By November 1854, the Board of Managers had raised $4,500. In May 1855, the Board purchased a lot at the corner of South Hamilton Street and Franklin Street in the City of Poughkeepsie, NY for $2,490. On November 15, 1855 the cornerstone was laid, with the mayor of the newly incorporated City of Poughkeepsie in attendance. When the cellar was completed, funding was exhausted. The Board asked people to “buy a brick” for $1, but once the brick walls were up and the roof was on, money ran out again.