Jay Z building a luxury hotel or high end art gallery?
Posted by Media Outrage on December 13th, 2007
Jay Z along with several other partners has reportedly purchased a $66 million site at 510 W. 22nd St. which runs through to 511 W. 21st St. in New York City. Jigga hasn’t yet decided what to do with the Chelsea property, purchased under the name “J Hotels”, but is considering turning it into either a swanky luxury hotel, or a high end art gallery. The property has the potential to reach 12 stories.
Here’s what Jay had to say about rumors that money is the deciding factor on whether he renews his contract with Def Jam which is up at the end of this month.
“I don’t know [if I'll be back], “We’ll see how it goes. But seriously, it’s not about money. That’s really the last thing. Of course, as a person that does these type of things and puts his heart and soul into it — and it’s effective, as the [Grammy nominations] would indicate — you want to be compensated for what you do. But it’s really not about money. It’s really about the future of the music business, and not wasting anyone’s time. I don’t ever want to sit in a seat just to sit in a seat. I could be off doing something else that’s beneficial to the future of the music business as well as myself. So it’s not about money! I mean, you couldn’t pay me enough. And I don’t mean that in a cocky way.”
