Paul Milstein

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Paul Milstein
Archive-Columbia Business School
Born(1922-05-12)May 12, 1922
Manhattan, New York City, USA
DiedAugust 9, 2010(2010-08-09) (aged 88)
Manhattan, New York City, USA
Burial placeWestchester Hills Cemetery
EducationNew York University
OccupationReal estate developer
Notable workMilstein Hospital, New York
SpouseIrma Cameron
Children4, including Howard Milstein
Parents
  • Morris Milstein (father)
  • Rose Gordon (mother)
FamilySeymour Milstein
Awards2015-90th Richest Family in America
Websitehttps://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

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

Milstein launched the family's first real estate development projects in the 1950s in partnership with his brother Seymour.[citation needed] Their companies, Milstein Brothers (MB) Real Estate and Milford Management, managed the organization's residential and commercial space. Paul and his sons, Howard and Edward, invested in large-scale building projects.[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.[citation needed]

In 1986, the Milsteins acquired the Emigrant Savings Bank, which became 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

Paul Milstein and his wife Irma established the Paul and Irma Milstein Foundation in 1994.[13]

Personal life

Milstein was married to Irma Cameron Milstein. They had four children, Roslyn, Howard, Barbara, and Edward.[5][14]

Milstein died on August 9, 2010, in Manhattan.[5]

References

  1. ^ Martin, Douglas (August 10, 2010). "Paul Milstein, City Real Estate Titan, Dies at 88". The New York Times. Retrieved August 12, 2010.
  2. ^ Peck, Sara (August 10, 2010). "New York Real Estate Developer Paul Milstein Dead At 88". Forbes. Retrieved August 12, 2010.
  3. ^ Aloi, Daniel (August 11, 2010). "CU mourns businessman and philanthropist Paul Milstein". Cornell Chronicle. Retrieved August 12, 2010.
  4. ^ Business Insider Australia: "MILSTEIN: The Rise And Schism Of A Powerful New York Family" by Carrie Hojnicki, Businessinsider.com.au, June 15, 2012
  5. ^ a b c d e f "Paul Milstein, City Real Estate Titan, Dies at 88" By DOUGLAS MARTIN, The New York Times, August 9, 2010
  6. ^ The Real Deal Real Estate News: "Billionaire developer Paul Milstein dies" By Adam Pincus, Therealdeal.com, August 09, 2010
  7. ^ "Seymour Milstein, City Real Estate Magnate, Dies at 81" by TERRY PRISTIN, The New York Times, October 3, 2001
  8. ^ a b "Milstein Opens Throttle as Builder", The New York Times, October 18, 1981
  9. ^ The Real Deal: "Milstein dynasty back in fray " By Candace Taylor, Therealdeal.com, February 2010
  10. ^ "Redevelopment of 22 Vanderbilt by Milstein Properties Nears Completion". 17 August 2023.
  11. ^ New York Times, Cuff, Daniel F. and Phillips, Stephen, 1 June(?) 1987, "New Emigrant Owners are Tenacious Builders"
  12. ^ "New York Private Bank & Trust - A 170-Year Tradition of Trust". Nypbt.com. Retrieved 7 June 2022.
  13. ^ "Paul and Irma Milstein Foundation". Paulandirmamilsteinfoundation.org. Retrieved 9 August 2011.
  14. ^ "Times Sq. Sale Is Latest Chapter in Milstein Feud" By CHARLES V. BAGLI, The New York Times, April 19, 2001
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