Crippled with Debt, American Folk Art Museum to Sell Its Building to Museum of Modern Art

We’ve known that New York’s American Folk Art Museum has been struggling financially since last summer, when it was reported that the museum was “unable to make upcoming payments on a $32 million bond it borrowed from the City’s Trust for Capital Resources.” At the time, they said the troubles stemmed from opening an expensive new building in the same decade as when the bottom fell out of the economy, which led to plummeting attendance numbers and fewer endowments (an issue that has plagued the whole industry now for years).