Jay-Z Invests Millions In New Manhattan Hotel

by Jarrett Martineau | December 12, 2007 at 11:24 am

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Rapper, record exec, fashion label mogul, and entrepeneur -- this is the reason Jay-Z claims: "I ain't a business man / I'm a business, man."

According to the New York Post, along with several partners, Hov has reportedly purchased a $66 million site at 510 W. 22nd St. which runs through to 511 W. 21st St. in New York City.

The mogul hasn't yet decided what to do with the Chelsea property, purchased under the name "J Hotels," but he's considering either turning it into a swanky, luxury-lodging spot or a high-end art gallery. The property has the potential to reach 12 stories.

Hov's partners - local developers Abram Shnay, his son Scott and Charles Blaichman - have all been involved in several projects, including the Philip Johnson-designed Urban Glass House in TriBeCa.