What Can $100M Buy? The NY Library
The New York Central Library will be named after a hedge fund billionaire.
March 12, 2008— -- NEW YORK (AP) -- Blackstone Group LP Chief Executive Stephen A. Schwarzman is donating $100 million of his own fortune to the expansion of the New York Public Library system.
The Central Library, a 1911 Beaux Arts structure on Fifth Avenue in Manhattan, will be renamed for the Wall Street financier and library trustee.
Schwarzman's gift is among the largest to any cultural institution in the city. It will fund the transformation of the Central Library into a book-borrowing destination.
In a report on The New York Times' Web site, Schwarzman says he was impressed by the $1 billion expansion project. The 61-year-old says it's a "first-class, professional, practical strategic plan."
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