In conjunction with its upcoming 40th anniversary, the New Museum has launched an $80 million capital campaign that will help the museum expand, add new programs, and more than double its endowment.
As part of this new push, the museum will renovate its adjacent property at 231 Bowery to create space for additional galleries, office and support spaces, and more public amenities. The expansion will also allow the museum to expand upon its current programming and educational initiatives.
"With our fortieth anniversary approaching, the New Museum is preparing for our next step as a pioneer for new models in the cultural arena," James Keith Brown, the president of the museum said in a press release. "We will expand into our adjacent building, further grow our global exhibitions and programs, and continue to lead in distinctive technology initiatives."
The expansion is in large part a response to the exponential growth the New Museum has experienced since it was founded in 1977. The museum has gone from a three-person team working in a single-room office to its current SANAA-designed space on Bowery with 135 employees and a $13 million annual operating budget.
The museum moved to its space on the Bowery in 2007, and the number of visitors has grown by 400 percent since — it receives over 400,000 visitors annually at present.
Back in November 2013, the museum announced plans to use the building at 231 Bowery as an "incubator for art, technology, and design." And today it's home to a business incubator known as New Inc, which was founded in 2014, according to the New York Times.
In regards to its capital campaign, the New Museum has already raised more than half of the funds with significant contributions from its Board of Trustees. Details haven't yet emerged about the architect in charge of the expansion or when the project will be completed.