When for profit businesses can do what not-for-profits can’t

In the March 13, 2014 issue of The New York Times, David W, Dunlap writes about the rebirth of the Williamsburg Savings Bank building in Brooklyn which was built in 1875 and is listed on the National Register of Historic Places (“From Floor to Grand Dome, Landmark is Restored”). It was abandoned for more than thirty years before it was turned into an event space by developers who also have plans for the adjacent parcels of land. The owners spend $27 million dollars to salvage the building and undertook a painstaking restoration of the interior. Those well-funded profit seeking owners did what no not-for-profit organization could have afforded to do.