After announcing the opening of another of his 40/40 luxury sportsbar in Las Vegas for new year's eve, it's been reported that representative for 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.

The site was purchased 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.