Mogul Jay-Z has invested in a real estate development venture named J Hotels, that recently purchased a $66 million dollar mid-block parcel in Manhattan.
The New York Post reports that Jay-Z and developers Abram Shnay, his son Scott and Charles Blaichman are planning on building an art gallery or a high-end hotel, that could be as high as 12 stories.
The Shnays and Blaichman are developers and investors in The Urban Glass House, a 12-story glass-and-steel structure offering with 40 apartments in Manhattans trendy SoHo district.
According to Scott Shnay, the hotel or art gallery will be located on the site, which runs from West 21st - 22nd streets.
"It's a great piece of property adjacent to the High Line in a great neighborhood," Scott Shnay told The New York Post.
In related news, Jay-Z will open another 40/40 club in Las Vegas on December 30.
The new, $20 million dollar, 24,000 square foot location is located in The Palazzo, a 53-story extension of The Venetian and Sands Expo complex on the Las Vegas strip.
"We represent what the entertainment capital of the world is all about, its only natural we open here," Jay-Z said of the new 40/40 Club.
The Las Vegas 40/40 Club features 85 Plasma screen TVs, 5 VIP rooms, 24kt gold and platinum floors and five, 40 foot bi-level bars throughout the club.
The space will also include an additional 3,000 square foot bar and lounge area on the outdoor terrace.