The USGA bought the Manhattan landmark, which is located next to Carnegie Hall, for $16 million from U.S. Bankruptcy Court after submitting an initial bid on Sept. 13. The offer was accepted on Oct. 29.
"We're pleased to be establishing a new museum and history center in New York, the city where the association was founded more than 100 years ago, and where it had its headquarters until 1972," said David Fay, USGA Executive Director. "The new facility will help us promote the game in a new and exciting way to hundreds of thousands of visitors each year."
The USGA has maintained its headquarters in Far Hills, N.J. since 1972.
The New York museum will be a multi-media, interactive presentation of golf history and the future of the game.
"This museum will appeal to many more visitors of all ages," said Rand Jerris, director of the museum and library.
The Russian Tea Room was founded in 1926 by former members of the Russian Imperial Ballet, who fled to the United States following the revolution in their home country. It served as a meeting place for Russian emigrants.