MOMA TO GAIN EXHIBITION SPACE IN $125 MILLION LAND SALE

Capitalizing on Manhattan’s robust real estate prices, MoMA is selling its last vacant parcel of land in midtown for $125 million to Hines, an international real estate developer based in Houston, the New York Times‘ Carol Vogel reports. As part of the deal, Hines is to construct a mixed-use building on West Fifty-fourth Street that will connect to the museum’s second- , fourth- and fifth-floor galleries, said director Glenn D. Lowry. He said the project would afford about fifty thousand square feet of additional exhibition space for the Modern’s painting and sculpture collections. Lowry said the new galleries would be designed to be flexible. “We envision them to include space that will deal with the unanticipated changes of the future,” he said.