Hip Hop Hall of Fame Planned for Central Harlem

Rendering of Hip Hop Hall of Fame Museum & Hotel/ Courtesy of Bluebox Entertainment

NEW YORK CITY—The Hip Hop Hall of Fame Museum & Hotel has signed a term sheet to acquire a building and development site in Central Harlem for the creation of the first hip hop complex in the country. A contract is anticipated to be signed and finalized with a closing in early spring. The developers are proposing a 20-story, 140,000 square-foot building including a Hall of Fame, TV studio, museum, gift shop, upscale hotel, residential apartments, retail, arcade, sports bar, restaurant and lounge where live events and concerts will be produced.

A person with knowledge of the deal tells GlobeSt.com the property that’s currently privately owned is located at 51-55 E. 125th St., at the corner of Madison Ave. The source states that $20 million has been raised in financing and commitments, and the project organizers are seeking to raise another $15 million to close the acquisition, complete the design, to break ground in 2019 and to open in 2021 or 2022.