In 1863, David Sassoon the famous Baghdadi Jewish philanthropist and a leading banker of Mumbai donated generously for a building for Mechanic's Institute which was to house a museum and library for mechanical models and architectural design. In 1870, the Venetian Gothic structure of yellow Malad stone was completed in the Fort Area in an old business district of Mumbai. Later this building was turned into David Sassoon Library and Reading Room. It is one of the oldest libraries of Mumbai and has many rare and old books in its collection of 40,0000 books.