LATEST NEWS Steel
January 9, 2007
New York’s Museum of Art set to grow after property sale
Little more than two years after a major expansion, the Museum of Modern Art is set to grow again.
MoMA has negotiated a land deal that will yield about 4,500 square metres of additional space to display paintings and sculptures, museum director Glenn Lowry said.
The museum will sell a piece of vacant land for US$125 million to Houston-based development company Hines, adding an estimated $65 million to its $650-million endowment after construction costs, Lowry said.
Hines spokesperson George Lancaster confirmed the deal and said Hines was “thrilled to be working with MoMA,” but declined to comment on the sale price.
The property is one of several the midtown Manhattan museum acquired in recent years, as it planned to expand.
In 2004, an addition made of glass and steel was completed.
In the latest plan, Hines will construct a mixed-use building that will include approximately 900 square metres of museum storage space.
The building will be part of a larger project, Lancaster and Lowry said.
The lot has about 18,500 square metres of building space, the director said.
Hines has developed other buildings in New York, including the 34-storey office tower 53rd at Third, also known as the Lipstick Building, in 1986.
The museum space will connect to its main building on several floors, Lowry said.
There was no architect or timetable yet, but the project was expected to take at least five years.
The museum closed during the last expansion and showcased its art in a temporary space in Queens, but it will stay open this time, Lowry said.
A museum trustee and real estate developer who helped negotiate the sale, Jerry Speyer, said the board agreed readily to the deal.
“Everyone felt great about the decision,’’ he said. “There were no issues in anyone’s mind.’’
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 433 projects with a total value of $3,210,413,882 that Reed Construction Data Building Reports reported on Thursday.
$210,000,000 Toronto ON Prebid
$110,000,000 Toronto ON Tenders
$51,500,000 Milton ON Negotiated
- VIDEO: LiUNA Local 183 Training Centre introduces new programs
- VIDEO: RCCAO Pre-Budget Roundtable on infrastructure
- Storied Burka Architects downsizes and transitions
- Learning Centre Construction
- Collaboration with industry important to workplace safety improvement: Witmer
- Robot-powered construction revolution
- Engineers design permanent flood protection for Calgary
- Inquest called into fatal Vecchio incident
- Infrastructure Ontario issues RFQ for Ontario Place construction
- Cisco picks Toronto for location of new innovation hub
- Concerns raised about P3 approach for Saskatchewan schools
- Journal of Commerce Preview for the week of March 10th, 2014
- PHOTO GALLERY: 2014 Wood Design Awards
- Wastewater treatment plant tops priority list
- Lone bidder prepares P3 proposal for Alberta schools
- Industry reacts as details emerge about job grant agreement
- Demand rising for Kitimat camps
- Open textbooks are key to skills training
- InPower BC awarded John Hart project contract
- Skills training investment in Manitoba
- Premier claims pact justifies need for $10 billion dam