The Bronx building sometimes known as the birthplace of hip hop, 1520 Sedgwick, has been cleared for sale and could be sold this week.
Despite some hopes that the financial meltdown would cause a retraction of what is considered an overvalued offer:
"The current landlord group of the building, 1520 Sedgwick, is expected to withdraw the building from the city’s Mitchell-Lama moderate housing program by paying off the mortgage with a $5 million payment. This will then free the building to be sold to an investment group led by Mark Karasick."
