Jay-Z is further diversifying his stacks with a recent investment in a NYC real estate venture in Chelsea. Jay-Z and his partners bought the piece of development for $66 million. There is speculation the site will be turned into a high-end hotel with potential to go to 12 stories. Jay-Z's partner Scott Shnay says, "It's a great piece of land in a great neighborhood."
The rapper already has a nightclub, 40/40 in Chelsea, and is planning to open a branch in Las Vegas.