The New York City Department of Housing Preservation and Development has rejected developer Mark Karasick’s bid for the Mitchell Lama housing development in the western Bronx that many consider to be the birthplace of hip-hop, after an investigation determined that the sale price is not supportable under current rent restrictions.

The decision allows for the current owner to negotiate with tenants on a sale. The New York Times reported that the asking price was $14 million, more than the double its $5 to $6 million value estimated by housing advocates based on future rents.  read more »