Our History

Our MBA Real Estate Program is built around three pillars that take advantage of the unique strengths of Columbia Business School and its location in New York City: capital markets, entrepreneurship, and global business. Students emerge not just with strong real estate expertise, but also with the sophisticated business and finance tools needed to succeed in an increasingly complex world in which decisions are made in an interdisciplinary and global context.

New York City is a learning laboratory for real estate and business. It is the capital of the global real estate capital markets, and premier examples of “bricks and mortar” development are on our doorstep. Most importantly, many of the professionals who develop, finance, and invest in these buildings are only a subway ride away. Many of our alumni practice in or near the City and when asked, they willingly take the short trip to campus to share their experiences with our students in various formats such as mentorship breakfasts, speaker lunches, or career panels. With the wide international exposure of our alumni network, the broad representation of our student body, and excellence of our faculty, we deliver a truly global program experience.

In the classroom we aim to challenge students to develop to the fullest of their intellectual abilities. We do this with a rigorous and constantly current curriculum that emphasizes the integration of theory and practice and the Center’s custom-developed inventory of more than sixty-five reality-based teaching cases. These cases and the faculty’s cutting-edge research in finance and investment contribute uniquely to the classroom experience. Our network of practitioners, who regularly participate in the teaching program, adds invaluable expertise and insight to the learning process. Graduates of the MBA Real Estate Program go on to pursue entrepreneurial endeavors, banking positions, and careers in private equity, investment management, and real estate development. Our alumni hold positions of influence in all sectors of the industry and practice around the world. In a most immediate sense, real estate alumni are important partners in the Center’s success, participating in all aspects of our work and activities.

If you are considering a career in real estate, the combination of our focused and growing curriculum, Columbia Business School’s top-ranked MBA training, and the involvement of our broad network of supporters provide an unmatched learning opportunity. We are a hands-on program, and we look forward to helping you achieve your goals.

Sincerely,

Lynne B. Sagalyn
Earle W. Kazis and Benjamin Schore Professor Emerita
Founding Director, Paul Milstein Center for Real Estate

The Milstein family's enterprises started with a flooring business, Circle Floor Co., founded by Morris Milstein in 1919. Circle Floor served as a springboard for growth and by the 1950s the family business included Milstein Properties, one of New York City's leading full-line developers of residential and commercial property. In the late '60s and '70s there was a period of rapid expansion through acquisitions and joint ventures. National Kinney acquired Circle Floor in 1968 and Paul Milstein became the President of National Kinney in 1971.

In the next several years, the business expanded further when National Kinney and Starrett Housing Corporation established a joint venture. Over Paul Milstein's lifetime, 50,000 apartments, thousands of hotel rooms, and over 20 million feet of office space were owned or built by companies and partnerships owned or controlled by the Milstein family. The Milsteins and their partners were known for being long-term holders and their investments served to anchor many burgeoning New York neighborhoods.

"In New York City, neighborhood by neighborhood, Paul Milstein and his family have been instrumental in shaping the urban landscape, creating vibrant residential and cultural areas, and setting the stage for the City's cultural renaissance."

— David Skorton, President, Cornell University

Paul Milstein acquired control of United Brands in 1974 and became President and Chief Executive Officer in 1978. United Brands — the parent company of Chiquita Bananas — was the largest employer in seven Latin American countries and included the greatest fleet of refrigerated vessels in the world. The meat packing business was the largest employer in four states. The business was also known for its social responsibility efforts, including fitness, nutrition, and sponsorship of global athletic events such as the Winter Olympics, World Ski Championships, and the Chiquita Cup — a Young Masters Tennis Tournament. United Brands embarked on a joint venture with the government of Costa Rica to develop and revitalize a remote area outside the capital city.

In the mid-1980s, the Milstein family acquired the Emigrant Savings Bank, which is now the largest family-run bank in the country. The bank is led by Howard Milstein, Chairman, President, & Chief Executive Officer.

The Milstein passion for business was complemented by a passion for giving back. Over the years, Paul and his wife, Irma, devoted their time, energy, and resources to philanthropy.

Many New York institutions have benefited from Milstein family generosity, including the Milstein Hospital Building at New York Presbyterian Medical Center; the Milstein Hall of Ocean Life and the Milstein Hall of Large Mammals at The American Museum of Natural History; the Paul Milstein Pool and Terrace at Lincoln Center; and the Milstein Division of U.S. History, Local History, and Genealogy at the New York Public Library.

The Milstein family has given decades of active support for New York Presbyterian Medical Center in addition to the Milstein Hospital Building. This includes pioneering medical research in interferon, the Milstein Institute for Surgical Science, and the Milstein Laboratories. The Milstein family is also providing substantial research support to the National Cancer Institutes of the National Institutes of Health (NIH) and Rockefeller University with the Milstein Medical Research Program.

The Milstein family has been leaders for several generations in giving to UJA-Federation of New York. Paul and Irma Milstein have given generously to the Jewish Theological Seminary, ADL (Anti-Defamation League) and JASA (Jewish Association for Services for the Aged). They sponsored the Milstein Family Jewish Communal Archive Project for the YIVO Institute at the Center for Jewish History and established the Milstein Sanctuary at Temple Israel in Westchester County. The Milstein family has been generous donors at Hadassah Hospital in Jerusalem, naming the Paul and Irma Milstein Heart Institute at the Sarah Wetsman Davidson Tower. In addition, the family has been active supporters of United Jewish Appeal (UJA-Federation), the American Jewish Committee (AJC) and the Anti-Defamation League.

Paul Milstein Hall: The Milstein family committed a major gift to Cornell University and the College of Architecture for the construction of a new home for the university's undergraduate architecture program. Ground was broken in 2009 for the 47,000-square-foot building designed by Rem Koolhaas and the Office for Metropolitan Architecture.

Paul Milstein passed away on August 9, 2010, and is survived by Irma Milstein and their four children: Roslyn Milstein Meyer, Howard P. Milstein, Barbara Milstein Zalaznick, and Edward L. Milstein.