People
ask whether the public is at least getting good deals or "value" when
we sell our libraries. We absolutely are not. We are selling our
libraries for far less than their worth and far less than we have
invested in them. The losses are actually profoundly embarrassing
notwithstanding the proclivity of library officials to deceptively
characterize proceeds from sales as "
profits," and as "
hefty" rather than "
paltry." That's been true since the beginning. . .
.
. . The first library sold, the Donnell Library, the central
destination, 97,000-square foot, five-story central destination library
on what was documented to be the most valuable block in Manhattan at the
time, was sold to
net the NYPL less than $25,000 million. The penthouse in the luxury tower that replaced it in the 50-story luxury tower replacing Donnell went on the market for
$60 million. Another single lower-level condo unit in the luxury building, 43A, sold for
$20,110,437.50.
There is also a 114 guest room luxury hotel in the tower. according to the Wall
Street Journal, Chinese investors made that hotel,
“the most highly valued hotel in the U.S.” after agreeing to buy it for
“more than $230 million. . . .more than $2 million a room.”
.
. . The central destination Brooklyn Heights Library in Downtown
Brooklyn, expanded and fully upgraded in 1993, one of the most modern
and up-to-date libraries in the system would cost
more than $120 million
to replace. The city sold it for less than its tear-down value, for
less than its value as a vacant lot, and because it was sold to a
developer who's inferior bid was not the highest bid, it's sale became
the subject of one of the pay-to-play investigations of the de Blasio
administration. When costs are finally calculated it is likely the city
and library administration officials will have netted less than $25
million from this library's ruination.
. . . In two
suspicious real estate deals the NYPL has sold the 34th Street SIBL
library, the city's biggest science library (in the former Altman's
Department Store between Madison and Fifth Avenues) for an aggregate
amount that, in
adjusted for inflation terms, is just barely equal to the
$100 million
the public paid for that library in 1996. That is despite the
library's prime location and fact that since that time the New York real
estate market has been
surging by multiples
that far outstrip inflation. The above-ground portion of the
technologically state-of-the-art library was sold to one of the world's
wealthiest men,
renowned,
like a character in a James Bond novel for a owning a fleet of the
world's largest yachts, a force of vintage war planes and for building
the world's biggest plane. Maybe this technologist magnate acquired the
science library because his father worked in a library and he
remembered tagging along with him, overwhelmed by the information and
daydreaming of
"'the sci-fi theme of a dying or
threatened civilization that saves itself by finding a trove of
knowledge.'" . . . This low gross amount that the NYPL receives for selling SIBL is
not what the NYPL will
net
from the sale, because the sale, part of a consolidating shrinkage
affecting also the Mid-Manhattan Library, will be costly. That
overall plan now known as the “Midtown plan” is referred to on the NYPL's website
as costing “$300 million.”
. . . The Sunset Park Library is being given away by the city,
without bid,
for nothing to an organization, the Fifth Avenue Committee, that is
politically connected to Mayor de Blasio. Incongruously, the city says
that it cannot give the recently renovated Inwood Library away without
bid, but it appears that the library will be similarly handed-off
unfairly and without charge to another organization that has an inside
track.
. . . Similarly, the hand-offs of library space in the
Red Hook Library and Williamsburg Library to
Spaceworks are essentially giveaways that
conceptualize the library space as being somehow useless.
. . . Banishing books to expensively keep them off-site must also be regarded as another cost draining the public pocket book.
For complete information go back to our Citizens Defending Libraries Main Page (or to read through all the content of our Main Page in LONG FORM CLICK)