Friday, January 18th, 2008 at 10:23 am
In recognition of its important place in American history, in July of 2007, 1520 Sedgwick was declared eligible to be listed as a state and federal landmark. Congressman Serrano of the Bronx honored Sedgwick and Kool Herc in the Congressional record.
Now 1520 Sedgwick is at risk of converting to market-rate housing!
1520 Sedgwick was built in 1969 under a state program to provide quality affordable housing for New Yorkers. This affordable housing helped revitalize the Bronx and made it possible for working families like DJ Kool Herc’s to thrive and create the communities that gave rise to hip-hop.
The owner of 1520 Sedgwick plans to remove the building from this affordability program by February 2008! The owner of Sedgwick intends to sell the building to a private equity investor who has already taken several buildings out of the affordability program in the Bronx.
As gentrification sweeps through New York City, the low and moderate income families who have lived in these communities for decades are being pushed out.
UHAB has entered into negotiations with the companies who control 1520 Sedgwick and they have offered to sell the building to UHAB and the tenants. Using money from the State and City of New York and your contributions, we hope to reach a fair purchase price and save 1520 Sedgwick as affordable for the next generations of New Yorkers!