Broken Deal With Hotel Leaves NYPL In A Financial Fix

“A decision by Orient-Express Hotels Ltd. to back out of its plans to buy the former Donnell Library building in Midtown Manhattan is likely to deprive the New York Public Library of millions it was counting on. The sum was to help jump-start a $250 million renovation of its central library on Fifth Avenue at 42nd Street. … The company’s move is likely to stoke anxiety among cultural organizations with outstanding commitments vital to major capital projects.”