Back on August 11, 1973, Clive Campbell, also known as DJ Kool Herc, and his sister, Cindy Campbell , threw what is known as the first hip-hop house party in the rec room of their high-rise building on 1520 Sedgwick Avenue.

The building, originally built in 1969 through the Mitchell-Lama Housing Program to provide affordable housing to low-income families, is now at risk of being sold to real estate mogul and private equity investor, Mark Karasick.

As of December, the owners of 1520 Sedgwick and Karasick have offered to step out of the deal and allow residents purchase the building, with an asking price of $14 million.

The 1520 Sedgwick Tenant Association, Urban Homesteading Assistance Board (UHAB) and Tenants & Neighbors are collaborating their efforts to preserve the building’s cultural significance and convert 1520 Sedgwick into a permanently affordable, limited-equity cooperative.

The groups have received much media attention and support from DJ Kool Herc, New York Senator Chuck Schumer, and Sedgwick & Cedar Corp, a clothing company that has offered to donate 100% of net proceeds of their ”SAVE 1520″ tees, hats and jackets, to the 1520 Sedgwick Tenant Association.

A website has been set up, Save1520.org, to further publicize and gain donations towards the tenant’s efforts.

Save 1520 Website and Myspace Page

Sedgwick and Cedar Corp