Michael Bloomberg injects $75M into the Shed at Hudson Yards

Former Mayor Michael Bloomberg donated $75 million towards the construction of the Shed, an arts center slated to open at Hudson Yards in 2019.

Bloomberg made an undisclosed donation of $15 million in 2012, the New York Times reported, and yesterday added $60 million to his contribution. The money was given through his charity organization Bloomberg Philanthropies. A total of $421 million has now been collected toward a $500 million capital campaign, the Shed’s chairman and president Daniel Doctoroff told the newspaper.

In 2013, the Bloomberg administration allocated $50 million to the Shed, which was the biggest cultural capital grant of that year.

Designed by Diller Scofidio + Renfro in collaboration with Rockwell Group, the shed is a flexible, performative structure that can physically changed for different performances and guests. Spanning six levels, it will have 25,000 square feet of museum space, a 500-seat theater, event and rehearsal space and an artist lab. Construction started in mid-2015 and is scheduled for completion in 2019.

Related Companies’ [TRDataCustom] Stephen Ross, the main developer of Hudson Yards, is on the Shed’s board, along with Diane Von Furstenberg. The fashion designer, with husband Barry Diller, gave at least $35 million to the High Line, which will have direct access to the Shed, according to the Times.[NYT] — Miriam Hall

(To view more new construction in Hudson Yards, click here)