Hip-Hop Business Man of the Year, Jay-Z, has dropped a cool $66 mil for space to open the first in his new line of J-Hotel chains. The space will be 150,000 square-foot luxury hotel in Chelsea and will be the flagship for the J-Hotel chain which will expand into other cities in years to come. Jay-Z paid $51 for the building space and then $15.4 for the air rights which makes the grand total $66.4 mil to get started. He’s going to spend a lot more in development and marketing in the years to come. The J-Hotel will be located in the gallery district between 10th and 11th avenues at 510 W. 22nd St.
I use to work near this area and it’s close by to where Martha Steward taps her morning TV show. It should be a great spot for a hotel but is not a great spot for the everyday traveler who wants to get to NY for the first time to see Times Square. The spot is not close to trains so maybe he’s marketing this towards an upscale client.
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