When rapper turned entrepreneur Jay-Z along with an investment group purchased a development site along Manhattan’s West Side years ago the plan was to turn the site into a hotel, but thanks to the recession the site was eventually lost by Jay-Z and handed over to Texas-based investment fund Highland Capital.
But now it looks like there may yet again be hope for the site which is located at 511 West 21st Street. According to the Observer.com, The Albanese Organization may soon acquire the site for the price of $60 million.
The space will likely be turned into office space, a hotel, or even an art gallery and according to an executive at Eastern Consolidated will reap the benefits of a resurgence in the West Side area.
“Between 10th and 11th Avenue is gold,” Eastern Consolidated’s Alan Miller explained to Observer.com. “It slowed down for a couple of years but the bounceback in pricing is simply astonishing.”
Jay-Z has yet to respond to the possible acquisition of his former development site.