The partnership will include limited-edition Jay-Z designs including watches and a humidor, along with products from Balenciaga, Balmain, Lanvin, Proenza Schouler and other designers, all in a palette of black, white, gold and silver.
A quarter of sales will go to Jay-Z's Shawn Carter Foundation, which helps low-income students cover college costs.
In a statement, Jay-Z said the project takes inspiration from "the slickness, energy, and innovation of New York City."
Artist Joanie Lemercier was brought in to help design the gallery space and the store's famous Madison Avenue windows.
The store previously collaborated with Lady Gaga. The Jay-Z collection will be available beginning Nov. 20.