Jay-Z's Chelsea hotel site goes back to lenders

Jay-Z has reached a settlement with his lenders over the site of a planned boutique hotel near the High Line and has deeded the property back to them for the value of the senior mortgage, according to recently-filed public documents.

The hip-hop mogul, whose given name is Shawn Carter, had partnered with real estate investors Charles Blaichman and Abram Shnay to purchase the site, a former Time Warner Cable warehouse at 511 West 21st Street, in 2007. The property was to become the first of many J Hotels, but the plan was foiled when the partners defaulted on their $52 million senior loan in August 2009, prompting a legal battle over their interest payments.

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