Like… selling hip hop, for real! by M.J. / October 2
So I’m a few days late on hearing this news, as I’ve been mostly watching the stock market and looking forward to the vice presidential debates. But being an honest to god child of hip hop, I found this story to be just as new worthy…
Apparently last week community leaders watch hopelessly as the courts ruled to allow the sale of 1520 Sedgwick Ave. in the South Bronx to real estate developer, Mark Karasick, which puts the future of the 100 families residing in the building, in jeopardy. This, even after tenants partnered with housing advocates filed a lawsuit in the State Supreme Court in an attempt to block the sale aaaand assembled a $10 million offer for the building, which doubles the $5 Million mortgage that needs to be paid for the current owners to withdraw the building from the city’s Mitchell-Lama moderate housing program.
In march of this year, the first attempt at the sale of this property was rejected when the city’s Department of Housing Preservation and Development deemed that the roughly $7.5 million sale price “significantly exceeded the building’s assessed value”, and was “not sustainable.” At the moment, no one seems to be sure which bank is financing the sale of the property, and are all wondering would finance this project at such an inflated price and during such pressing financial times. Housing advocates were actually hopeful that the recent financial woes on Wall Street would prevent the deal from holding up.
What’s extra-speacially heartbreaking here is that 1520 Sedgwick is more or less the birth place of Hip Hop. So it seems a shame to know to know that the rec center in the front of the building, where DJ Kool Herc first learned to work his two turntables, happens to also be the same room from which Senator Charles E. Schumer delivered the news conference when the sale was first rejected in march.
Shout goes out to The New York Times’ blog for covering the story so well. You can check it at length here. While you’re there you should also check this story about bronx area photographer Lisa Kahane who, much like Jamal Shabazz, played an integral role in documenting life & times in the Bronx, during the early 80s. Get smart.
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M.J. wrote:
PS- I’m still not sure how I feel about it all. Still a bit detached I think. I mean… 1520 Sedgwick is an apartment building in a city riddled with gentrification. Why would I expect anything less? Honestly though… I was about as upset when no one stopped the sale of C.B.G.B.’s. I just assume this city would have more respect for music and it’s history, having garnered so much of it. How wrong have I been? Coney Island, Yankee Stadium… whatever makes more money, right???