Floyd Mayweather Jr. To Acquire 1,000 NYC Apartments For $402M
Floyd Mayweather Jr. earned the nickname "Money" for the record winnings he took home during his undefeated boxing career. Now, Mayweather is living up to his moniker in the commercial real estate market.
Mayweather is under contract to spend $402M acquiring a 1,000-unit New York City affordable housing portfolio, The Real Deal first reported. Mayweather, who has a net worth of more than $1.2B, confirmed the deal in a post on X.
The 47-year-old boxing great, who has also been the subject of numerous domestic violence allegations, is purchasing the 60-building portfolio, the bulk of which are in Upper Manhattan, from Black Spruce Management.
Joshua Gotlib, who runs Black Spruce, didn't immediately respond to Bisnow's request for comment.
Black Spruce became one of the biggest investors in Manhattan multifamily after the onset of the pandemic. In 2022, it partnered with Orbach Affordable Housing Solutions on a $1.8B acquisition of a 1,700-unit portfolio. It is unclear which properties Mayweather is acquiring.
While it is Mayweather's biggest splash as a CRE investor, it isn't his first. He said on a podcast in 2022 that he has invested in nine New York City skyscrapers alongside SL Green, the REIT that is Manhattan's biggest commercial landlord. He is also a partner in SL Green's pursuit of a casino development in Times Square, which also counts Caesars Entertainment and rapper Jay-Z's Roc Nation as partners.
A New Jersey native, Mayweather told TRD in a statement that the acquisition of dozens of affordable apartment buildings “holds deep emotional significance for me and my family.”
A representative for Mayweather didn't immediately respond to Bisnow's request for comment.
The deal is expected to close in several smaller transactions, the first of which closed Wednesday, per TRD. It is one of the largest sales of 2024 so far.
Momentum is picking up across the city's investment market. There were $4.9B of CRE sales in the third quarter across the five boroughs, according to Avison Young, 63% ahead of the pace set in 2023.
