New York, NY —

Some say it's where Hip Hop was born: a modest rent-stabilized apartment building off the Major Deegan Expressway in the Bronx. Now, tenant groups from 1520 Sedgwick Avenue say they are planning to step in and buy the building themselves -- with help from the city.

They were joined this morning by Senator Charles Schumer who is urging the current owner to lower the sales price. The building has been in limbo for a year since its longtime owner sold it to private investors.

Music experts say it was in 1973 that Clive Campbell, known as D.J. Kool Herc, used the building's community room to spin music in a style that would evolve into Hip Hop. Because of that, state officials have said the building is eligible to be included on the list of federal and state register of historic places. And the owners recently said they would sell to the residents.

Now, it's a matter of closing the gap between about $14 million asking price and approximately $5 million the tenants think it's worth. A call to the owner's attorney was not immediately returned.