Jay-Z's Multi-Million Dollar New York Hotel Projects Put On Hold

todayDecember 30, 2008 2

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The economic slump is affecting everybody. 50 said, in the past, that he’s lost a few million in the stock market, and now, even Jay-Z is not immune.

According to a recent New York Times report, Jay-Z and his real estate partner Charles Blaichman have put a hold on their $66 million New York City hotel project due to a lack of funding.

Blaichman, a real estate developer who is known for his projects in lower Manhattan, is reportedly having trouble getting a pair of hotel projects financed, including West Village’s Perry Street Hotel and West Chelsea’s J Hotels — both of which he was creating via a partnership with Jay-Z.

“It’s one of the greatest stretches of undeveloped areas,” Blaichman told the paper. “I still think it’s going to take off.”

Now, the projects have been halted, while Blaichman searches for investors.

Jay-Z and other partners reportedly invested nearly $66 million for the area to build the hotels.

Source: Ballerstatus

Written by: jahknoradio

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