If hip-hop mogul Jay - Z still wants to add "hotel magnate" to his curriculum vitae should try again.
Its plan to transform a bland warehouse into a charming hotel in the area of New York City high line is officially over, the Real Deal reports.
Jay - Z, Beyonce Knowles, husband gave back the site it would be expected convert Hotel lenders, the story said, citing recently filed public documents.
The proposed site was a former Time Warner Cable warehouse-511 West 21st street which he had purchased with real estate investor partners Charles Blaichman and Abram Shnay. The article says:
"The property became the first of the many hotels J, but the plan was foiled when partners failed to comply with their senior loan $ 52 million in August 2009, which prompted a legal battle in their interest payments.
Jay - Z installs a trial - and countersuit - with the lenders of the Court in October. the terms of the settlement undisclosed. The property was handed over to an entity controlled by lenders, says the Real Deal.
Previously, Jay - Z and its partners have associated magnet free hotel Andre Balazs for a new hotel Deluxe 11-storey at 345 West 14th Street that never opened, said the article.
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