The Richest People In America: Paul Milstein & family

Courtesy of the Milford Agency

#71 Paul Milstein & family

$5.0 billion
Source: Emigrant, real estate

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. Paul 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 from Battery Park City to the Upper East Side, offices in Midtown, several undeveloped lots across Manhattan. Acquired New York City's oldest savings bank, Emigrant, for $90 million 1986. Bank assets exceed $14 billion. Son Howard now oversees entire operation.

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