Last year we visited 1520 Sedgwick Avenue's past and uncertain future. The "Birthplace of Hip Hop" was, and still is, in danger of losing its lifeblood when the landlord (BSR Management) announced they wanted to abandon the Mitchell-Lama program. Essentially buying out of the program and leaving the doors open for a rent increase. Then things got worse when BSR made it clear they would be selling the building to a real estate mogul Mark Karasick, which was set to happen next month.
Then last July it was announced that the building was eligible for listing on the State and National Register of Historic Places. This gave tenants hope, and against all odds they continued with their fight, documenting their struggle at Save1520.org.
Today a press conference was held at 10am to detail the residents’ financial and long term ownership plan, which would preserve the building and its affordable housing status. Newsday reports that tenants, along with DJ Kool Herc and Senator Charles Schumer, were all on hand for the announcement, which shed light on their plan to purchase the building themselves. This comes on the heels of Karasick offering to step aside and give them a chance to do just that. Schumer summed up the next step, saying "it is essential that the owner negotiate a reasonable, affordable deal with the tenants and their representatives to preserve affordability in this special place for the long haul.”
