Jay-Z invests $66 million in Chelsea property

Rapper Jay-Z, the music mogul who has close ties to Beyonce Knowles and Kanye West, appears prepared to begin a hotel venture – dubbed “J Hotels” – in New York City. The deal allows for up to twelve floors to be built, and while no specific details have been mentioned, potential plans include an art gallery or high-end hotel.

Jay-Z (real name Shawn Carter) is the CEO of Def Jam Recordings and Roc-A-Fella Records, and he also co-owns the 40/40 Club and the NBA’s New Jersey Nets.  With an estimated net worth of $547 million, Jay-Z clearly knows what he’s doing when it comes to business, and our guess is this will be no exception.

Located at 510 W. 22nd St., running to 511 W. 21st St., the parcel and air rights cost a combined $66 million. Jay-Z’s partners in the venture are Abram Schnay, a local developer, Schnay’s son, Scott, and Charles Claighman. All three were involved in the Urban Glass House in TriBeCa.

Perhaps this was just a self-congratulatory gift for his five – that’s 5 – Grammy nominations.

And we thought he was retired.

Via New York Post