Looks like even big time Mogul Jigga man is feeling the recession.
Jay-Z and his real estate partner Charles Blaichman are not immune to economic woes as their $66 million New York City hotel project has been put on hold for lack of funding.
According to a recent New York Times report, somewhere around $5 billion in New York City projects have been put on hold or pushed back due to the current money squeeze.
Blaichman, most known for his developments in lower Manhattan, is having trouble financing a pair of hotel projects including West Village's Perry Street Hotel and West Chelsea's J Hotels, which was a partnership he made with the hip-hop mogul last year.
"It's one of the greatest stretches of undeveloped areas," Blaichman told the Times. "I still think it's going to take off."
However, with the recent financial crisis across the nation, Blaichman continues to search for an funds to complete the project
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