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MoMA to Pay $31.2 Million for Folk Art Museum Building


The Museum of Modern Art will pay $31.2 million for the American Folk Art Museum's building, according to a notice the folk art museum filed to its bondholders. The two museums announced the planned sale last week but had not disclosed the price.

The folk art museum took on $32 million of debt to construct the building on West 53rd Street, but attendance never met expectations, and after sustaining investment losses in the financial crisis, the museum defaulted on its debt. The folk art museum had said that the sale would allow it to retire its debt, as well as pay fees to lawyers and consultants. The numbers are close: As of June 30, 2009, the museum owed a principle of $29,945,000 on the bonds.

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