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April 02, 2015

Splashy New Home Raises Costs for Whitney Museum

As it celebrates the opening of its $422 million, Renzo Piano-designed home in Lower Manhattan, the Whitney Museum of American Art is also preparing for the challenge of significantly higher expenses, The New York Times writes. Whitney officials project a nearly 50-percent budget increase — from $33 million to $49 million a year — after moving from the museum's former Upper East Side building, with staff growing from 225 employees to 300.

The museum expects to cover the higher costs with an endowment that has grown more than fivefold to $275 million since 2003; a rise in memberships; and increased attendance driven by its location at the southern end of the popular High Line park. The Whitney is raising ticket prices from $20 to $22 and introducing longer hours on some nights.