Margolis' death was confirmed by his son Morgan Margolis, CEO of Knitting Factory Entertainment.
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The actor passed away "at Mt. Sinai Hospital in his beloved and longtime home of New York City, with his wife Jacqueline and Morgan at his bedside, following a short illness," his publicist Henry Eshelman said in a Friday statement.
Margolis was born in Philadelphia on Nov. 26, 1939, son of Fanya (née Fried) and Isidore Margolis. He briefly attended Temple University before moving to New York City to study acting, first under Stella Adler at the Actors' Studio and later with Lee Strasberg and Barbara Loden.
His career spanned decades and included such signature roles as the former drug kingpin Hector Salamanca in "Breaking Bad" and "Better Call Saul.
Margolis also was known for many film roles, particularly in the films of Darren Aronofsky: "Noah," "Black Swan," "The Wrestler" and "Pi." He also played Alberto "The Shadow" in "Scarface." Other film roles included "The Thomas Crown Affair," "Gone Baby Gone," and "Stand Up Guys."
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He is survived by his wife, Jacqueline Margolis of Far Rockway, New York - wed in New York City, they were married for 61 years -- and only child Morgan Margolis, his wife Heide Margolis, and their three sons Ben, Aidan, and Henry Margolis, all of Los Angeles. He is also survived by his brother and his wife, Jerome and Ann Margolis.
The family plans to have a private memorial and funeral.