: Remember last year when MediaTakeOut.com told you that rapper Jay Z was creating a hotel in New York. Well, it AIN'T HAPPENING no more!!!
Word has been circling for MANY MONTHS that Jay Z's real estate investments were under serious pressure. And yesterday, the first CRACK IN THE DYKE became visible.
According to the Wall St Journal, Jay Z is suing his real estate partners for $3.8 million. A hotel that he invested in is on the verge of being FORECLOSED, and if it does, he'll be on the hook for millions. Here's the report:
The lawsuit, filed in U.S. District Court in Manhattan, alleges Highland Capital and NexBank SSB have attempted to "bleed additional funds" from Shawn Carter, who performs as Jay-Z.DANG!!! Well . . . at least he got Beyonce's paper!!The $52 million loan related to a property, to be known as the J Hotel, that he hoped to develop on West 21st Street in Manhattan's Chelsea neighborhood, according to the lawsuit.
The hotel has since been put on hold because of the real-estate crash in the U.S. and a general lack of available project financing.
Carter, as one of the guarantors on the loan owned by Highland, wasn't responsible for the principal amount on the loan, but he and two other guarantors have personal liability for interest and other carrying costs on the loan, according to the lawsuit.
@HATERS, R YALL SERIOUS MTO & HATERS!!!! YALL COMIN AT HIM CAUSE HE AINT GOT A HOTEL! WTF!!! SOME OF U LOSER DONT GOT UR OWN HOUSE DUMMIES!!! YALL HATERS R FUNNY....HE ALREADY GOT HIS OWN CLUB, OWN A BASKETBALL TEAM, AND MANY MORE AND YALL ON HIM FOR NOT HAVIN A HOTEL?! LMAO YALL REALLY NEED TO DO SOME SELF EVALUATING. LAMES!!!!!!!!!!!!!!!
appens all the time in business dealings.
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SO WHAT HE LOSES SOME MONEY? Let me get this right. He loves the hood so much? He loves his homies so much? He was not gonna build anything in the so-called hood he loves so much?
He was trying to build a hotel where the broke ***%%% he used to run with could not afford to stay.
Yeah he sounds really black to me LOL LOL LOL.
Well jay a where is Jesus when you need him now ? LOL LOL LOL LOL LOL LOL LOL
*** y'all listen to everything mto put on this site smfh jay z is the man he got money one thing like that is not gonna break him y'all so *** stupid stop hatin!..and his women/wife has money put that together!!..get off his *** and go to school people stop puttin down the black man all the *** time!!..brooklyn stand up!!!
Stans---why is it sooo hard to believe that Jigga-boo is broke with some major loses? He's NOT God and he's not invincible! The n*igga is an uneducated thug wanna-be from the projects that was lucky enough to have a skill (rapping) to take him to greater heights. Even Harvard Business grads strike out, why is it so impossible for Jay to do so as well?
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JAYO THATS ALL YOU HAVE TO SAY ABOUT EVERYTHING. WITH YOUR COPYCAT NAME. J. HOLIDAY. YOU JUST WANNA BE FIRST AND ADD NOTHING TO THE DISCUSSION. ADD ME AS AN OFFICIAL HATER OF YOUR STYLE OF POSTING. NOT U PERSONALLY SINCE I DON'T KNOW YOU. BUT STOP BEING CORNY, DAWG. REAL RAP. JAY Z GONNA BE ALRIGHT STILL THO'..SORRY TO DIGRESS MTO.
Now you all hate so much and Jay-z so i read the *** wall street journal website it says that despite guests like Jay-Z and Barack Obama as guests the hotel is foreclosing so for all you hatin *** he got million of ways gettin it *** so chose one so no matter what you say about Jay or Bey i tell all to eat a ***!
@NYSDIVA, YES HATERS!!! IM NOT SAYIN SUPPORT HIM AND GO TO HIS CLUBS AND BLAH BLAH BLAH....IM JUST SAYIN SO WHAT HE DOESNT HAVE A HOTEL LIKE HE PLANNED ON DOING...HE HAS MANY OTHER MILLION DOLLAR BUSINESSES SO Y R YALL COMIN AT HIM. WHAT DO YALL HAVE THAT YALL CAN COME AT THIS MAN FOR NOT HAVIN A HOTEL??? PLEASE LET ME KNOW CAUSE I SWORE JAY-Z WAS DOIN HIS THING