The Bronx's 1520 Sedgwick Avenue is notable as both the birthplace of hip-hop and a poster child for the real estate boom and bust. The building was purchased in 2008 for $7M, despite the city saying the financing was unstable. The financing was, er, unstable, and the building fell into disrepair, but now some good news: the building's mortgage has been sold to a group that promises to clear up the violations and maintain the place. [NYT; previously]
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