103.9 FM WDKX
Rochester, NY
Your #1 Radio for R&B
On air:
Listen Online
103.9 WDKX Live Stream
REQUEST A SONG!
Request A Song
The New York Times is reporting that the development of a hotel backed by rap mogul Shawn "Jay-Z" Carter has been put on hold due to the ailing economy.
In 2007, the rapper invested in a real estate development venture called J Hotels which acquired a $66 million mid-block parcel in Chelsea, New York to build a high-end hotel.
Charles Blaichman, one of Jay-Z's partners, told The Times that they have been seeking up to $370 million from various banks to begin construction but have not been successful.
"A year ago it would have seemed a reasonable amount. Not now," said Blaichman. "Even the banks who want to give us money can't."
Jay-Z's predicament is part of the larger problem affecting the real estate market nationwide. According to research, almost $5 billion worth of property projects in New York City have been delayed or cancelled because of the current economic crisis.
