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July 10, 2015

$65 Million Gift to Create Endowment for Park Avenue Armory

New York City arts center the Park Avenue Armory has received a $65 million donation from the foundation of a late patron, the Airstream trailer mogul Wade Thompson, reports The New York Times.

The Thompson Family Foundation gift will establish an endowment for programming and educational efforts at the historic building, to which Mr. Thompson made financial contributions from the 1990s until his death in 2009.

The hangar-sized armory's exhibition and performance spaces will collectively be called the Thompson Arts Center at Park Avenue Armory, a name the family has requested remain in place for 50 years.

"It feels appropriate to us, the way Whitney or Guggenheim feel to those institutions," armory President Rebecca Robertson said of the new nomenclature. Mr. Thompson and the foundation have now given $125 million in total to the facility.