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| Photo by Christina Hribar, New York Magazine |
The recipe for the New York Public Library includes a long ingredient list of smart and/or wealthy men: Astor, Lenox, Tilden, Bigelow, Billings, Carrere, Hastings....but what about Schwarzman, the name now etched in the marble and plated in gold at the library’s entrances? Where did he come from and why is the Central Reference Building of the New York Public Library named after him?
Schwarzman came from Philadelphia and after gathering an education at Yale and Harvard moved onto NYC where he co-founded the Blackstone Group, a rather successful private equity group. The 64 year old billionaire epitomizes the not too pretty image of the aggressive Wall Street investment banker (a 2008 profile in The New Yorker by James Stewart, offers a revealing peek into his personality and motivations). While he doesn’t exactly fit the Carnegie/Buffet/Gates mold and, as of 2010 had not yet committed to the “Giving Pledge”, he did initiate ‘The Blackstone Foundation’ in 2007, “a $50 million five-year commitment to support innovative programs that foster entrepreneurship and, in turn, the high-growth businesses and industries that are most known to spark economic growth and produce enduring results in geographies hardest hit by the global economic crisis.” He also serves on the board of trustees of numerous non-profit organizations, including the New York Public Library.
On March 11, 2008, Schwarzman made the announcement that he would give $100 million to the NYPL as part of their billion dollar expansion plan. The gift was the largest single gift in the library’s history and, according to an article in Library Journal, the largest "outright, unrestricted gift by an individual to any cultural organization in New York City," Schwarzman reported that the library approached him with an offer, ‘We’d like you to be the lead gift and give us $100 million and we’d like to rename the main branch after you.” He replied, “That sounds pretty good. ”
New York Landmarks Preservation Commission unanimously agreed to add Schwarzman’s name to the library’s facade in 5 places; at the base of the two columns at the main entrance, on the floor outside the front door and in the marble below the lamps at the 42nd street entrance - it was the first major change to the exterior of the building in a century. They was great discussion over the locations of Schwarzman’s name and the height of the lettering. According to Marc Santora’s article in the NYT, “the letters will range from 1 to 2 ½ inches in height. The name will not be as big as some others high atop the facade on Fifth Avenue — like Astor and Tilden — but it will be visible to all who pass by or ascend the steps.”
The change stirred up some concern about the precedent set by such “excessive” thanks but the library’s director, Paul LeClerc, promised that they would never again ask to carve a name into the library’s facade and argued that just as Astor, Lenox and Tilden’s fortunes had created the library, Schwarzman’s gift will allow the library to continue to thrive into the 21st century.
My guess is that Tilden, Lenox, and certainly Astor, would welcome the newest member of the “Library Club” with open arms, as long as they don’t have to sacrifice any of their space at the marble entrance.
Schwarzman came from Philadelphia and after gathering an education at Yale and Harvard moved onto NYC where he co-founded the Blackstone Group, a rather successful private equity group. The 64 year old billionaire epitomizes the not too pretty image of the aggressive Wall Street investment banker (a 2008 profile in The New Yorker by James Stewart, offers a revealing peek into his personality and motivations). While he doesn’t exactly fit the Carnegie/Buffet/Gates mold and, as of 2010 had not yet committed to the “Giving Pledge”, he did initiate ‘The Blackstone Foundation’ in 2007, “a $50 million five-year commitment to support innovative programs that foster entrepreneurship and, in turn, the high-growth businesses and industries that are most known to spark economic growth and produce enduring results in geographies hardest hit by the global economic crisis.” He also serves on the board of trustees of numerous non-profit organizations, including the New York Public Library.
On March 11, 2008, Schwarzman made the announcement that he would give $100 million to the NYPL as part of their billion dollar expansion plan. The gift was the largest single gift in the library’s history and, according to an article in Library Journal, the largest "outright, unrestricted gift by an individual to any cultural organization in New York City," Schwarzman reported that the library approached him with an offer, ‘We’d like you to be the lead gift and give us $100 million and we’d like to rename the main branch after you.” He replied, “That sounds pretty good. ”
New York Landmarks Preservation Commission unanimously agreed to add Schwarzman’s name to the library’s facade in 5 places; at the base of the two columns at the main entrance, on the floor outside the front door and in the marble below the lamps at the 42nd street entrance - it was the first major change to the exterior of the building in a century. They was great discussion over the locations of Schwarzman’s name and the height of the lettering. According to Marc Santora’s article in the NYT, “the letters will range from 1 to 2 ½ inches in height. The name will not be as big as some others high atop the facade on Fifth Avenue — like Astor and Tilden — but it will be visible to all who pass by or ascend the steps.”
The change stirred up some concern about the precedent set by such “excessive” thanks but the library’s director, Paul LeClerc, promised that they would never again ask to carve a name into the library’s facade and argued that just as Astor, Lenox and Tilden’s fortunes had created the library, Schwarzman’s gift will allow the library to continue to thrive into the 21st century.
My guess is that Tilden, Lenox, and certainly Astor, would welcome the newest member of the “Library Club” with open arms, as long as they don’t have to sacrifice any of their space at the marble entrance.
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