Home > News >
Birthplace of Hip Hop to be Sold
Birthplace of Hip Hop to be Sold
by Anthony Springer Jr | 09.27.08

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 city’s 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 we’re proceeding to close,” said Steven Frankel, an attorney for 1520 Sedgwick Associates.

If the sale goes through, more than 100 families will be affected.

Comments

32

Post your comments

Name (required)
Email Address (required but not displayed)
Rep yourself (optional link displayed)

be heard. register now!

check it: Protect your username, one time log-in. upload a unique avatar. no more verification code. rate comments with the karma system. messageboard access. weekly newsletter.

click here to register

your comment

Hottest news

most discussed news