March 11, 2008
New York Public Library Renamed For Wall Street Kingpin
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.
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Well, they'll stone you when you're trying to read a book.
I'm glad that Schwarzman is donating to the museum. The NYPL system (as well as the Queens and Brooklyn ones) are great resources for New Yorkers.
This isn't a donation - it's an advertisement.
It's generous that he's giving money, but it's totally inappropriate that the Research Library be renamed.
I have a feeling this is not going to happen.
This isn't a donation - it's an advertisement.
It's generous that he's giving money, but it's totally inappropriate that the Research Library be renamed.
I have a feeling this is not going to happen.
I use the library constantly, and I'm glad for this generous donation. But I think it's tacky for Schwarzman to want his name attached to an institution that belongs to the people (in the best democratic sense of the phrase).
When Mellon donated the money to create the National Gallery of Art in the 1930s, he declined to have it named after him, a very classy move. I'm not going to start calling the NYPL the Schwarzman library or whatever. Ick.
The Schwarz is STRONG with Stephen. Strong it is, mMMMmmm
Way to look a gift horse in the mouth!
By the way, Schwarzman's name will not be on the facade. The building is landmarked and no changes to the exterior will happen.
Schwarzman is quite possibly the most vile man in all of NYC. Remember the jackass who spent $30 million on his own b-day party while the nation was at a war, which was started by his close friend Bush?
I've never felt more turned off by reading in my entire life.
um, does anyone else find jen's comment just ever so slightly naive?
Actually, according to the Times, the NYPL will ask the landmark commission for permission to change the library's facade. It'll be literally set in stone.
Actually, according to the Times, the NYPL will ask the landmark commission for permission to change the library's facade. It'll be literally set in stone.
Maybe the government wouldn't need such largesse from private individuals if it would tax private equity at income tax rates and not the end this farce of "carried interest". Schwarzman probably pays an overall lower tax rate than everyone that posts here.
I'm staunchly against it. The New York Public Library is known the world over by that very name. It is not attached to any specific donatee or family and being a public institution I feel it should remain that way. It's one thing to note his donation by adding his name to those of Astor and Lennox on the facade, but it is another to take such a drastic step as to rename it.
"The Stephen A. Schwarzman Library" just doesn't have the same ring to it, nor the easy recognition that such a simple name has gotten it. The 'NYPL' has become a household brand in effect... It doesn't need to be changed, and frankly it shouldn't.
Quite the first post, eh? Been a long-time Gothamist reader.
These rich fanuks think they can buy everything. Oobatz.
Private philanthropy has been the bedrock of the NYPL from its inception, when the Astor, Lenox, and Tilden libraries merged to create the New York Public Library. Andrew Carnegie funded the construction of a great many of the branch libraries around the three boroughs that the NYPL serves.
If he were creating a new building sui generis, I'd say go ahead and slap your name on it. No one seems to object to the name Carnegie Hall. But it seems presumptuous and gauche to crowd your way to the front of the pediment b/c you were the latest to fork over a huge sum. I'm almost embarrassed for the guy.
Instead of throwing out or selling your books, try to
donate them instead.
Step 1: read "The Gospel of Wealth" by Andrew Carnegie (it is only about 20 pages long). The thrust of the article is: a)compete; b)make fortunes though being the best; c) become a fiduciary for the people; and d) die without a penny, leave nothing to your children, leave well managed and thought out institutions of learning and betterment to society.
Step 2: Use the beautiful fluidity of Carnegie's logic and compassion to live a better life.
postscript: You can tax private equity all you want, the party is over. Once the government understands something well enough to tax it the smart money has already moved on. I know this for a fact, the dumb money is usually in my pocket (for a very short time). The next big thing is called [insert when the moneymakers want dumb money to cash them out].
Gee a few commercials on the superbowl cost that.
The man's ego trip is cheap here.
Great news, and the best place to study. If anything will come out of this, I really hope that they can have extended hours in the Rose Reading Room. They're mostly business hours, and there have been so many times where I wished they were open for just a few hours longer. It's probably not practical to have 24/7 availability, but 8a-8p daily or similar would be a great improvement.
That and they really need to fix all the Ethernet jacks at the tables since most of them don't seem to work and there isn't any wireless coverage!
C'mon, Jen, it's a library not a museum (see also: this item's headline, the building, and its name--- kinda clarifies things, don't it?). Yes, a lovely & generous gesture but carved into the pediment...hmmmm... I don't think so. Kinda tacky.