Property Types Hospitality
Dec 12, 2007
By: Scott Baltic, Contributing Correspondent
Rapper Jay-Z is busting a real estate move. Representatives of New York City native Shawn Carter, better known as rapper and entrepreneur Jay-Z, have purchased a site on Manhattan’s Lower West Side for redevelopment as the five-star J Hotel, the first in a planned series of such properties.
Plans call for a 150,000-square-foot structure, to be the flagship for his new hospitality brand, which he intends to roll out in select cities following this New York debut. J Hotel, in the heart of the gallery district between Tenth and Eleventh Avenues at 510 West 22nd Street, also known as 511 West 21st Street, will be a prominent new addition to the burgeoning High Line neighborhood. Eastern Consolidated director David Johnson, with executive directors, Ronald Solarz and Eric Anton exclusively represented the seller of the prime block-through site, a long-term owner, and Solarz and Anton also procured the buyers.
The site was purchased by Charles Blaichman CB Developers and Abram and Scott Shnay of SK Development Group in two separate transactions, namely the acquisition of the base site for $51 million, followed by the acquisition of the air rights for $15.4 million, totaling $66.4 million. Eastern Consolidated Solarz and Anton, with senior director Alan Miller, represented the seller of the air rights.
The swank Chelsea neighborhood is home to many galleries, restaurants and clubs and within a few miles of the Javits Convention Center. The site at 511 W. 21st St. is by the so-called High Line, nearly 1 1/2 miles long, which is a former New York Central Railroad elevated freight line that has been abandoned since the early 1980s. In April 2006, work was begun on a project to transform it into an elevated city park, similar to the Promenade Plantee in Paris.
Most of the old tracks have been removed, and the southern portion of the new park is scheduled to be opened next summer. Los Angeles–based hotel developer Balazs Properties is building a 337-room hotel straddling the High Line at Little West 12th Street.
By: Scott Baltic, Contributing Correspondent
Rapper Jay-Z is busting a real estate move. Representatives of New York City native Shawn Carter, better known as rapper and entrepreneur Jay-Z, have purchased a site on Manhattan’s Lower West Side for redevelopment as the five-star J Hotel, the first in a planned series of such properties.
Plans call for a 150,000-square-foot structure, to be the flagship for his new hospitality brand, which he intends to roll out in select cities following this New York debut. J Hotel, in the heart of the gallery district between Tenth and Eleventh Avenues at 510 West 22nd Street, also known as 511 West 21st Street, will be a prominent new addition to the burgeoning High Line neighborhood. Eastern Consolidated director David Johnson, with executive directors, Ronald Solarz and Eric Anton exclusively represented the seller of the prime block-through site, a long-term owner, and Solarz and Anton also procured the buyers.
The site was purchased by Charles Blaichman CB Developers and Abram and Scott Shnay of SK Development Group in two separate transactions, namely the acquisition of the base site for $51 million, followed by the acquisition of the air rights for $15.4 million, totaling $66.4 million. Eastern Consolidated Solarz and Anton, with senior director Alan Miller, represented the seller of the air rights.
The swank Chelsea neighborhood is home to many galleries, restaurants and clubs and within a few miles of the Javits Convention Center. The site at 511 W. 21st St. is by the so-called High Line, nearly 1 1/2 miles long, which is a former New York Central Railroad elevated freight line that has been abandoned since the early 1980s. In April 2006, work was begun on a project to transform it into an elevated city park, similar to the Promenade Plantee in Paris.
Most of the old tracks have been removed, and the southern portion of the new park is scheduled to be opened next summer. Los Angeles–based hotel developer Balazs Properties is building a 337-room hotel straddling the High Line at Little West 12th Street.
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