South Street Seaport to get new owner

The Museum of the City of New York will take over the beleaguered Seaport Museum New York using a $2 million grant from the corporation in charge of developing Lower Manhattan, according to state, city and museum officials who made the deal public on Wednesday....

The Seaport Museum, at 12 Fulton Street and formerly named the South Street Seaport Museum because of the district where it stands, was founded in 1967 and explores the maritime history of New York through artifacts, historic ships and service boats. It has always been a modest operation, catering to tourists and nautical buffs.

The City Museum, on Fifth Avenue between 103rd and 104th Streets, explores the city’s history through exhibitions and public programs. It is in a strong financial position for the takeover with a budget that has been in balance since 2003 and with a $90 million renovation that is about 70 percent complete....