New York City blocks the sale of building known as the 'birthplace of hip hop'

The building, which had been designated last year as a historic landmark, was set to be sold to a "high-profile real estate developer," according to the New York Times. But the city's Department of Housing Preservation and Development stepped in and rejected the sale out of concern that the purchaser would remove the property from the city's moderate-income housing program, known as Mitchell-Lama.

Community advocates concerned about gentrification feared that the sale would open the door for higher rents and displacement of longtime residents.

DJ Kool Herc has reportedly teamed up with U.S. Senator Charles Schumer (D-NY) and residents of 1520 Sedgwick Avenue to develop a tenant-sponsored plan to buy the property. Schumer praised the city's decision at a press conference Monday in the building's famed community center.

"This is a precedent-setting move," he said. "That means this building can't be bought for this huge amount and be flipped."