Folk Art Museum looks to keep home

TRD New York /
Aug.August 09, 2010 11:30 AM

American Folk Art Museum

The American Folk Art Museum, which has struggled financially almost since the day it opened its new building in 2001, is trying to reach an agreement that will keep the museum in its current location at 45 West 53rd Street. Six months after disclosing that it could no longer make payments on its $32 million bond, the museum is still in protracted negotiations to restructure its debt with the company that insured its bonds, the New York Times reported. Both sides say they are optimistic they will reach an agreement. The next payment to bondholders, in January, is to be covered by the bond insurer, ACA Financial Guaranty. All bondholders have been paid on time, but for months the museum has been unable to make payments into a debt service fund as required under its agreement with New York City’s Trust for Cultural Resources, the public benefit corporation that issued the tax-exempt bonds for the project. The museum is the first organization to default on an agreement to pay off the bonds issued for it through the trust. [NYT]

 

Related Articles

arrow_forward_ios
The Metropolitan Museum of Art and The American Museum of Natural History (Photos by Rob Kim/Getty Images)

Museums get green light to reopen in New York City

Museums get green light to reopen in New York City
The Metropolitan Museum of Art and the American Museum of Natural History have set reopening dates for this month or next (Getty)

Museums, still in limbo, plan reopenings

Museums, still in limbo, plan reopenings
Epstein's Mansion at 9 East 71st Street and the Frick Museum at 1 East 70th Street with Jeffrey Epstein (Credit: Getty Images, Google Maps, Wikipedia)

Preservationists want the Frick to buy Epstein’s old mansion

Preservationists want the Frick to buy Epstein’s old mansion
Natural History Museum gets court clearance for $383M expansion

Natural History Museum gets court clearance for $383M expansion

Natural History Museum gets court clearance for $383M expansion
The Lower East Side’s New Museum could get a $38M expansion

The Lower East Side’s New Museum could get a $38M expansion

The Lower East Side’s New Museum could get a $38M expansion
Condo at MoMA tower lists for $46M as developers fight over pricing and discounts

Condo at MoMA tower lists for $46M as developers fight over pricing and discounts

Condo at MoMA tower lists for $46M as developers fight over pricing and discounts
MoMA closing this summer for final stage of $400M overhaul

MoMA closing this summer for final stage of $400M overhaul

MoMA closing this summer for final stage of $400M overhaul
(Credit: U.S. Air Force photo Master Sgt. Heather Cabral, April Pink)

Tax breaks, payment dispute haunt Glenstone Museum’s newly completed $200M expansion

Tax breaks, payment dispute haunt Glenstone Museum’s newly completed $200M expansion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...