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1520 Sedgwick Avenue, long considered an important site in the creation of Hip-Hop, is officially eligible to be recognized as landmark by the State of New York.Organizers will hold a a press conference on Monday (July 23) announcing that the New York State Office of Parks Recreation and Historic Preservation approved an application on July 2 to make the location eligible to be considered a historic landmark.The office stated that 1520 Sedgwick Avenue “meets the eligibility criteria being that it is associated with events that have made asignificant contribution to the broad patterns of our history.”As a result, 1520 Sedgwick Avenue will be eligible to be designated as a national historic landmark by the State and National Register of Historic Places.”1520 Sedgwick is the Bethlehem of Hip-Hop culture,” Hip-Hop’s founding father Kool Herc told AllHipHop.com.The press conference is scheduled to take place at 9:30 a.m. in front of 1520 Sedgwick in the South Bronx.In addition to celebrating 1520 Sedgwick Avenue, the event will recognize rap pioneer, DJ Kool Herc, who was recently labeled “the innovator of Hip-Hop” by Time Magazine.Despite the triumph of the honoring, 1520 Sedgwick Avenue is in danger of being bought out of its affordability program by its owners, BSRManagement.According to organizers of the press conference, BSR plans on selling the famous building to a private-equity investor.1520 Sedgwick, a Mitchell-Lama development is home to hundreds of low-income residents.Tenants of the building were notified that BSRplans to buy-out in February 2008.