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According to sources, Jay-Z teamed up with a group of partners to finalize a $66 million deal for a piece of prime real estate in New York?s trendy Chelsea neighborhood, where they are considering building an upscale five-star 150,000-sf luxury hotel, the 'J Hotel'. The hotel will be the flagship for his new hospitality brand, which he intends to roll out in select cities following this New York City debut.
Jay-z's partners include Abram Shnay, a local developer, his son, Scott, and Charles Blaichman.
"It's a great piece of property adjacent to the High Line in a great neighborhood," said Scott Shnay, one of Jay's partners.
He also plans to host a grand opening for his third 40/40 Club in Las Vegas on December 30, which will open in the brand new 53-story Palazzo. The $20 million club will feature 85 plasma TVs, five exclusive VIP rooms, 24-karat gold and platinum floors and five 40 foot bi-level bars.
"We represent what the entertainment capital of the world is all about, it?s only natural we open here," He said in a statement.
The club, which is co-owned by business partner Juan Perez, will be the third 40/40 Club with future locations in Tokyo and Macau.
