An ambitious $1 billion renovation of the New York Public Library system would not be possible without a $100 million unrestricted gift from billionaire financier Stephen A. Schwarzman. In honor of the donation, announced in March, the landmark branch on Fifth Avenue has been renamed the Stephen A. Schwarzman Building.
Schwarzman, who is the chairman, CEO and cofounder of The Blackstone Group, has been a library trustee since 2001. Forbes magazine ranks him as the 93rd richest person in the world. His gift is by far the largest single donation in the library’s history.
The renovations of the library, scheduled to be completed by 2014, will add a vast, state-of-the-art lending library alongside its existing research divisions, "creating the world’s most comprehensive library under one roof," the New York Public Library (NYPL) said when it announced the donation.
NYPL will also build two new "hub" libraries in Northern Manhattan and on Staten Island with expanded hours and services to support neighborhood libraries that receive millions of visitors each year.
The renovation plan also calls for expanding NYPL’s online presence to make its unique holdings accessible worldwide and create new online communities led by its librarians and curators.
Already popular with architecture lovers, the Schwarzman building will be opened up to greater use by relocating the original 1911 stacks to high-density shelving under Bryant Park, to create a multi-level, light-filled new library that overlooks the park.
The 1911 building, with its iconic lion statues guarding the main entrance, is protected by landmark status. The building will be etched with Schwarzman’s name in five places, according to the New York Times.
Schwarzman said the library proposed renaming the building when they approached him about making the donation, according to the Times.
Other New York landmarks bear the names of wealthy benefactors – the new building at the Museum of Modern Art was named after David and Peggy Rockefeller.
Editor’s Note: According to The New York Times, the New York Public Library has launched Job Search Central, a group of resources to help the unemployed find jobs. Job Search Central is located in the lower level of the Science, Industry and Business Library on Madison Avenue. Library President Paul LeClerc said librarians will be available to assist job-seekers. The library is spending an estimated $1 million in programs to aid job-seekers.
