WE’VE discovered that music mogul Jay-Z has invested in a real estate development venture.
Sources have been whispering all summer and autumn that the rap star/music mogul was getting involved in a hotel company.
Now we’ve discovered that the simply dubbed J Hotels has bought a Chelsea piece on which to build.
The partners are Abram Shnay, a local developer, his son, Scott, and Charles Blaichman, who have all been involved in several projects, including the Philip Johnson-designed Urban Glass House in TriBeCa.
Scott Shnay said that they are trying to figure out what to build at the site, which is located at 510 W. 22nd St. and runs through to 511 W. 21st St.
The total cost to buy the mid-block parcel and the air rights was $66 million. Options being considered for the site include an art gallery building or a high-end hotel. They have the potential to go to about 12 stories.
“It’s a great piece of property adjacent to the High Line in a great neighborhood,” Scott Shnay said.
Jay-Z is riding high these days. Not only was he just nominated for five Grammy awards, but he’s known as a savvy businessman.
Jay-Z already has the successful Chelsea night spot 40/40 Club. And he’s building on the buzz by opening a Las Vegas outpost of the club at the new Palazzo portion of the Venetian on Dec. 30 – just in time for the next night’s New Year’s Eve bash.
No stranger to big, glitzy business, Jay-Z made a mint earlier this year when he sold his popular Rocawear clothing company to the Iconix Brand Group for $204 million. And, he remains president of the successful Def Jam Recordings.
Jay-Z himself is performing Dec. 29 at The Palms in Sin City.
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Newsweek apparently needs a new lease on life.
The weekly newsmagazine is nearing the end of its time at 1775 Broadway and is scouting locations with John Powers leading the CB Richard Ellis brokerage team.
Newsweek’s net is being cast far and wide and we hear one of its target buildings is the Sapir Organization’s 100 Church St.
As we previously advised, that building is the new home of Niche Media.
“We’re definitely talking to them and would love to have them in the building,” confirmed Alex Sapir, president of the Sapir Organization, which owns 100 Church St. and has CBRE as its agent.
Asking rents there are currently ranging from around $45 to $53 per foot, depending on location and size, Sapir said.
He added that new windows are being planned for the building.
“It’s going to be one of the best downtown,” Sapir added.
A large lease with Omnicom never materialized for 100 Church when the ad giant took a smaller deal for the top floors, including the penthouse, at 195 Broadway.
Meanwhile, Omnicom’s Arnell Group – led by brand guru Peter Arnell – has a lease out with Silverstein Properties for 40,000 feet comprising the entire 37th floor of the 52 story 7 World Trade Center.
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A year after renewing its lease at 120 Wall St., AVS, a non- profit dedi cated to the application of vacuums and other controlled en vironments, has now paid Time Equities $2.5 million to inhabit 3,837 feet on the 15th floor of 125 Maiden Lane.
Nancy Weinstein of CresaPartners helped AVS sublease its space at 120 Wall after the move into the office condo next summer.
Michael Rudder represented Time Equities in the sale.
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Garmento Kellwood is in the market for 150,000 feet with Nicola Heryet of Colliers ABR.
They were thisclose to a deal at 1333 Broadway when the Anthony Malkin-led W&H Properties ownership group decided sometimes too much of a good thing isn’t a good thing.
“It’s a 400,000-foot building and there was a question as to whether we wanted to lease so much space to one tenant,” said Malkin, who is president of W&H Properties.
They are currently completely redoing the building with new halls, elevators, lobby and bathrooms.