Milstein started his career at the investment bank Warburg Paribas Becker. Milstein is chairman, president and chief executive officer of New York Private Bank & Trust and its operating bank, Emigrant Bank, the largest privately owned, family-run bank in the United States. Emigrant Bank has just under $7 billion in assets and approximately $1 billion in equity. Under Milstein's leadership, the bank created three internet banks in the United States: Dollar Savings Direct, EmigrantDirect and MySavingsDirect Milstein is chairman of Milstein Properties, a builder and investor active in both residential and commercial development primarily in New York City, and chairs Milstein Brothers Real Estate, a national commercial leasing and management company in the United States, and Milford Management.
Nicklaus Companies
In 2007, Milstein acquired, through Emigrant Bank, a full partnership interest in Nicklaus Companies., LLC, professional golfer Jack Nicklaus' business in golf course design, golf equipment, and licensing for clothing and other items.
Technology
In 1986, Milstein started Liberty Cable as an alternative telecommunications supplier for the Milford Plaza Hotel.
Real estate
Milstein and his brother, Edward, worked with their father on numerous building projects in Manhattan. In the late 80s, the Milstein family acquired Douglas Elliman-Gibbons & Ives real estate brokerage, and Milstein served as its chairman for ten years until the business was sold.
At Cornell University, Milstein is trustee and presidential counselor and overseer. He is a member of the Cornell Investment Committee and chairs its Real Estate Committee. In 2007, the Milstein family dedicated the Paul Milstein Building for the College of Architecture, Art and Planning. In October, 2017, Milstein, on behalf of the Milstein family, announced a $20 million donation for a new initiative to promote integration of technology and the humanities, a collaboration between the Cornell University College of Arts and Sciences and Cornell Tech.
Civic/arts
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. In June, 2011, the New York State Senate unanimously confirmed Milstein as chair of the New York State Thruway Authority. In 2005, Milstein and EmigrantDirect deposited $1000 in the accounts of each of its customers impacted by Hurricane Katrina. An immediate gift of $1000 per household was deposited to its customers in the principally affected counties and parishes of Louisiana, Mississippi and Alabama. In November 2012, Milstein and Emigrant Bank gave a gift of $2.3 million to more than 2,000 New York City First Responders who were impacted by Hurricane Sandy. In 2012, Milstein and his wife, Abby, committed to donate $8 million to the New York Public Library.
Honors
In October 2016, The China Association for International Exchange of Personnel gave Milstein the Marco Polo Award, the highest honor given to a non-Chinese citizen. In April, 2014, Milstein received the Insignia of Chevalier in the Legion of Honor—the French Legion of Honor. In 2008, he was named the Entrepreneur of the Year by Cornell University.
Publications
The Story of Interferon, by Karl Cantell, World Scientific, 1998
