Birthplace of Hip Hop to be Sold
City officials in New York ruled that the sale of the building commonly referred to as the birthplace of Hip Hop can go forward.
The landlord of 1520 Sedgwick is expected to remove the building from the citys Mitchell Lama moderate housing program by paying off the current mortgage, which is $5 million. The move will make room for an investment group headed by real estate developer Mark Karasick to buy the property, according to a New York Times blog.
Opponents of the buyout pulled together a $10 million counter offer and went to court in an attempt to block the sale of the building to Karasick. The state Supreme Court initially sided with the opposition group, issuing a temporary restraining order, before ruling against the group, allowing the initial sale to go forward the report reads.
They were unsuccessful and were proceeding to close, said Steven Frankel, an attorney for 1520 Sedgwick Associates.
If the sale goes through, more than 100 families will be affected.
The landlord of 1520 Sedgwick is expected to remove the building from the citys Mitchell Lama moderate housing program by paying off the current mortgage, which is $5 million. The move will make room for an investment group headed by real estate developer Mark Karasick to buy the property, according to a New York Times blog.
Opponents of the buyout pulled together a $10 million counter offer and went to court in an attempt to block the sale of the building to Karasick. The state Supreme Court initially sided with the opposition group, issuing a temporary restraining order, before ruling against the group, allowing the initial sale to go forward the report reads.
They were unsuccessful and were proceeding to close, said Steven Frankel, an attorney for 1520 Sedgwick Associates.
If the sale goes through, more than 100 families will be affected.
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