Official press release: New York City, Wednesday, November 7, 2007 - The New York Public Library (the “Library”) today announced that it has signed an agreement to sell the land and building of the Donnell Library, located at 24 West 53rd Street, to Orient-Express Hotels Ltd. The Library will build a new, “state-of-the-art” Donnell Library in an 11-story hotel building that Orient-Express will construct on the site. The Library will receive $59 million in cash, in addition to the value of the library space, which it will own and occupy. Proceeds from the sale will also support significant capital needs at other branch libraries.
Read the full press release here
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