Sour Economy Gives Mogul’s Investments a Bad Spin
(NYPOST.com) — Even the world’s most successful hip-hop star isn’t immune to the Great Recession. While his music and apparel businesses appear to be humming along, ringing up mega-profits, Brooklyn’s Jay-Z — not just a businessman but a business, man — has suffered a few financial bumps of late.
For example:* Two Manhattan hotel development projects, one in Chelsea and the other in the Meatpacking District, fizzled out this year, costing Jay-Z and a company he controls about $50 million.
* His almost 7-year-old 40/40 Club franchise, while still successful overall, has taken a few lumps as the 80,000-square-foot Las Vegas edition, with its 80-plus plasma TVs, was closed in late 2008 after just eight months in business — a victim of low attendance. Plus, a Chicago club, first expected to debut in 2009, is still not open.