraper, founded the Circle Floor Company, Inc., a wood flooring company, and later, the Mastic Tile Company, a vinyl flooring company.

1950

Milstein launched the family's first real estate development projects in the 1950s in partnership with his brother Seymour. Through various family controlled entities, the Milstein family has built or bought multi-family residential properties with more than 50,000 apartments, 8,000 hotel rooms and 20,000,000 square feet (1,900,000 m) of office space. 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.

1970

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 Institutes of the National Institutes of Health (NIH) and Rockefeller University, with the Milstein Medical Research Program.

1986

In 1986, the Milsteins acquired the Emigrant Savings Bank, which they built into the largest privately owned bank in the country. In 2004, the Milsteins founded the New York Private Bank & Trust which targets high wealth families.

1989

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.

1994

Paul Milstein and his wife Irma established The Paul and Irma Milstein Foundation in 1994 to lead much of their philanthropic work. Milstein Family generosity has made a difference at many New York institutions including: the Milstein Hospital Building at NewYork–Presbyterian Hospital; the Milstein Hall of Ocean Life 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 Milstein Division of U.S. History, Local History, and Genealogy at the New York Public Library.

2001

The Paul Milstein Center for Real Estate anchors Columbia Business School's top-ranking real estate MBA program. Established in 2001, the Milstein Center merges real estate education at Columbia Business School with a focus on capital markets, entrepreneurship and global Business. The Milstein family has a long-standing commitment to education and youth. Irma Milstein has provided major support to Bank Street College of Education, one of the premier Teacher training institutions in the U.S.

2011

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 and established the Milstein sanctuary at Temple Israel in Westchester County. The Milstein family have been generous donors at Hadassah Medical Center in Jerusalem, naming the Paul and Irma Milstein Heart Institute at the Sarah Wetsman Davidson Tower, which will be dedicated in 2011. In addition, the family have been generous supporters of United Jewish Appeal (UJA-Federation) and the American Jewish Committee (AJC).

2013

Irma Milstein committed a major gift to Cornell University and the Cornell University College of Architecture, Art, and Planning for the construction of Paul Milstein Hall – the new home for the university’s undergraduate architecture program. Ground was broken in 2009 for the 47,000-square-foot (4,400 m) building designed by Rem Koolhaas and the Office for Metropolitan Architecture. Paul and Irma are parents and grandparents of several students and alumni at Cornell.