Jay-Z Opens Hotel

1227jayz.jpg

So Jay-Z is stepping down from Def Jam records. We knew that… hell, it was among the worst kept secrets in the media and music industry for a whie. Which is why the world gave a great big yawn when it was announced the other day.

So what’s Jay-Z’s next project? He’s joining in with some investors in opening a hotel on the Chelsea-Meatpacking District border in a $66.4 million deal:

Hip-Hop entertainment mogul Jay-Z, with co-developers Charlie Blaichman and Abe Shnay, has selected a site here for J Hotel, an upscale five-star 150,000-square-foot luxury hotel slated to be the flagship for his new hospitality brand, which he intends to roll out in select cities. J Hotel will be sited at 510 West 22nd St. in the emerging High Line neighborhood. […] Currently the site is occupied by a five-story, 88,000-square foot warehouse and parking facility net leased to Time Warner Cable, Inc., which will vacate the premises.

Subtext? Time Warner, a longtime resident of the building, most likely made a fair amount of cash off of this. No word on hotel opening date or when Time Warner will vacate the building.

(Image via Sneakerboxx)