Jay-Z and his real estate partner Charles Blaichman are not immune to economic woes as their $66 million New York City hotel project has been put on hold for lack of funding.
According to a recent New York Times report, somewhere around $5 billion in New York City projects have been put on hold or pushed back due to the current money squeeze.
Blaichman, most known for his developments in lower Manhattan, is having trouble financing a pair of hotel projects including West Village’s Perry Street Hotel and West Chelsea’s J Hotels, which was a partnership he made with the hip-hop mogul last year.
However, with the recent financial crisis across the nation, Blaichman continues to search for an funds to complete the project.
As SOHH previously reported, Jay-Z invested in the former Time Warner Cable warehouse to create J Hotels in the West Chelsea area. Teaming with partners Blaichman, Abram Shnay and Scott Shnay, they reportedly shelled out around $66 million for the area which included the mid-block parcel and air rights