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There are certain disadvantages to running an independent fashion, art and culture magazine. For one, you simply don’t have the money your more well-endowed competitors have. For another, you have to fight harder for access.

But if you’re Kim Hastreiter and David Hershkovits, and you’ve been championing young talent and helping brands build their credibility with hipster consumers for 25 years, a lavish, sponsor-heavy anniversary bash is in order.

That’s what happened Tuesday night when Paper magazine took over The New York Public Library for a party sponsored by HP. It was filled with an eclectic cast of characters such as Kanye West, Isaac Mizrahi, Mischa Barton, the Scissor Sisters and Susanne Bartsch — not to mention enough drag queens to rival Wigstock.

Needless to say, the performances ran the gamut: an indie rock band called The Virgins, Queen Latifah and, finally, Liza Minnelli, who thanked the New York Public Library for educating her, despite having attended 22 schools as a child, before bringing down the house with “New York, New York.”

Nearly every bold-facer in the crowd had some sort of personal connection to the magazine being feted. “Kim introduced me to my husband at a party,” said Thelma Golden of the Studio Museum in Harlem. “She’s been a catalyst for so many things in my life.”

Fred Schneider of the B-52s said he penned articles for the magazine free of charge. “I wrote a piece for them the first time they had a baby rhinoceros born at the Bronx Zoo.”

Clad in pink satin, Hastreiter, Paper’s editor and publisher, was optimistic about the downturn’s effect on creativity. “Whenever there’s no money, you have to use your brain. We never had money, so it’s nothing different,” she said cheerfully. “If you’re not creative, you’ll sink.”

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