 In 2004, the Milsteins founded the New York Private Bank & Trust which targets high wealth families.Paul Milstein and his wife Irma established The Paul and Irma Milstein Foundation in 1994 to lead much of their philanthropic work.They have given money to New York institutions including the Milstein Hospital Building at NewYork–Presbyterian Hospital; 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.