NEW YORK (AP).- New York City's Museum of Modern Art has agreed to buy the building of the financially strapped Museum of Folk Art.

The building is next door to MoMA, meaning MoMA could expand the exhibition space of its West 53rd Street facility. No immediate plans for the folk art building were announced.

The Folk Art Museum will continue to operate at its gallery space near Lincoln Center. A spokeswoman for the smaller institution confirmed the sale, which will help eliminate its bond debt. The sale price was not disclosed.

The Folk Art Museum's director, Maria Ann Conelli, announced last week that she was stepping down in July.


Copyright 2011 The Associated Press.