NEW YORK (AP) - The Whitney Museum of American Art has sold eight buildings near its Madison Avenue museum. It paves the way for construction of a new facility in Manhattan.
The sale price was not disclosed. But the Whitney told The New York Times Thursday it would go toward its endowment and construction of the new Renzo Piano-designed museum near the elevated High Line park. It’s expected to be completed in 2015
Museum Director Adam Weinberg says with the sale it has raised $475 million of its $680 million goal.
The eight buildings are part of the Upper East Side Historic District. The buyer, JZS Madison LLC, says it is well aware of the public review process it will face.
The fate of the Marcel Breuer-designed museum on Madison Avenue is uncertain.
(Copyright 2010 by The Associated Press. All Rights Reserved.)