# Howard Milstein

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{{Short description|American banker and businessman}}
{{COI|date=September 2024}}
{{Infobox person
| name               = Howard Milstein
| image              = Howard Philip Milstein (cropped).jpg
| caption            = Milstein in 2015
| birth_date         = {{Birth date and age|1951|05|15|df=yes}}
| birth_place        = 
| known_for          = 
| death_place        = 
| occupation         = Banker, real estate developer
| spouse             = {{marriage|Abby Sniderman|1976}}
| education          = [Cornell University](/source/Cornell_University) (BA)<br>[Harvard University](/source/Harvard_University) (JD, MBA)
| children           = 1
| parents            = Irma Cameron Milstein<br>[Paul Milstein](/source/Paul_Milstein)
| family             = [Seymour Milstein](/source/Seymour_Milstein) (uncle)<br>[Philip L. Milstein](/source/Philip_L._Milstein) (cousin)
}}
'''Howard Philip Milstein''' (born {{birth based on age as of date|60|2011|6|2|noage=1}}<ref>{{Cite news |last=Kaplan |first=Thomas |date=June 2, 2011 |title=Governor Nominates Developer to Lead Thruway Authority |url=https://www.nytimes.com/2011/06/02/nyregion/cuomo-picks-howard-milstein-to-lead-thruway-authority.html |work=The New York Times |issn=0362-4331}}</ref>) is an American businessman.  Milstein is chairman, president and [chief executive officer](/source/chief_executive_officer) of [New York Private Bank & Trust](/source/New_York_Private_Bank_%26_Trust) and its operating bank, [Emigrant Bank](/source/Emigrant_Bank).<ref>{{cite web| url = https://www.qchron.com/editions/eastern/zara-realty-s-new-housing-complex/article_5354888f-c14a-5f28-9fd9-a56585b80c84.html| title = Zara Realty's new housing complex {{!}} Eastern/Southeast Queens News {{!}} qchron.com| date = 21 October 2021}}</ref> He served as chairman of the [New York State Thruway Authority](/source/New_York_State_Thruway_Authority) until November 2014 and led the procurement process for the replacement of the [Tappan Zee Bridge](/source/Tappan_Zee_Bridge_(1955%E2%80%932017)). He is chairman of Milstein Properties.<ref>{{cite news|last=Fung|first=Amanda|title=Milstein Family Plans Future After Patriarch's Death|url=https://www.crainsnewyork.com/article/20100810/REAL_ESTATE/100819988/milstein-family-plans-future-after-patriarch-s-death|date=August 10, 2010|website=Crain's New York Business}}</ref>

==Early life and education==
Milstein is the son of Irma Milstein and [Paul Milstein](/source/Paul_Milstein), a real estate developer. He graduated from [Cornell University](/source/Cornell_University) with a B.A. in economics in 1973 and from [Harvard University](/source/Harvard_University) with a [JD/MBA](/source/JD%2FMBA) in 1977. He is a member of the [New York State Bar](/source/New_York_State_Bar).<ref>{{cite web |title=Howard Milstein |url=https://howardandabbymilsteinfoundation.org/howard-milstein/ |website=Howard and Abby Milstein Foundation |language=en}}</ref>

==Career==
Milstein started his career at the [investment bank](/source/investment_bank) Warburg Paribas Becker. In 2003, Milstein co-founded the merchant bank FreidbergMilstein.<ref>{{cite news|last=Smith|first=Randall|title=Friedberg, Milstein Team Up to Start New Merchant Bank|url=https://www.wsj.com/articles/SB1043111776390823784|date=January 21, 2003|website=[WSJ](/source/WSJ)}}</ref><ref>{{cite news|last=Copulsky|first=Erica|title=Finance Vets Launch $584M Debt Fund|url=https://nypost.com/2004/12/20/finance-vets-launch-584m-debt-fund/|date=December 20, 2004|website=[New York Post](/source/New_York_Post)}}</ref> Since 2004, he has run [Emigrant Bank](/source/Emigrant_Bank), and he serves as chairman, president, and chief executive officer of the bank's holding company, [New York Private Bank & Trust](/source/New_York_Private_Bank_%26_Trust).<ref name="nyt">{{cite news |last1=Dwyer |first1=Jim |title=A Benefactor, His Home Loans, and Pain |url=https://www.nytimes.com/2016/06/08/nyregion/families-tell-of-pain-from-a-new-york-benefactors-home-loans.html |work=The New York Times |date=June 7, 2016}}</ref><ref>New York Times, Kingson, Jennifer A., 5/5/06, "Going Online for Savings"</ref> In 2016, a Brooklyn jury found Emigrant Bank to have targeted minorities with predatory mortgages with rates of up to 18 percent.<ref>{{cite web |title=Emigrant bank {{!}} Predatory lending |url=https://therealdeal.com/2016/06/29/emigrant-bank-targeted-minorities-with-predatory-mortgages-jury/ |website=The Real Deal New York |access-date=6 December 2021 |date=29 June 2016}}</ref> 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.<ref name="nyt" /> 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](/source/subprime_loans).<ref name="nyt" />

