JAY-Z TO OPEN HOTEL IN MANHATTAN: Mogul spends $66 million for 150,000-square foot spot.

*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.

News entry number 1025 added on Dec 18, 2007 in the Entertainment News category.