NEW YORK, NY March 11, 2008 —Following a $100 million donation, the New York Public Library's building on 5th Avenue at 42nd Street will be renamed for the Wall Street financier Stephen Schwarzman.

Schwarzman is the chief executive of the Blackstone Group.

His gift is among the largest to any cultural institution in the city. The money will fund an expansion of the library system and the transformation of the Central Library into a book-borrowing destination.

The gift is expected to be formally announced today.