The recent recession has claimed yet another victim, this time it's Hip Hop mogul Jay-Z and his company J Hotels.

Earlier this month, it was reported that Jay-Z along with partners Abram Shnay, Scott Blaichman, and Charles Blaichman were to build a luxury hotel on a piece of land Jay-Z's company J Hotels purchased in Manhattan's Chelsea area.

Due to the recession, construction on the land has been delayed because of lack of funding. The recession has made it much harder to find funding and borrow loans from the bank.

"Even the banks who want to give us money can't," Charles Blaichman told the New York Times.

J Hotels and developer Charles Blaichman aren't the only ones being hit hard by the recession, $5 billion worth of development projects have either been delayed or canceled.

There is no word yet on how long the project will be delayed.

Aside from the potential Chelsea hotel, Jay-Z also has his New York nightclub 40/40 and a club in Las Vegas' Venetian Hotel which will open on December 30.

Most recently, Jay-Z made headlines when he sold his Rocawear line to Iconix Brand Group for $204 million.