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The building that helped give birth to Hip-Hop was sold to a new owner last week for $7 million dollars, AllHipHop.com has confirmed.

Developer Mark Karasick outbid the current tenants for 1520 Sedgwick Avenue, which is located in the Bronx.

Kool Herc and his sister threw a party on August 11, 1973, in the first floor recreational room of 1520 Sedgwick Avenue.

The address is recognized as the place that Kool Herc hosted his first parties with his sister Cindy, eventually leading to the birth of Hip-Hop music in the early 1970’s.

Tenants had hoped to purchase the 100-unit building unit to preserve the buildings legacy as well as to prevent Karasick from raising rents in order to push the current residents out of their apartments.

In July of 2007, 1520 Sedgwick was declared eligible to be listed as a state and federal landmark.

Kool Herc told reporters he was disappointed that no one from the Hip-Hop community “stepped up to the table in some form of fashion” to show support.

The sale marks a two-year battle for the residents, who now fear that their rents will be raised in order to cover the costs associated with selling the building.