Rapper/Businessman Jay-Z has teamed up with Charlie
Blaichman of CB Developers and Abe and Scott Shnay of SK Development
group to launch a five-star hotel chain.

According to reports, J Hotels, will be a five-star luxury hotel
with a flagship location in the heart of New York City’s Chelsea
District.

The $66.4 million dollar property, which was previously owned by
RYLB Family Partnership LP, will be developed into a
150,000-square-foot hotel at 510 W. 22nd St. in the Chelsea
neighborhood, between 10th and 11th avenues.

The property is currently occupied by a five-story warehouse and
parking facility leased to Time Warner Cable, which will vacate the
building prior to redevelopment.

Jay-Z also plans to erect more J Hotels in other cities following the chain