7. The Land Under the Armory Is Leased for $1 per Year

New York State has a $1 lease for the land under the Armory, which is owned by the city. This agreement dates back to 1870. A 99-year lease on the Armory was acquired by the Seventh Regiment Armory Conservancy in 2006. The non-profit group Park Avenue Armory has undertaken the exterior renovation and the enormous project of interior restoration one room at a time. When they first began their work, they found crumbling and water-stained ceilings, original flooring that had been covered up for years, over-painted walls, adding to what seemed like an overwhelming list of repairs and renovations. The estimated cost of interior projects is expected to be about $200 million.

Viewing a small patch of the original wallpaper in the Ladies Reception Room, yet to be restored

Private donors pay for the interior renovations. To date, four rooms have been completed. Company Rooms D and E were completed with money from one donor. The recently renovated Veterans Room was completed with donations from fifteen donors.