Different pronunciations, depending on region. This one's connected with Hochdeutsch "schoenheit," meaning "beauty." The first vowel doesn't exist in Standard English, but you can make it by saying the vowel of "make" ([e] in the International Phonetic Alphabet) and rounding your lips. In the Yiddish I heard among Jews in St. Louis, the Standard German vowel is unrounded, and the diphthong in the second syllable loses its offglide, so the word would have been, I think, "shane-kate," or with the heavy stress on the first syllable, the second element might be reduced: "shane-kit," especially in rapid or informal speech.