NEW YORK CITY-The hip-hop mogul, Jay-Z, has reached a settlement over a boutique hotel planned close to the High Line with his lenders.
Jay-Z deeded the site back to his lenders in return for the value of the senior mortgage. Jay-Z had partnered with investors Abram Shnay and Charles Blaichman to acquire the property in order to build the first J Hotels. However, his partners defaulted on the senior loan of $52 million in August 2009, leading to legal problems. For the full story, go to Crain's New York Business.
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