A building that is recognized as a Hip-Hop landmark in the South Bronx has been rescued by a federal loan that will halt the building’s sale, allowing the rents to stay affordable to its hundreds of tenants.
DJ Kool Herc and Senator Charles Schumer led a campaign to stop the sale of 1520 Sedgwick Avenue to private investors, who planned on raising the rents and selling the property, which would have displaced many of the building’s current occupants.
Additionally, the building is recognized as the place Hip-Hop music was born, when Kool Herc hosted a legendary party inside the building’s recreational room in August of 1973.
The building received $5.6 million in financing through Mayor Bloomberg’s New Housing Market Place plan, which was created to assist physically and financially stressed multifamily buildings throughout the city.
The clothing line named after the birthplace of hip-hop was relaunched earlier this year: