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New York Public Library Renamed For Wall Street Kingpin
By
Celeste Sunderland
Published Mar 11, 2008
Modified Mar 11, 2008
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By
Celeste Sunderland
Published Mar 11, 2008
Modified Mar 11, 2008
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Top photograph of the NYPL main branch's reading room by wallyg on Flickr; lower photograph of Schwarzman by Jori Klein
In the late 1990s, a plan to name a Yale dining hall after Blackstone CEO Stephen Schwarzman fell through. Oh well, now the Wall Street kingpin is getting a library named after him – and not just any library. Thanks to a $100 million donation, the main branch of the New York Public Library, the one on the corner of Fifth Avenue and 42nd Street, will be renamed The Stephen A. Schwarzman Library.
The new name won't take effect until the massive renovation is completed around 2014, when the moniker will be added to the building's facade. Schwarzman's donation kicks off a $1 billion rehaul for the 1911 Beaux-Arts landmark; the Bronx Library Center, which opened two years ago and has attracted a multitude of neighborhood youth, is a model for the renovation.
No architect has been named, but the plan is to move eight levels of stacks into an area below Bryant Park and make space for a new circulating library, rooms designed for kids, computer work stations, and a cafe, all with wifi surging throughout. The library is banking on the sale of existing buildings, (like the midtown branch across the street which was sold for $59 million), government assistance, and a $500 million capital campaign to fund the refurbishment (a $50 million facade facelift is a separate project).
We're hoping Schwarzman will be able to keep up his end of the deal in the midst of rapidly plummeting Blackstone shares, and what the NY Sun is calling the end of "private equity industry glory days." Just hope the museum won't have to hawk any more of its art collection.
Tagged
new york public library
Stephen Schwarzman
Celeste Sunderland
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