Jay-Z Teams Up With J Hotels To Develop On $66 Million New York Site

Published: December 12, 2007, 9:09 am

Jay-Z has reportedly invested in a real estate development venture called J Hotels which recently acquired a $66 million mid-block parcel in Chelsea, New York. According to The New York Post, Jay-Z and his partners are considering on constructing a high-end hotel or an art gallery building on the newly acquired site which has the potential to go up about 12 stories. Hov’s partners include Abram Shnay, a local developer, his son, Scott, and Charles Blaichman. The Shnays and Blaichman’s past projects include the Urban Glass House in TriBeCa. “It's a great piece of property adjacent to the High Line in a great neighborhood,” Scott Shnay told The New York Post about the $66 million mid-block parcel. This year Jay-Z has been involved in various major business deals including selling his Rocawear clothing line to the Iconix Brand Group Inc for $204 million in cash, a partnership with Coca Cola and General Motors, and acquiring the Artful Dodger

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