Jay-Z Invests Millions In New Manhattan Hotel

[Elano]

Music mogul Jay-Z is proving once again that he's a business, man, by adding another venture to his already extensive portfolio.

According to the New York Post, along with several partners, Hov has reportedly purchased a $66 million site at 510 W. 22nd St. which runs through to 511 W. 21st St. in New York City.

The mogul hasn't yet decided what to do with the Chelsea property, purchased under the name "J Hotels," but he's considering either turning it into a swanky, luxury-lodging spot or a high-end art gallery. The property has the potential to reach 12 stories.

Hov's partners - local developers Abram Shnay, his son Scott and Charles Blaichman - have all been involved in several projects, including the Philip Johnson-designed Urban Glass House in TriBeCa.

"It's a great piece of property adjacent to the High Line in a great neighborhood," Scott Shnay said.

While this is Jay's first venture in the hotel/art gallery business, the rapper already has a chain of highly successful sports bars. In fact he has one of his 40/40 Clubs just blocks away form the proposed site, along with one more in Atlantic City, two overseas in Tokyo and Macau and another domestic spot opening in Las Vegas on Dec. 30.

In related business news Hova sold his Rocawear clothing company to the Iconix Brand Group for $204 million earlier this year and while he currently remains president of the successful Def Jam Recordings, his contract for that position is up for renewal at the end of this month.

Jay-Z will perform Dec. 29 at The Palms in Vegas. The day before his new SinCity outpost of the 40/40 club opens at the new Palazzo portion of the Venetian.