Jay-Z and partners in J Hotels have purchased a wee bit of property in Manhattan to build their first something when they decide what:
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.
Jay-Z says the Def Jam negotiations are about whether or not it’s the right thing for him to be doing. Obviously money is involved but he’s got plenty and he isn’t going to take more if things aren’t working out. That’s a nice position to be in during a negotiation.
Update:
Jay-Z and Steve Stoute are forming a branded entertainment company though Stoute is already running one.
Related ProHipHop Coverage:
Will Jay-Z Pull a Madonna w/Live Nation?
Jay-Z Quits Def Jam Presidency, Still On Roc-A-Fella
Jay-Z Rumors ARE News: Contract Negotiations in Flux
Jay-Z to Perform in Las Vegas New Year’s Weekend
