*Jay-Z is venturing into Donald Trump territory with the announced launch of his new J-Hotel chain in Manhattan.
The Def Jam president has secured a development site in Chelsea to build the 150,000 square-foot luxury hotel that will serve as the flagship for a planned expansion into other cities.
According to GlobeSt.com, the site was purchased by Jay-Z partners Charles Blaichman of CB Developers and Abram Shnay, along with son Scott Shnay, of SK Development Group in two separate transactions – the acquisition of the base site for $51 million, followed by the acquisition of the air rights for $15.4 million, totaling $66.4 million.
The J-Hotel will be located in the gallery district between 10th and 11th avenues at 510 W. 22nd St., also known as 511 W. 21st St.