Bronx’s Birthplace of Hip-Hop Headed for Foreclosure Auction
The birthplace of hip-hop, aka 1520 Sedgwick Avenue in the Bronx, home of D.J. Kool Herc's hip-hop parties in the early 1970s, had a narrow escape from crisis last year, when it changed hands and the new owners promised to clear up the building's violations and keep the place in working order.
The building's troubles had begun two years earlier, when the then-new owners decided to take the building out of the Mitchell-Lama program, force tenants out, and raise rents—except that they ran out of funds to complete the process, and the number of violations spiked from 82 to 598.
Turns out it hasn't been as easy for the new owners to fix that situation as they expected, because they've run into a bit of trouble paying the mortgage. According to PropertyShark, the building is facing a foreclosure auction on November 7.
The lien amount: $7,379,208. Will anyone ever rescue this piece of history?
· 1520 Sedgwick Avenue [PropertyShark]
· Birthplace of Hip Hop coverage [Curbed]
