The gift will help renovate and maintain the park for years to come.
With 843 acres of a green oasis in the middle of Manhattan, Central Park is one of New York's crown jewels and with 40 million visitors a year, one of the most popular.
That's why for John Paulson, who uses the park with his family every day, it was a natural fit.
The gift is the largest to a public park on record. 85 percent of the operating budget for Central Park is funded by the conservancy, which is a private organization.
The gift will not cover all of the park's operating costs, but it will make a big dent toward making much needed improvements.
Kids from Harlem Academy use one of the playground's every day for recess, and an upgrade is welcome news.
Work is slated to begin within the next three months.
Mayor Michael Bloomberg said Paulson's gift will ensure that the park remains a peaceful oasis in the middle of the city.
The 56-year-old Paulson is the founder and president of Paulson & Co. He is a native of Queens and a graduate of the Harvard Business School.
The pledge will be paid out by Paulson and his Paulson Family Foundation.
Get Eyewitness News Delivered