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February 27, 2009

New York Arts Group Moves Forward on Ambitious Renovation Despite Madoff Losses

New York City Center, which was supported by many donors who have lost money with Bernard Madoff, will continue with a planned $300-million makeover despite donors’ losses, Bloomberg reports.

The renovation “has not been affected by the Madoff situation,” said Arlene Shuler, president of the City Center. The plan, started in late 2005 and once scheduled for completion in 2010, had already been scaled back over the years and remains in the design phase.

Six of the organization’s 32 directors were investors in Mr. Madoff’s alleged Ponzi scheme, and Mr. Madoff himself served on the board until his arrest in December.

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