The development of a New York hotel Jay-Z recently invested in, is on hold because he and his partners cannot pull in enough financing for the project. Jay ploughed money into J Hotels, which acquired a $66 million plot to build a high-end hotel in New York City. But due to the ailing economy, partners have failed to pull in investors - and there is now a $370 million shortfall in funds, as even the banks won’t back the property development. Charles Blaichman, one of Jay's partners, tells The New York Times, “A year ago it would have seemed a reasonable amount. Not now. Even the banks who want to give us money can’t.”