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.<ref>Business Observer, Mark Gordon, 2/15/19, "Prominent NY Family Targets Region to Grow Wealth Management Firm"</ref> Milstein is chairman of Milstein Properties, a builder and investor active in both residential and commercial development primarily in New York City.<ref>Crain's, Fung, Amanda, 8/10/10, "Milstein Family Plans Future after Patriarch's Death"</ref>

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,<ref>New York Times, 12/10/89: "Douglas Elliman Sold; Milsteins Buy Firm"</ref> and Milstein served as its chairman for ten years until the business was sold.<ref>New York Times, Holusha, John, 11/4/97, "2 Real Estate Firms Agree to a Merger"</ref> In 1986, Milstein started Liberty Cable as an alternative telecommunications supplier for the [Milford Plaza Hotel](/source/Milford_Plaza_Hotel).<ref>New York Times, Fabrikant, Geraldine, 5/24/93, "Tiny Liberty Takes On Cable Giant in Manhattan"</ref> In 2018, Milstein launched a technology campus in midtown for technology companies.<ref>{{cite web|title=Milstein Plans $100M renovation of 335 Madison Avenue |url=https://therealdeal.com/2017/05/17/milstein-plans-100m-renovation-of-335-madison-ave/ |publisher=The Real Deal |date=May 17, 2017 |access-date=July 24, 2021}}</ref>

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](/source/Jack_Nicklaus).<ref>Wall Street Journal, 6/11/07, Frank, Robert, "The Golden Bear Roars:  Nicklaus Inks New Deal"</ref> The business was primarily centered in [golf course design](/source/golf_course_design), golf equipment, and licensing for clothing and other items.{{citation needed|date=September 2024}} In 2018, Milstein formed 8AM Golf, the holding company for Nicklaus Companies, which operates various global golfing brands, including ''[Golf Magazine](/source/Golf_Magazine)'' and Golf.com.<ref>Forbes, Matuszewski, Erik, 6/26/20, "For GOLF Magazine and Golf.com, Pivot to Lifestyle and Service Focus Plays Well" [https://www.forbes.com/sites/erikmatuszewski/2020/06/26/for-golf-magazine-and-golfcom-pivot-to-lifestyle-and-service-focus-plays-well/?sh=3a9b8bfe385a]</ref> On September 20, 2023, 8AM Golf announced a new golf-themed venture in collaboration with [Tiger Woods](/source/Tiger_Woods) and [Justin Timberlake](/source/Justin_Timberlake) to open a sports bar in Manhattan, New York.<ref>{{cite web | url=https://www.golfmonthly.com/news/tiger-woods-and-justin-timberlake-open-new-york-city-sports-bar | title=Tiger Woods and Justin Timberlake Open New York City Sports Bar | date=20 September 2023 }}</ref>

==Civic==

In November 2010, Milstein was selected by [Andrew Cuomo](/source/Andrew_Cuomo) to be on the incoming New York governor's transition team as a member of the Committee on Economic Development & Labor.<ref>"New York Times, "Cuomo Names Transition Team", Nicholas Confessore, 11/11/10</ref> In June 2011, the New York State Senate unanimously confirmed Milstein as chair of the New York State Thruway Authority.<ref>"Governor Nominates Developer to Lead Thruway Authority", New York Times, Thomas Kaplan, 6/1/11</ref>

==Philanthropy==
In 2005, Milstein led Emigrant Bank in depositing $1,000 to bank customers whose homes were directly impacted by Hurricane Katrina. After Superstorm Sandy in 2012, Milstein and the bank donated $2.3 million in total to more than 2,000 New York Police and firefighter first responders.<ref>{{cite news|last1=Hafner|first1=Katie|last2=Deutsch|first2=Claudia H.|title=When Good Will is Also Good Business|url=https://www.nytimes.com/2005/09/14/business/when-good-will-is-also-good-business.html|date=September 14, 2005|website=[New York Times](/source/New_York_Times)}}</ref><ref>{{cite news|last=Parlato|first=Frank|title=More Philanthropy from NFR's Howard Milstein|url=https://niagarafallsreporter.com/Stories/2012/Dec4/HowardMilstein.html|date=December 4, 2012|website=Niagara Falls Reporter}}</ref>

