Group to raise $40 million for Central Park playgrounds

May 13, 2013 5:31:14 AM PDT
The nonprofit group that looks after New York City's Central Park plans to raise $40 million to upgrade and repair the park's 21 playgrounds.

The New York Times reports that the Central Park Conservancy's new playground project will be dubbed Central Play.

Construction to upgrade the playgrounds will happen over the next five years. Renovation on a playground on East 110th Street has already begun and the playground will open next month.

The conservancy raises more than 80 percent of the park's $45.8 million annual budget.

JPMorgan Chase has already donated $3 million to Central Play.

Last year, billionaire hedge fund manager John Paulson pledged $100 million to the Central Park Conservancy.