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The recent recession has claimed yet another victim, this time it's Hip Hop mogul Jay-Z and his company J Hotels.
Earlier this month, it was reported that Jay-Z along with partners Abram Shnay, Scott Blaichman, and Charles Blaichman were to build a luxury hotel on a piece of land Jay-Z's company J Hotels purchased in Manhattan's Chelsea area.
Due to the recession, construction on the land has been delayed because of lack of funding. The recession has made it much harder to find funding and borrow loans from the bank.
"Even the banks who want to give us money can't," Charles Blaichman told the New York Times.
J Hotels and developer Charles Blaichman aren't the only ones being hit hard by the recession, $5 billion worth of development projects have either been delayed or canceled.
There is no word yet on how long the project will be delayed.
Aside from the potential Chelsea hotel, Jay-Z also has his New York nightclub 40/40 and a club in Las Vegas' Venetian Hotel which will open on December 30.
Most recently, Jay-Z made headlines when he sold his Rocawear line to Iconix Brand Group for $204 million.
Thanks To HipHopDx For This Article
During a recent performance as a part of Lil Wayne's I Am Music tour, T-Pain announced he was signing Travis McCoy of Gym Class Heroes [click to read] to his Nappy Boy label. Hip Hop's current Auto-tune king inked a deal with which provides him with the option for both a physical and a digital imprint to sign artists.
"Nappy Boy is T-Pain's brand and umbrella label," T-Pain's business partner Michael Blumstein tells Billboard. "The label will be a full-fledged indie label with PR, promo and everything else a physical label has."
Nappy Boy has various major-label partners including both Jive and Atlantic Records.
"I got crowned by the king himself tonight," McCoy said shortly after donning his Nappy Boy chain for the first time. "I feel like a little prince among kings, and we're gonna do it big."
It is not known if McCoy will record under the physical or digital arm of Nappy Boy, as he has enjoyed commercial success with Gym Class Heroes. The four-member Alt-Rock/Hip Hop outfit had a certified gold album with As Cruel as School Children, which spawned the platinum single "Cupid's Chokehold." In addition to working on the group's third album, The Quilt, McCoy has also appeared on tracks with Busta Rhymes, Kids in the Hall and other notable Hip Hop acts.
THANKS TO Rashad Phillips OF HIPHOPDX.COM FOR THIS ARTICLE
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