The museum hopes to complete the expansion, which would add 410,000 to 633,050 square feet of space, by 2004.
"The museum hopes to expand in the next five to seven years," he said.
The museum hopes to have some of them back for their reopening in 1993.
He said the museum hoped that income from its endowment would be able to cover the difference.
Studies of the site are under way, and the museum hopes to choose an architect soon.
The museum hopes to begin construction in 2002 and complete the building by 2006.
Next year the museum hopes Chanel will finance a show of its work.
The museum hopes to complete the project late in 2010.
The museum hopes eventually to be able to change the installation four times a year.
The museum hopes to begin that work in the next three months.