"This historic structure will be transformed into a dynamic seven-story magical castle on the park for all our city's children, as CMOM invests in setting every child up to thrive," Dava Schub, CMOM's CEO, said in a statement.
"Over the years, CMOM has brought research-based learning experiences to millions of children at our museum and to children where they live and learn..." Schub added.
The new facility will also feature large-scale artworks by youngsters, a water-and-sound music experience, and enrichment classes in art, science, music and movement.
In total, the Children's Museum of Manhattan has raised $200 million for the final phase of its $300 million funding campaign for its new site.
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