Floyd Mayweather Jr. Picking Up 1,000-Unit Manhattan Housing Portfolio for $402M
By Nicholas Rizzi October 16, 2024 2:55 pm
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Retired boxer Floyd Mayweather Jr. reportedly scored a knockout deal in Manhattan.
Mayweather went into contract with Josh Gotlib’s Black Spruce Management to buy a 60-building, 1,000-unit affordable housing portfolio spread across upper Manhattan for $402 million, The Real Deal reported.
Spokespeople for Black Spruce and Mayweather did not immediately respond to requests for comment. It’s unclear who brokered the deal.
Mayweather, who was born in Michigan in 1977 but grew up in New Brunswick, N.J., told TRD that the deal “holds deep emotional significance for me and my family” because as a kid he once lived “seven deep” in a one-bedroom apartment in New Jersey.
It’s unclear which buildings are in the portfolio. Part of the portfolio closed on Wednesday while the rest should close by the end of the year or early next year, according to TRD.
While the portfolio may be Mayweather’s biggest bout in Manhattan real estate since he retired from boxing in 2017 with an undefeated record, it isn’t the first time he’s stepped into the real estate ring.
The 47-year-old Mayweather said on a 2022 podcast that he invested in nine properties with SL Green Realty, including One Vanderbilt, and has joined SL Green’s bid to build a casino in Times Square. And he recently indicated that he was looking for more.
In February, Mayweather posted on his Instagram page that he accumulated a portfolio of “over two dozen mortgage-free residences” around the country and was considering selling off some “to reinvest in a broader spectrum of real estate assets, encompassing all classes, not just residential.
“My investment strategy has evolved over time and with that I look to seek new opportunities and ventures,” Mayweather wrote.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
