That loud cracking sound you hear is the sound of The Blackstone's Group's (NYSE: BX) Steve Schwarzman's wallet opening to the tune of a $100 million donation to the New York Public Library, according to The New York Times.
That's what it takes, apparently, to rename the main Fifth Avenue landmark building, which will be called the Stephen A. Schwartzman Building when its renovation is completed in 2014. That's pending approval of the landmark commission and the ability to withstand the roar of the chattering classes, which the Times politely referred to as the inevitable "spirited commentary."
Schwarzman has come under scrutiny because though his high-spending habits have been commensurate with the the size of his personal fortune, his charitable giving has not. While he has given more than most people could ever dream of, as chronicled in James Stewart's article in The New Yorker, this major donation to the New York Public Library is his biggest yet.
Stewart notes that Schwarzman's alma mater, Yale, balked at renaming a dining hall after him for an oddly-structured $17 million donation, and the offer was withdrawn. So for any Yalies out there with only $20 million or so to give, that naming opportunity remains -- it will take five times as much to get your name etched at 42nd and Fifth.
Schwarzman to donate $100 million to the New York Public Library
Recent Posts
- Private equity tries to feast on Lyondell blow-up (1/07/2009)
- New Year's resolution for VCs: Survival (1/05/2009)
BloggingBuyouts is provided for informational purposes only. Nothing on the service is intended to provide personally tailored advice concerning the nature, potential, value or suitability of any particular security, portfolio or securities, transaction, investment strategy or other matter. You are solely responsible for any investment decisions that you make. The contributors who provide the content of BloggingBuyouts may, from time to time, hold positions in the securities discussed at the time of writing and they may trade for their own accounts. Such holdings will be disclosed at the time of writing. By using the site, you agree to abide to BloggingBuyouts' Terms of Use.
