Sedgwick Avenue apartment safe from developers
The city's Department of Housing Preservation and Development has rejected the sale of 1520 Sedgwick Ave. to a real estate developer, leaving tenants relieved that their affordable housing is safe, for now.
Sen. Charles Schumer joined the tenants association at the apartment building, considered by some to be the birthplace of hip-hop, to announce the news of the rejected sale offer. According to the Urban Homesteading Assistance Board, a real estate developer was willing to pay double the building's value. They said that was the main reason HPD rejected the offer, fearing that such a high purchase price would just mean higher rents for tenants. The building is currently part of the Mitchell-Lama affordable housing program.
Although the Urban Homesteading Assistance Board wants to buy the building, the owner still has the option of taking it out of the Mitchell-Lama program. If they do, HPD can no longer decide who they sell to.