MoMA Sells Land To Gain Exhibit Space

“Capitalizing on Manhattan’s robust real estate prices, the Museum of Modern Art is selling its last vacant parcel of land in Midtown for $125 million to Hines, an international real estate developer based in Houston… As part of the deal Hines is to construct a mixed-use building on West 54th Street that will connect to the museum’s second- , fourth- and fifth-floor galleries. [The] project would afford about 50,000 square feet of additional exhibition space for the Modern’s painting and sculpture collections.”