(According to NY Post)

WE’VE discovered that music mogul Jay-Z has invested in a real estate development venture.

Sources have been whispering all summer and autumn that the rap star/music mogul was getting involved in a hotel company.

Now we’ve discovered that the simply dubbed J Hotels has bought a Chelsea piece in Manhattan on which to build.

The partners are Abram Shnay, a local developer, his son, Scott, and Charles Blaichman, who have all been involved in several projects, including the Philip Johnson-designed Urban Glass House in TriBeCa (NYC).

Scott Shnay said that they are trying to figure out what to build at the site, which is located at 510 W. 22nd St. and runs through to 511 W. 21st St.

The total cost to buy the mid-block parcel and the air rights was $66 million. Options being considered for the site include an art gallery building or a high-end hotel. They have the potential to go to about 12 stories.

“It’s a great piece of property adjacent to the High Line in a great neighborhood,” Scott Shnay said.

Jay-Z is riding high these days. Not only was he just nominated for five Grammy awards, but he’s known as a savvy businessman.

Jay-Z already has the successful Chelsea night spot 40/40 Club. And he’s building on the buzz by opening a Las Vegas outpost of the club at the new Palazzo portion of the Venetian on Dec. 30 – just in time for the next night’s New Year’s Eve bash.

No stranger to big, glitzy business, Jay-Z made a mint earlier this year when he sold his popular Rocawear clothing company to the Iconix Brand Group for $204 million. And, he remains president of the successful Def Jam Recordings.

Jay-Z himself is performing Dec. 29 at The Palms in Sin City.