Kate Taylor comes up with the price MoMA paid for the Folk Art Museum: a convenient $31.2m that neatly retires the debt taken on to build the structure that has now been sold to MoMA.
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.
MoMA to Pay $31.2m for Folk Art Museum Building (Arts Beat/NYTimes)