Hip Hop's birthplace is safe, for now. The building where Kool Herc founded hip-hop was in risk of bein gturned over to realestate developers but according to the New York Times, the city's Department of Housing Preservation and Development stepped in and rejected the sale of the building located at 1520 Sedgewick Avenue. The letter which confirmed the rejection stated "because the proposed purchase price is inconsistent with the use of property as a Mitchell-Lama affordable housing development," which said why the city could not approve the transfer of the building from the current owners to 1520 Sedgwick GP LLC, an investment group.
Government officials are saying this decision marks the first time
the Department of Housing Preservation and Development has rejected the
sale of a building under the Mitchell-Lama affordable housing program
for financial reasons. Advocates said the sale price was too high ($7.5 million). "This is a precedent-setting move," Senator Charles E. Schumer said, "That means this building can't be bought for this huge
amount and be flipped."
"It's not just about 1520, it's about all affordable housing," D.J.
Kool Herc said, adding that housing programs have a historical part in the history of New York immigrants, "Every family needs a piece of the American dream." Kool Herc kicked off the
hip-hop movement in the Bronx with a house party at 1520 Sedgwick in
1973. His family moved to the building after immigrating from Jamaica.