NEW YORK (CBSNewYork/AP)The Museum of Modern Art announced Thursday it has received a $100 million gift from entertainment executive and philanthropist David Geffen.

MoMA said Thursday that the money from the Los Angeles-based philanthropist will be used for its renovation and expansion.

Three floors of new galleries will be named The David Geffen Wing. They will be developed as part of the museum’s expansion into a new tower being built just to the west of the museum at 53 W. 53rd St., the museum said.

In addition, a suite of galleries on the fourth floor the current museum building, at 11 W. 53rd St., will be named The David Geffen Galleries this spring.

The building project will add 50,000 square feet of gallery space to the museum.

Geffen – a native of Borough Park, Brooklyn – is the founder of DreamWorks SKG Studios and Geffen Records, and the co-founder of Asylum Records.

He said his passion for art began while visiting The Museum of Modern Art as a young man.

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