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.<ref>"Beneath New York Public Library, Shelving Its Past for High Tech Research Stacks", ''The New York Times'', Tom Mashberg, November 15, 2015</ref>

In 2017, Milstein announced a $20 million donation to [Cornell University](/source/Cornell_University).<ref>{{cite news|title=Cornell Receives $20 Million for Program in Technology and Humanity|url=https://philanthropynewsdigest.org/news/cornell-receives-20-million-for-program-in-technology-and-humanity|date=October 22, 2017|website=Philanthropy News Digest}}</ref><ref>{{cite news|last=Williams|first=Tate|title=A University Gift to Get the Tech World and Humanity Better Acquainted|url=https://www.insidephilanthropy.com/home/2017-11-5-a-cornell-donation-to-get-the-tech-world-and-humanity-better-acquainted|date=November 5, 2017|website=Inside Philanthropy}}</ref> Milstein runs the Howard & Abby Milstein Foundation.<ref>{{cite web|title=Howard & Abby Milstein Foundation|url=https://howardandabbymilsteinfoundation.org/|access-date=April 6, 2025|website=Howard & Abby Milstein Foundation}}</ref> He serves as chairman of the American Skin Association,<ref>{{cite web|title=Howard P. Milstein, Chairman|url=https://www.americanskin.org/about/howardmilstein.php|access-date=April 6, 2025|website=American Skin Association}}</ref> and sits on the boards of the Nicklaus Children's Health Care Foundation,<ref>{{cite web|title=Executive Chairman, Howard Milstein|url=https://nicklaus.com/the-company/leadership/howard-milstein/|access-date=April 6, 2025|website=Nicklaus Companies}}</ref> and the National September 11 Memorial Foundation.<ref>{{cite web|title=Board of Trustees|url=https://www.911memorial.org/about/board-trustees/howard-milstein|website=9/11 Memorial & Museum}}</ref> He is the former chairman of the [New York Blood Center](/source/New_York_Blood_Center).<ref>{{cite news|title=Howard Milstein|url=https://huntingtonsdiseasenews.com/news/new-york-blood-center-and-howard-and-abby-milstein-foundation-partner-to-develop-stem-cell-technology/|date=October 2, 2015|website=Huntington's Disease News}}</ref>

==Personal life==
He is married to Abby Sniderman Milstein, chair of the Board of Trustees of the [New York Public Library](/source/New_York_Public_Library).<ref>{{cite web|url=https://www.nytimes.com/1976/06/21/archives/abby-sniderman-pittsburgh-bride.html |title=
Abby Sniderman Pittsburgh Bride |work=New York Times |date=June 21, 1976}}</ref><ref>{{cite web|url = https://www.nypl.org/press/abby-s-milstein-named-chair-board-trustees-new-york-public-library |title=Abby S. Milstein Named Chair of the Board of Trustees of The New York Public Library |website=nypl.org |date=November 9, 2022}}</ref> They have one son, Michael, born in 1989. Michael is co-chief executive officer of Emigrant Bank, co-President of Emigrant Bank and Milstein Properties, and serves as co-chair of 8AM Golf.<ref>{{cite web | url = https://therealdeal.com/new-york/2025/07/11/michael-milstein-buys-20m-park-avenue-penthouse |title=Milstein heir buys $20M Park Avenue Penthouse}}</ref> In 2017, Howard and Michael Milstein contributed $20 million for the Milstein Program in Technology and Humanity, a collaboration between the College of Arts & Sciences at [Cornell University](/source/Cornell_University) and [Cornell Tech](/source/Cornell_Tech).<ref>{{cite web| url = https://milstein-program.as.cornell.edu/about-milsteins| title = About the Milsteins {{!}} Milstein Program in Technology & Humanity Cornell Arts & Sciences}}</ref>

==References==
{{reflist}}

{{DEFAULTSORT:Milstein, Howard}}
Category:Living people
Category:Bankers from New York (state)
Category:American billionaires
Category:American corporate directors
Category:American financiers
Category:American businesspeople in the real estate industry
Category:Businesspeople from New York (state)
Category:Cornell University alumni
Category:Harvard Law School alumni
Category:Harvard Business School alumni
Category:Year of birth missing (living people)
Category:1950s births

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Adapted from the Wikipedia article [Howard Milstein](https://en.wikipedia.org/wiki/Howard_Milstein) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Howard_Milstein?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.