Via: Allhiphop
Hip-Hop mogul Jay-Z has scrapped plans for a Manhattan hotel. The rapper had plans to open the J Hotel, after the group bought a space at Tenth Avenue and West 21st street in December of 2007 for $66 million. According to reports, Jay-Z turned the mortgage back to the lenders for $52 million. The project also ran into troubles when Jay-Z filed a $3.7 million lawsuit against Highland Capital Management. Jay-Z claimed that he attempted to return the mortgage to Highland when the value of the property began to fall, and that the company’s unresponsiveness cost him millions of dollars.
