Jay-Z recently stepped down as the head of Def Jam records, perhaps because he's got a new project, a chain of five-star hotels. Various sources are reporting that he recently paid $66 million for a piece of land in Manhattan's Chelsea neighborhood in order to create the first of his new J Hotels. Jay-Z, born Shawn Carter, already as a clothing line (Rocawear) as well as his own bar chain, the 40/40 Club (he opened the Las Vegas 40/40 Club over New Year's) so this deal seems more secure than some of the others we've seen, such as Nicky Hilton's attempt at the hotel business.

The Metal Shutter Houses in the West Chelsea of New York City take a look usually seen when storefronts close down for the evening and roll down metal garage-door-like shutters and makes it high end. The nine-unit condo project designed by Japan's Shigeru Ban was inspired by the metal shutters on industrial buildings. The mechanized shutters have horizontal perforated slats that allow the resident to see out when closed but block out the city's prying eyes. When the shutter rolls up it reveals a terrace which is separated from double-height living rooms by windows that can also be raised to create one large indoor/outdoor space.The units range from three-bedroom, 1,950-square-foot duplexes with terraces to four-bedroom, 2,700-square-foot duplexes with terraces and one four-bedroom duplex penthouse which has 3,319 square feet and 1,963 square feet of outdoor space including private roof deck. The units start at $3.6 million and the penthouse, shown above, is listed at $10.5 million.

[via NY Post]

When you think of TIte Street in Chelsea, London you might think of the historical houses such as Oscar Wilde's home or James Whistler's studio. The area is famous for walking tours that let you drift back into Londons past. But at 60 Tite Street it's a whole other matter. A completely immaculate modern home is for sale at this address. The five bedroom home is done in the muted neutral tones usually found in a boutique hotel. It's a bit like a Crate and Barrel catalog come to life but it still has a certain charm due to the space it inhabits. It is listed at £6,950,000. After the jump, a rhapsody in brown.

Russian billionaire Roman Abramovich has yachts to spare but did he really give a friend his 328-foot yacht Le Grand Bleu? The Sun reports that Abramovich handed the yacht, which is worth over $138 million, over to his  business lieutenant Eugene Shvidler as a thank you. Abramovich had problems with the yacht last fall but surely that's no reason to ditch this beauty and while I'm sure Shvidler is a fine man and a good friend, I still sense there is another reason. There can only be one answer, Abramovich needs room in his stable for an even grander ship.