The Museum of Modern Art has agreed to purchase the American Folk Art Museum's building just down the block from it on West 53rd Street, according to an article in today's edition of The Wall Street Journal by Erica Orden.
The acquisition will permit the folk art museum to eliminate its bond debt and the modern museum to expand its exhibition space, the article said, adding that the purchase price was not disclosed.
The article said that the folk art museum will continue to present exhibitions and public programs at its much smaller facility at Lincoln Square. "MoMA has had the right of first refusal on the space," and "doesn't have immediate plans for the space...but ultimately plans to use it for additional exhibition space."
Laura Parsons, president of the board of the folk art museum, told The Journal that "efforts to balance our budge and bring meaningful fiscal stability to the museum's annual operations have been effective, but we have made little progress in raising the substantial funds necessary to satisfy the bond on the West 53rd street building," adding that "the constant burden of servicing and paying down this debt imperils the institution and distracts the museum's board and staff from our pursuit of programmatic excellence."
The building to be bought "is between MoMA and a vacant lot that MoMA sold in 2007 to the developer Hines" and an article by Kate Taylor in today's edition of The New York Times quoted MoMA's director, Glenn Lowry, as stating that "Although there are no current plans for Hines to develop, MoMA ultimately planned to expand in that direction."
The widely acclaimed Hines mixed-use project has been designed by Jean Nouvel, but had its height of about 1,000 feet "chopped off" by the City Planning Commission.
The folk art museum building was designed by Tod Williams Billie Tsien Architects in 2001 and was widely praised and the article in The Times said "it was not clear whether it would be torn down." "The folk art museum took on $32 million of debt to construct the 53rd Street building. But attendance never met expectations, and after sustaining investment losses in the financial crisis, the museum defaulted on its debt," the article said.
The acquisition will permit the folk art museum to eliminate its bond debt and the modern museum to expand its exhibition space, the article said, adding that the purchase price was not disclosed.
The article said that the folk art museum will continue to present exhibitions and public programs at its much smaller facility at Lincoln Square. "MoMA has had the right of first refusal on the space," and "doesn't have immediate plans for the space...but ultimately plans to use it for additional exhibition space."
Laura Parsons, president of the board of the folk art museum, told The Journal that "efforts to balance our budge and bring meaningful fiscal stability to the museum's annual operations have been effective, but we have made little progress in raising the substantial funds necessary to satisfy the bond on the West 53rd street building," adding that "the constant burden of servicing and paying down this debt imperils the institution and distracts the museum's board and staff from our pursuit of programmatic excellence."
The building to be bought "is between MoMA and a vacant lot that MoMA sold in 2007 to the developer Hines" and an article by Kate Taylor in today's edition of The New York Times quoted MoMA's director, Glenn Lowry, as stating that "Although there are no current plans for Hines to develop, MoMA ultimately planned to expand in that direction."
The widely acclaimed Hines mixed-use project has been designed by Jean Nouvel, but had its height of about 1,000 feet "chopped off" by the City Planning Commission.
The folk art museum building was designed by Tod Williams Billie Tsien Architects in 2001 and was widely praised and the article in The Times said "it was not clear whether it would be torn down." "The folk art museum took on $32 million of debt to construct the 53rd Street building. But attendance never met expectations, and after sustaining investment losses in the financial crisis, the museum defaulted on its debt," the article said.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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