The New York Times wrote that Barry Diller, IAC, and his wife, Diane Von Furstenburg, a well-known fashion designer, have donated USD 10 million in challenge grants to the Friends of the High Line, the non-profit group that manages the project. According to The New York Times, NYC Parks Commissioner, Adrian Benepe, said the “the donation ranks among the four largest ever given by individuals to New York City parks.”
Total fund-raising has now reached USD 44 million, out of a USD 50 million capital campaign. Barry Diller and Diane Von Furstenburg’s challenge grant will be given in USD 2 million annual increments over five years. Friends of the High Line will need to match each installment. The first phase of the High Line runs from Gansevoort Street in the meatpacking district to 20th Street, and opens this month. Additional phases will run up to the Javits Center on 34th street.
The High-Line has had a significant ‘multiplier effect’ in terms of generating new real estate. The New York Times write that there has been some USD 4 billion of new investment alongside the park’s path to date. 1.5 million square feet is under development around the park, and an additional 2.5 million is planned. (see earlier post on the park project). The High-Line runs near IAC’s Gehry-designed headquarters.
Image credit: Barry Munger / Friends of the High-Line