It's called Blue School, and it aims to give kids a more creative education at a price tag of $28,500 for tuition.
On Wednesday, the three original members of the performance group, Chris Wink, Matt Goldman and Phil Stanton, were scheduled to appear on stage for the first time in 11 years.
The performance was planned as a school fundraiser. Ticket prices top out at $10,000.
After renting space in several Manhattan locations, Blue School is moving to a permanent home near South Street Seaport in the fall.
Blue School currently has 155 students from 2-year-olds through second-graders and plans to add a grade each year up to at least fifth grade.
The school's permanent home is being designed by star architect David Rockwell, who designed the nearby Imagination Playground, an interactive play space with giant foam blocks, as well as many of the city's hottest restaurants.
The Associated Press contributed to this report.