NEW YORK (NYT) - The Museum of Modern Art has received more major help with its US$400 million (S$550 million) renovation and expansion project - this time from billionaire collector Steven A. Cohen and his wife Alexandra.

Their philanthropic foundation has donated US$50 million and the museum's largest contiguous gallery will be named the Steven and Alexandra Cohen Centre for Special Exhibitions.

Last year, media mogul David Geffen donated US$100 million to the project.

The overhaul aims to increase exhibition space and improve circulation in the museum.

Mr Cohen is a hedge fund manager who joined its board last year.

"Alex and I have always believed that the arts can, and should, enrich all people's lives," he said in a statement.

"We are excited to see how this gift and the Cohen Centre will allow the museum to bring new and even greater artistic experiences to visitors."