MOMA TO PAY $31.2 MILLION FOR FOLK ART MUSEUM BUILDING

Kate Taylor reports for the New York Times that the Museum of Modern Art will pay $31.2 million for the American Folk Art Museum’s building. Last week, the museums announced the sale but had not disclosed the price. The folk art museum acquired $32 million in debt to construct the building on West Fifty-third Street, but attendance never met expectations, according to Taylor. As of June 30, 2009, the museum owed a principle of $29,945,000 on the bonds.