1 Billion Dollar Plan To Renovate New York Public Library Announced

1 Billion Dollar Plan To Renovate New York Public Library Announced

Two days ago in an official press conference, New York Public Library announced an upcoming 1 billion dollar transformation plan.

The plan, which was approved by the Board of Drectors after a comprehensive 18 months study will take at least 5-7 years to implement and will build new libraries, renovate old, create better print and digital collections, offer more programs and invest in improved digital resources and online presence.

The administration of NYPL is also setting an ambitious goal to double the number of unique users who use the various services of the library. Below is a brief outline of the plan:

" Fifth avenue building dramatically renovated to become flagship lending and research library, a model for the urban library of the future”

* Built two new large hub libraries in the Bronx, Manhattan, and Staten Island, following the successful model of the new Bronx Library Center

* Expanded digital resources and online presence

* $100 million gift from Stephen A. Schwartzman , the CEO and co-founder of The Blackstone Group

“The implementation of the Library’s transformation plan will require substantial investment, including:

$300 million for the dramatic renovation of the Fifth Avenue library;
$80 million to build two new Hub libraries, in Northern Manhattan and Staten Island;
$130 million to refurbish Branch libraries throughout the system;
$40 million for the build out of a new Library Services Center in Long Island City;
$20 million for the build out of a new, state-of-the-art Donnell Library;
$130 million for technology, online expansion, collections, education, and staff;
$300 million for endowment funds to be used for acquisitions, processing, and
preservation; educational outreach; staff scholarships; and general operations.”

More details are available from the press release.

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