Sale of The Company
The company continued in operation until the late 1950s. At that point, the brothers were getting older and wished to retire. The company was sold to Texaco in the late 1950s, with the sale becoming final in the early 1960s. The estimated sale price was in excess of $75 million, with the family receiving consulting fees of nearly $1 million per year afterward, as well as Texaco stock.
Most of the brothers used the profits from the sale to co-found the Brookdale Foundation, whose research focuses on gerontology and geriatric medicine. They also endowed many other charitable enterprises, primarily centered in the New York metropolitan area. These included the Metropolitan Opera at then-newly-built Lincoln Center, several buildings and lecture programs at New York University, several New York City and Long Island hospitals including Mount Sinai Hospital, Fifth Avenue synagogue, the Maimonides Foundation for Gifted Youth, and at least three graduate schools.
Eldest brother Henry Schwartz was married quite late in life to a former nun named Caroline Di Donato (b. 1896 in Ohio), who was also a former nurse and the former Dean of Women at Seton Hall University in New Jersey. Thus, despite his Orthodox Jewish background, he also donated heavily to many Catholic charities and organizations, including endowing The Caroline Di Donato Schwartz building at Seton Hall, which was completed in 1973.
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