Hip-Hop Artist Expanding Business Empire With J Hotels; Plans National Rollout After NYC Debut
|Jay-Z, co-owner of the trendy 40/40 Club sports bar, is preparing to launch his new luxury hotel brand J Hotels in New York.|
Celebrity rapper-turned-entrepreneur Shawn Carter, better known as Jay-Z, has secured a Manhattan development site where he plans to launch J Hotels, his new five-star luxury hotel brand.
The Brooklyn-born hip-hop artist, who's business empire includes two record labels, a clothing line, and a stake in the New Jersey Nets NBA team, plans to expand the hotel brand to other cities following its New York debut.
He is also a co-owner of The 40/40 Club, an upscale sports bar with locations in New York City, Las Vegas and Atlantic City, NJ.
The 150,000-square-foot hotel is slated for a half-acre parcel at 510 W. 22nd St. in the Chelsea neighborhood, between 10th and 11th avenues. The property is currently occupied by a five-story warehouse and parking facility leased to Time Warner Cable, which will vacate the building prior to redevelopment.
Jay-Z and partners Charlie Blaichman of CB Developers and Abe and Scott Shnay of SK Development Group acquired the property and the air rights in two deals totaling $66.4 million. Ronald Solarz and Eric Anton of Eastern Consolidated handled both sides of the transactions, with colleagues David Johnson and Alan Miller also representing the sellers.
"West 22nd Street, between 10th and 11th Avenue, is arguably the heart and soul of the West Chelsea High Line district and is a perfect location for an upscale life style-oriented five star hotel," Solarz said in a statement.
The property was previously owned by RYLB Family Partnership LP, according to CoStar information. The seller of the air rights was not disclosed.