Quote:
Originally Posted by iheartphilly
Honestly, if Jay-Z spends that kind of money and is not his primary residence and it won't be, since you generally live where you work day to day, and he does not work from Philly day to day. So, my forgone conclusion is that it's an investment property that he will consider buying and if he buys, he will flip it if he get get more $$$ than what he paid for it.
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I don't know, that may be sound thinking for your average Joe, but we're talking about Jiggaman here. Jay-z has done a lot of business in philly over the years. His Roc-a-fella records used to have a ton of Philly artist back in the day including Beanie Siegel and Freeway. Not sure if he's currently involved in managing any younger Philly artists (I'm too old.) That's not even mentioning Made in America which has become a yearly event and guarantees his presence in the city at least a few days each year. All told Jay-Z probably spends less than 20 days a year in the city but to someone like Jay-z that's probably enough to justify buying a $20 million dollar crib to spend those 20 nights in.
Interestingly enough according to this fairly recent Complex article, (
http://www.complex.com/style/2014/02...e-real-estate/) if confirmed the $20 million spent on this condo would be the highest confirmed price for any of his or Beyonce's properties and more than any NYC property they are even associated with.
I still agree with Summers that even if he is moving in to 500 walnut it won't be his primary residence but due the high price for even uber rich people like Beyonce and Jay-z, if true this likely means he'll be in the city considerably more frequently.
In any event, regardless of whether or not Hova is involved, the fact that anyone is plunking down $20 million to live in Philly seems to bode well for more buildings of this nature to be built in the future.