Sunday, September 28, 2008

Birthplace of Hip Hop to be Sold


City officials in New York ruled that the sale of the building commonly referred to as the birthplace of Hip Hop can go forward.

The landlord of 1520 Sedgwick is expected to remove the building from the city's Mitchell Lama moderate housing program by paying off the current mortgage, which is $5 million. The move will make room for an investment group headed by real estate developer Mark Karasick to buy the property, according to a New York Times blog.

Opponents of the buyout pulled together a $10 million counter offer and went to court in an attempt to block the sale of the building to Karasick. The state Supreme Court initially sided with the opposition group, issuing a temporary restraining order, before ruling against the group, allowing the initial sale to go forward the report reads.

"They were unsuccessful and we're proceeding to close," said Steven Frankel, an attorney for 1520 Sedgwick Associates.

If the sale goes through, more than 100 families will be affected.

Artist creates Paris Hilton portrait out of Porn Magazines

from BBC News 

British artist Damien Hirst has paid an undisclosed amount for a portrait of US socialite Paris Hilton made from images taken from pornographic magazines.

The collage - entitled Paris, 2008 - was the work of Jonathan Yeo, the son of former Conservative minister Tim.

Yeo's previous subjects - all painted in more conventional fashion - include Rupert Murdoch and Andrew Lloyd Webber.

A two-day auction of Hirst's art set a new record earlier this month for a sale dedicated to a single artist.

Yeo's use of adult magazines began in 2004 after the White House cancelled a commission to paint President George Bush.

The 38-year-old's painting of Tony Blair, the first official portrait of the former Prime Minister, was unveiled in January.