Jay-Z's $66 Million NY City Hotel Put On Hold Due To Slow Economy

December 30, 2008 10:34 a.m. EST

New York, NY (CNS) - Multi-millionaire Jay-Z and his real estate partner Charles Blaichman are feeling the global economic crunch as their $66 million New York City hotel plan has been put on hold for lack of money.

According to reports, the rap mogul invested in J Hotels last year, aiming to build a high-end inn in Chelsea, New York.

But because of the difficult economy nowadays, Blaichman is struggling to borrow $370 million to finance his three hotel projects, including his venture with Jay-Z.

He told NY Times, "Even the banks who want to give us money can't."

He hassn't, however, lost hope. He still thinks it's "going to take off."

Blaichman and Jay-Z's business wasn't the only one affected by the struggling economy. The credit crunch has also affected other businesses, around $5 billion worth of New York City projects have been put on hold or pushed back.