Paul Milstein
Paul Milstein | |
|---|---|
| Born | 12 May 1922 Manhattan, New York City, U.S. |
| Died | 9 August 2010 (aged 88) Manhattan, New York City, U.S. |
| Occupation(s) | Real estate entrepreneur, benefactor |
| Known for | Real estate development; philanthropy |
Paul Milstein (May 12, 1922 – August 9, 2010) was a prominent American real estate entrepreneur and benefactor.
Early life and education
Paul Milstein was born into a Jewish household in Manhattan and grew up in the Bronx. His father, Morris Milstein, originally from Zhytomyr, Ukraine, established Circle Floor Company, Inc., which focused on wood flooring, and later founded Mastic Tile Company, specializing in vinyl floor coverings.
Milstein completed his secondary education at DeWitt Clinton High School and pursued two years of study at New York University before enlisting in the U.S. Army Signal Corps during World War II. Following his military service, he rejoined the family enterprise, assuming the role of president for the wood flooring division, while his brother Seymour managed the vinyl flooring operations. The business diversified into floor tiles, acoustical ceilings, and drywall installation, securing contracts for notable New York City landmarks such as Rockefeller Center, the United Nations Headquarters, JFK Airport, and LaGuardia Airport. In 1964, Kinney Services Corporation acquired their company; however, the Milstein brothers continued managing the operations until 1971.
His sister, Gloria Milstein Flanzer, also played a key role in building the family’s wealth and made a significant philanthropic contribution of $32.5 million through the Louis and Gloria Flanzer Philanthropic Trust to Columbia University’s Division of Cardiology to enhance patient care, research efforts, and educational initiatives.
Career
During the 1950s, Paul Milstein and his brother Seymour initiated their family's real estate investments through Milstein Brothers (MB) Real Estate and Milford Management, managing both residential and commercial assets. Alongside his sons Howard and Edward, Paul expanded into major property developments. In 1978, he purchased New York City’s Biltmore Hotel and transformed it into office space known as Bank of America Plaza by 1984. Beginning in 2019, his grandson Michael spearheaded an extensive renovation project that culminated in its rebranding as 22 Vanderbilt in 2022.
The family acquired the residential brokerage Douglas Elliman-Gibbons & Ives in 1989. They also purchased Emigrant Savings Bank in 1986, which grew to become the largest privately held bank in the United States. In 2004, they established New York Private Bank & Trust, serving affluent families with substantial assets.
Philanthropy
In 1994, Paul Milstein and his wife Irma founded the Paul and Irma Milstein Foundation to support a variety of charitable organizations and initiatives.
Personal life
Paul Milstein was married to Irma Cameron for 63 years. Together they had four children: Roslyn Milstein Meyer, Howard, Barbara, and Edward. He passed away on August 9, 2010, in Manhattan, New York City, and was laid to rest at Westchester Cemetery.