Zankel estate allots $120 million

The estate of the late financier and philanthropist Arthur Zankel will donate $120 million to schools and cultural groups, including Carnegie Hall and Skidmore College.

Carnegie Hall said it will receive at least $22 million, which will be used to fund the operations of a performance space that bears Zankel’s name. He was a trustee at Carnegie Hall from 1992 until his death in 2005.

The largest donation will be a $42-million gift to Skidmore, which has been involved with the family for many years. Part of the gift, the biggest in the school’s history, will pay for the construction of a 48,000-square-foot music center, to be named after Zankel, that will include academic space and a 700-seat recital hall.

Zankel, a lifelong resident of New York, was a longtime director at Citigroup Inc., a co-managing partner of First Manhattan Co. and the founder of High Rise Capital Management, a real estate investment firm.