The Einstein and Montefiore communities lost a devoted and loyal friend on March 14, 2022. Michael F. Price, a member of the Einstein Board of Trustees for more than two decades and the namesake of the Michael F. Price Center for Genetic and Translational Medicine/Harold and Muriel Block Research Pavilion, died at age 70.
Mr. Price was generous in his support of both Einstein and Montefiore and was a champion of public health in the Bronx community and beyond. Most recently, he served as chair of the Board’s investment committee and a member of the executive and finance committees.
Fellow Einstein trustee and close friend Nathan Gantcher called Mr. Price “one of the nation’s great value investors” who knew how to spot opportunity in companies and institutions that others underestimated. “Michael told me many years ago that before he got involved with Einstein he did his research. He looked at all of the medical institutions out there. And he thought the best investment you could make was Einstein. He thought it was a great value proposition.”
In 2001, the Price Family Foundation made what was at the time the largest commitment in the history of the College of Medicine to help establish a state-of-the-art center for genetic and translational medicine. Ground was broken in 2004, and the Price Center/Block Pavilion was formally dedicated in 2008. Since then, it has played a pivotal role in advancing Einstein’s tradition of scientific collaboration with other institutions worldwide.
In 2017, Mr. Price and his family announced a transformational pledge of $25 million to establish the Price Family Foundation Fund for Translational Research. In addition, the foundation has provided seed funding to develop the Center for Experimental Therapeutics, operational support for the Healthy Steps Program at the Children’s Hospital at Montefiore benefiting mothers and infants, and financial support for the renovation of Einstein’s Van Etten Building.
When the COVID-19 crisis struck in 2020, the foundation designated a portion of the pledge to advance work focused on understanding and treating the virus. Most recently, the foundation extended its support to the Albert Einstein Cancer Center.
Mr. Price began his career as a research assistant at Heine Securities Corp. and later became a full partner. In 1988, he purchased the company and became its president and chair. Mr. Price sold the firm to Franklin Securities in 1996. The next year, Time magazine named him one of the 25 most influential people in America. In 1998 he stepped down from day-to-day fund management duties to form MFP Investors. He remained chair of Heine Securities until 2001 and later became a managing partner of MFP Partners.
Mr. Price was born in Glen Cove, N.Y. He graduated from the University of Oklahoma in 1973 with a bachelor’s degree in business administration. He is survived by his wife of 21 years, Jenny; their children Charlie, Grace, and Teddy; older children Jordan, Andrew (Kerri), and Jonathan (Laura); and 10 grandchildren.