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Brooklyn bred rapper/mogul 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’s New York debut.