Steve Schwarzman

Press Release

New York Public Library Unveils $1 Billion Transformation Plan

A Re-envisioned Library System to Meet the Needs of a Growing, Changing New York

• Fifth Avenue Building Dramatically Renovated to Become Flagship Lending and Research Library, A Model for the Urban Library of the Future
• Large Hub Libraries Established in the Bronx, Manhattan, and Staten Island as Anchors to Neighborhood Branches
• Expanded Digital Resources Increase Access to Library Collections
• $100 Million Gift From Stephen A. Schwarzman is the Largest Outright, Unrestricted Donation to a New York City Cultural Institution

(New York, NY) March 11, 2008 - At a press conference in Astor Hall attended by Mayor Michael R. Bloomberg, City Council Speaker Christine C. Quinn, Nobel laureate Toni Morrison, and many other elected officials, New York Public Library Chairman Catherine C. Marron and President Paul LeClerc today announced a transformative plan that will reach far beyond the historic marble building - the "people's palace" - that has been at the center of New York City since 1911. The plan, which will take at least five years to realize, represents the greatest change to the New York Public Library system since its founding more than 100 years ago; it will have an impact on every one of the millions of users - children, teens, and adults from all walks of life - who come in person to the Library's 89 locations, as well as the countless citizens of New York State and beyond who access the Library's astonishing holdings through the Internet and who call upon the unparalleled expertise of its staff in their pursuit of knowledge.

The purpose of the plan is to transform the Library so that it can better serve a growing public, one that is accessing information in rapidly changing and diverse ways. The Library's five-year goal is to double the number of unique users who take advantage of its rich collections, wide-ranging programs, inspirational reading rooms, and online offerings. The plan, which calls for a total investment of approximately $1 billion, was adopted by the Library's Board following a comprehensive 18-month study by Trustees and staff.

Mrs. Marron and Dr. LeClerc also announced that Stephen A. Schwarzman has donated $100 million to the Library as the lead gift toward a newly launched fundraising campaign in support of the plan. They were joined at the Library by Mr. Schwarzman, the Chairman, CEO and co-founder of The Blackstone Group, and a Library Trustee since 2001. His gift is by far the largest single donation in the Library's history, and, indeed, is the largest outright, unrestricted gift by an individual to any cultural organization in New York City. In acknowledgment of his extraordinary donation, the Fifth Avenue building - currently known as the Humanities and Social Sciences Library - will be renamed the Stephen A. Schwarzman Building. (See below for a biography of Mr. Schwarzman.)

The major elements of the plan, described in detail below, are:

Renovate and reconfigure the historic Fifth Avenue building to add a vast, state-of-the-art lending library alongside its existing research divisions, thus creating the world's most comprehensive library under one roof.

Build two new "Hub" libraries - in Northern Manhattan and Staten Island - with greatly expanded hours and services. These Hub libraries, modeled on the highly successful Bronx Library Center, will work in tandem with and support neighborhood libraries that offer essential services for their local communities.

Expand the Library's online presence dramatically to make its unique holdings and programs accessible worldwide, and create new online communities led by its librarians and curators.

Strengthen the Library's financial position by improving operational efficiencies and increasing the endowment.

"The New York Public Library is the most effective organization in this city to help people achieve their goals and improve their lives," said Chairman Marron. "Steve Schwarzman's gift moves the Library's plan forward in a powerful way and will have a lasting impact for generations to come."

"The world of information and ideas has changed profoundly," said Dr. LeClerc, "and the needs of library users have changed in response. In neighborhoods, on the Internet, and at the heart of the City, our new plans provide a framework to deliver future generations of library users with the services that will be essential to their lives and livelihood in this new era. We are extremely grateful to Steve Schwarzman for his remarkable commitment to the future of the Library and his recognition of the vital significance of our library system to users around the corner and across the globe."

"I want to congratulate the staff and the Board for setting the bar high, with a sprawling and ambitious billion-dollar plan that completely transforms the New York Public Library for the 21st Century. Our City's great institutions need to keep making the investments that will keep New York a place that attracts the best and the brightest and nurtures the next generation of leaders in different fields," said Mayor Michael R. Bloomberg. "On behalf of all New Yorkers, I also want to thank Steve Schwarzman for his incredible $100 million gift. It's the generosity of New Yorkers like Steve that really sets this City apart."

About Stephen A. Schwarzman

Stephen A. Schwarzman is Chairman, CEO and Co-Founder of The Blackstone Group. He has been involved in all phases of the firm's development since its founding in 1985.

Mr. Schwarzman is Chairman of the Board of The John F. Kennedy Center for the Performing Arts. He is a member of The Council on Foreign Relations and The Business Council. He is on the board of The New York Public Library, The New York City Ballet, The Asia Society and The Film Society of Lincoln Center. He also serves on The JP Morgan Chase National Advisory Board, The New York City Partnership Board of Directors and The Advisory Board of the School of Economics and Management, Tsinghua University, Beijing. Mr. Schwarzman is also a Trustee of The Frick Collection in New York City.

Mr. Schwarzman holds a BA from Yale University and an MBA from Harvard Business School. He has served as an adjunct professor at the Yale School of Management and on the Visiting Committee of Harvard Business School.

Read the full press release regarding Stephen Schwarzman's gift to the New York Public Library.

News Roundup

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