Howard Milstein

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Howard Milstein
Howard Philip Milstein (cropped).jpg
Milstein in 2015
Alma mater Cornell University (AB)
Harvard University (JD, MBA)
Occupation(s)Banker, real estate developer
SpouseAbby Sniderman
Children1
Parent(s)Irma Cameron Milstein
Paul Milstein
Family Seymour Milstein (uncle)
Philip L. Milstein (cousin)

Howard Philip Milstein is an American businessman. Milstein is chairman, president and chief executive officer of New York Private Bank & Trust and its operating bank, Emigrant Bank. [1] He served as chairman of the New York State Thruway Authority until November 2014 and led the procurement process for the replacement of the Tappan Zee Bridge.

Contents

Early life and education

Milstein is the son of Irma Milstein and Paul Milstein, a real estate developer. He graduated from Cornell University with a B.A. in economics in 1973 and from Harvard University with a JD/MBA in 1977. He is a member of the New York State Bar. [2]

Career

Milstein started his career at the investment bank Warburg Paribas Becker. Since 2004, he has run Emigrant Bank, and he serves as chairman, president, and chief executive officer of the bank's holding company, New York Private Bank & Trust. [3] [4] In 2016, a Brooklyn jury found Emigrant Bank to have targeted minorities with predatory mortgages with rates of up to 18 percent. [5] While these loans are now illegal, Milstein testified at trial that the lending was a community service because it provided capital for people who could otherwise not afford it. [3] Between 2004 and 2009, the amount of delinquent loans at the bank had doubled from around 25% to 50%, with the highest commissions paid to employees who brought in subprime loans. [3]

He is chairman of Sarasota Private Bank & Trust and Cleveland Private Bank & Trust, both with majority ownership by Milstein and his family along with local co-founders. [6] Milstein is chairman of Milstein Properties, a builder and investor active in both residential and commercial development primarily in New York City. [7]

Milstein and his brother, Edward, worked with their father on numerous building projects in Manhattan. In the late 1980s, the Milstein family acquired Douglas Elliman-Gibbons & Ives real estate brokerage, [8] and Milstein served as its chairman for ten years until the business was sold. [9] In 1986, Milstein started Liberty Cable as an alternative telecommunications supplier for the Milford Plaza Hotel. [10] In 2018, Milstein launched a technology campus in midtown for technology companies. [11]

In 2007, Milstein acquired, through Emigrant Bank, a full partnership interest in Nicklaus Companies, LLC, becoming executive chairman of the company, working with professional golfer Jack Nicklaus. [12] The business was primarily centered in golf course design, golf equipment, and licensing for clothing and other items.[ citation needed ] In 2018, Milstein formed 8AM Golf, the holding company for Nicklaus Companies, which operates various global golfing brands, including Golf Magazine and Golf.com. [13] On September 20, 2023, 8AM Golf announced a new golf-themed venture in collaboration with Tiger Woods and Justin Timberlake to open a sports bar in Manhattan, New York. [14]

Civic

In November 2010, Milstein was selected by Andrew Cuomo to be on the incoming New York governor's transition team as a member of the Committee on Economic Development & Labor. [15] In June 2011, the New York State Senate unanimously confirmed Milstein as chair of the New York State Thruway Authority. [16]

Philanthropy

In 2012, Milstein and his wife, Abby, vice chairman of the New York Public Library, committed to donate $8 million to the New York Public Library. [17]

Personal life

He is married to Abby Sniderman Milstein, chair of the Board of Trustees of the New York Public Library. [18] [19] They have one son, Michael, born in 1989. [20]

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References

  1. ↑ "Zara Realty's new housing complex | Eastern/Southeast Queens News | qchron.com". 21 October 2021.
  2. ↑ "Howard Milstein". Howard and Abby Milstein Foundation.
  3. 1 2 3 Dwyer, Jim (June 7, 2016). "A Benefactor, His Home Loans, and Pain". The New York Times.
  4. ↑ New York Times, Kingson, Jennifer A., 5/5/06, "Going Online for Savings"
  5. ↑ "Emigrant bank | Predatory lending". The Real Deal New York. 29 June 2016. Retrieved 6 December 2021.
  6. ↑ Business Observer, Mark Gordon, 2/15/19, "Prominent NY Family Targets Region to Grow Wealth Management Firm"
  7. ↑ Crain's, Fung, Amanda, 8/10/10, "Milstein Family Plans Future after Patriarch's Death"
  8. ↑ New York Times, 12/10/89: "Douglas Elliman Sold; Milsteins Buy Firm"
  9. ↑ New York Times, Holusha, John, 11/4/97, "2 Real Estate Firms Agree to a Merger"
  10. ↑ New York Times, Fabrikant, Geraldine, 5/24/93, "Tiny Liberty Takes On Cable Giant in Manhattan"
  11. ↑ "Milstein Plans $100M renovation of 335 Madison Avenue". The Real Deal. May 17, 2017. Retrieved July 24, 2021.
  12. ↑ Wall Street Journal, 6/11/07, Frank, Robert, "The Golden Bear Roars: Nicklaus Inks New Deal"
  13. ↑ Forbes, Matuszewski, Erik, 6/26/20, "For GOLF Magazine and Golf.com, Pivot to Lifestyle and Service Focus Plays Well"
  14. ↑ "Tiger Woods and Justin Timberlake Open New York City Sports Bar". 20 September 2023.
  15. ↑ "New York Times, "Cuomo Names Transition Team", Nicholas Confessore, 11/11/10
  16. ↑ "Governor Nominates Developer to Lead Thruway Authority", New York Times, Thomas Kaplan, 6/1/11
  17. ↑ "Beneath New York Public Library, Shelving Its Past for High Tech Research Stacks", The New York Times, Tom Mashberg, November 15, 2015
  18. ↑ "Paid Notice: Deaths SNIDERMAN, ELEANORE". New York Times. May 24, 2002.
  19. ↑ "Abby S. Milstein Named Chair of the Board of Trustees of The New York Public Library". nypl.org. November 9, 2022.
  20. ↑ "About the Milsteins | Milstein Program in Technology & Humanity Cornell Arts & Sciences".
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