Looks like the economic downturn, and in particular the credit crunch, has taken down another victim. Hip-hop mogul Jay-Z and his real estate partners had plans on opening J Hotels in New York's West Chelsea area but are having trouble raising funds to complete the project. They had initially purchased the plot of land for $66 million but now have found that even banks who actually have lending capacity aren't willing to finance the deal. But don't worry dear readers, Mr. Carter still has plenty on his hands to keep him busy including a stunning superstar wife and figuring out how to spend the $200 million he received from his Rocawear clothing line.
via theboombox.com
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