Philanthropists fuel development

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An overwhelming amount of philanthropy-fueled commercial development could help to allay fears in the commercial market brought by the credit crunch and troubles on Wall Street. The New York Public Library has announced a $1 billion renovation plan, at least half funded by donation. Other schools including Fordham University and Albert Einstein College of Medicine in the Bronx, and Stony Brook University on Long Island, are planning major development projects with money from philanthropists. 

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