Niarchos Foundation Awards $55 Million to New York Public Library

Niarchos Foundation Awards $55 Million to New York Public Library

The New York Public Library has announced a $55 million gift from the Stavros Niarchos Foundation to fund a complete renovation of the Mid-Manhattan Library.

The second largest gift in the history of the library system will support the creation of a modern, central branch that will hold NYPL's largest circulating collection and establish an endowment for educational programming for children, teens, and adults. The $200 million renovation — to be funded with an additional $151 million in New York City capital funds — will include capacity for about four hundred thousand books and materials; a "Long Room" offering five floors of open stacks and two floors of meeting rooms; a rooftop terrace; a dedicated business library; an adult learning center; and reading and study space with seating for nearly fifteen hundred patrons. To be completed in 2020, the renovated building will be renamed the Stavros Niarchos Foundation Library.

The renovation also will help establish a "Midtown campus" by reconnecting the circulating library with NYPL's iconic Stephen A. Schwarzman Building, located across Fifth Avenue.

"Public libraries are paradigmatic public institutions offering communities an array of critical services that extend far beyond the lending of books," said SNF co-president Andreas Dracopoulos. "The varied roles of public libraries place them, more than ever before, at the heart of our civic societies, at a time when many had been predicting their demise. We are very proud of this new partnership with NYPL, which continues a long and impactful collaboration. Our shared vision is that this landmark gift will not only transform one of the city's most democratic and accessible spaces, Mid-Manhattan's central circulating branch, but will also create a hub of knowledge, creativity, and innovation in the center of one of the world's greatest cities."

"A Landmark Gift of $55 Million by the Stavros Niarchos Foundation." New York Public Library Press Release 09/13/2017.