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Jay-Z has scored three major deals in the New York state capital. First, he’s married to Donald Trump’s longtime BFF Beyoncé. He also owns a piece of the Mets and helped to save a public swimming pool in Brooklyn. Now he’s going to make major inroads in Albany.
The mogul is moving his life and business interests to the Empire State. He will become an investor in a large tech project known as the Hudson Yards. That would help make New York City the center of the global tech industry.
Jay-Z already has a real estate portfolio worth tens of millions. He’s the largest individual landowner in Brooklyn, with a 70-acre property along the Brooklyn waterfront. The Fortress of Solitude is valued at more than $70 million. He owns the land on which the sports stadium the Nets play on is constructed.
Jay-Z is already a big contributor to Washington, D.C. for his new business, Revolt Music. He purchased the Washington Redskins for $800 million, which he did not disclose at the time.
[dcquiz] The New York Daily News reported in February the the mogul will use the Revolt Music checkbook to buy out Jay-Z’s other partner in the Hudson Yards deal, the developer Two Trees. Jay-Z’s involvement in the Hudson Yards project will be through a company called The New York Life Real Estate Investment Trust, which has a 40 percent stake in the project.
According to the newspaper, Jay-Z invested $50 million to purchase a large amount of land, as well as 10 percent of the project. He also sold $50 million in bonds for the project, which allowed it to secure a loan of $1.65 billion.
The deal is even more ambitious than a previous partnership involving Jay-Z and Trump. In 2006, they purchased an 8.5-acre property in Brooklyn for $41 million. They demolished the house and constructed a replica of Trump’s Trump Tower, complete with a helicopter pad.
Jay-Z did not return comment, but his company
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