Jay-Z has filed a suit against lenders he borrowed money from to develop a hotel in Manhattan.
The rap superstar is accusing Highland Capital Management LP and NexBank SSB of trying to “bleed” him for $3.7 million over a loan he took to build a new venture called the J Hotel, according to Reuters.
Hov reportedly bought the space at 511 West 21st Street back in August 2007 and took a $52 million senior loan, yet after the real estate market took a dive, Jay tried to give the land to the Highland instead of going into foreclosure.
In a complaint filed, Jay said the investment firm didn’t take the deal, causing him to pay a sizeable amount of interest fees on the loan along with carrying costs. “This action arises out of the efforts by defendants to bleed additional funds from [the] plaintiff,” the paperwork read. “Defendants embarked on a bad faith course of conduct.”
Jay is seeking $3.7 million in damages, a declaration that would allow the property to be returned, and other remedies. —Elan Mancini
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February 4th, 2010
at 4:52 pm
jtm says:
where is my homie g unot killa at
Reply
February 4th, 2010
at 6:45 pm
goblin says:
take the “bleeding” like a man, son..
wtf it’s not like jay-z is going to notice 3.7 mill in damages lol asshole has more money than the president.
Reply
February 4th, 2010
at 9:04 pm
Fresh says:
“Y’all going really trip off my next deal” LOL…Looks like weren’t the ones tripping, but its on to the next one!
Reply
February 4th, 2010
at 9:27 pm
Mutada/Mullah Atari says:
The Camel put his hoof print to the paper but wont honor his contract.
Mr. 45 years old but still aint got no kids..
Made a bad investment he wants to give it back.
This is the equivalent of a RN (Regular Nigga) doing the following: My payment is to high because I bought a used car I could not afford with a 20% interest because my credit is fucked up, and lost my job, so lets burn the car in Mexico and report it stolen to get the insurance, but ooop’s my stupid ass neglected to by gap insurance. Good luck with that one Camel
Reply
February 5th, 2010
at 10:34 am
jessica says:
nine times outta ten your are a broke hater.. id guess someone from the sticks. ya damn skippy he wants his. Get yours pimpin..
Reply
February 4th, 2010
at 10:00 pm
yeah says:
this is what i said along time ago you have to watch these people. they see a rich young person and they say how can i take this kids money. 10 years ago the higher up saw Diddy on his boat and Jay-z took a vacation in certain areas .They said what are these people doing here this is no place for them. They was told the money came off of rap music.THE HIGHER UPS SAID WE NEED THE RECORD COMPANIES TO HAVE A MERGER . This Merger was to stop young black business kids to stop getting money . They were mad at C. Davis for giving Diddy that money. They where mad a Jay_z for making that money . I hope homie gets that money back plus more . But its big bank take little bank.
Reply
February 5th, 2010
at 8:09 am
CrunchyBlack187 says:
Are you joking? Jay-Z doesn’t need any of that money and he’s not really a “young person”, he should know better or have better people in his ear making business decisions. And stop with the “they’re trying to stop blacks form getting money” shit, big business/banks are trying to stop EVERYONE from getting money. Stop making things unnecessarily racial.
Reply
February 5th, 2010
at 1:13 pm
The1987Kid says:
It’s not a racial thing my man its a fact..
(Comments wont nest below this level)
Reply here
February 5th, 2010
at 1:42 pm
cmoney85 says:
Man Why take a loss if you dont have to. Bad business is bad business. Thats like you common folk people like myself going somewhere and then someone sticking you with a 100 dollar charge that would not have gotten without their input and you just saying o since i have the money I will go ahead and pay it.. hell no, but im sure this situation is no ” biggie” for jay
Reply
February 5th, 2010
at 8:16 am
» SPOTTED: JAY-Z LEAVING DINNER IN NYC // 'CONCRETELOOP.COM' - QUALITY NOT QUANTITY says:
[...] Superstar Jay-Z (in a Moncler jacket) makes a rare appearance at The Corner Deli Restaurant on Kenmare Street after having dinner on Thursday night. Jay is currently suing an investment firm for over $3 Million dollars, more details here. [...]
Reply
February 5th, 2010
at 11:06 am
yeah says:
It not unnecessarily racial if i heard it out a racist mouth . i would not speak on something that not true if i didnt hear for my self. The reason why the turn over for rap music is not as big as other music because the people who control and own rap music( companies ) understand this young black kids will take that money and become as big as the label (Jay_Z Diddy , 50) they are all young compared to black people that have the amount of money and business. It not about If Jay-Z needs the money its the principal. The contract .
Reply
February 5th, 2010
at 11:52 am
Avenger XL says:
This is how business works in the real world people. Jay-z is doing what any TI would do in seconds without any comments for the crabs.
Reply
February 5th, 2010
at 4:16 pm
The $ykotic Don Mac says:
“This is how business works in the real world people.”
^^^
Reply
February 6th, 2010
at 3:02 pm
DADE COUNTY 305 says:
Damn some of you cats on here are straight haters. Its call business and shit like this happens. Jay do what you gotta do to get you bread back! Shit Donald Trump LOST millions and he said it himself. Niggaz need to quit hating and respect Jay hustle.
Reply
February 8th, 2010
at 1:51 pm
Cchild says:
And this is coming from a guy who??? along that sexy wife of his made $120 as a couple? really now?
Reply
February 8th, 2010
at 1:52 pm
Cchild says:
$120 million (blame the bud)
Reply