The Sun's editor Seth Lipsky said it was a "logical decision" after a three-week search for financial support had failed. In early September a front-page editorial announced that the publication was in financial trouble and would be shut down if no prospective partners were found.
In a statement made by Lipsky on the Sun website, he said: "Among the problems that we faced was the fact that this month, not to mention this week, has been one of the worst in a century in which to be trying to raise capital, and in the end we were not only out of money but time."
The Sun ceases publication the day after Republican congressmen rejected George Bush's $700bn proposed economic bail-out plan, sending the stock sharply down as it recorded an unprecedented drop.
Lipsky was a former reporter for the Wall Street Journal and editor of Jewish-American weekly The Forward, before he began publishing the Sun in 2002.
The newspaper built up a dedicated readership over six years with a reputation for factual reporting and excellent arts coverage.
Among some of the original financial backers was recently jailed newspaper tycoon Conrad Black, whose company Hollinger International sold its stock in The Sun after his departure from the firm in 2003.
The newspaper was owned by Sun parent company One Sl Llc and published by Ronald Weintraub, with an estimated readership of 150,000 before it closed down. The Sun sold both hard copies and gave away editions for free in certain areas of New York.
A campaign to save the paper drew some influential supporters, including three former New York governors who expressed hope that the newspaper would find the funding it needed. Similar letters to the editor, some including cheques, have been sent to The Sun.
Michael Bloomberg, the Mayor of New York, said of the paper's closure: "In a city saturated with news coverage and commentary, The Sun shone brightly, though too briefly."
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