Floyd Mayweather is making a monumental entrance into Manhattan’s multifamily real estate arena, showcasing his ambition and vision like never before.
The legendary retired boxer has secured a groundbreaking contract to acquire a remarkable $402 million portfolio of over 1,000 affordable housing units spanning more than 60 buildings. This strategic move marks a significant milestone in his investment journey, as confirmed by sources close to the deal. The seller, Josh Gotlib of Black Spruce Management, hasn’t made a public comment on the deal as of yet, but according to TheRealDeal.com, Mayweather is ready to make positive change in a major way.
This multifamily deal, focusing on properties in Upper Manhattan, is expected to be one of the largest deals in New York City this year. In a significant development, a portion of the portfolio successfully closed on Wednesday, marking a pivotal moment in the acquisition process. The remainder of the deal is anticipated to finalize in the fourth quarter of this year or early 2025, solidifying Mayweather’s impressive steps into the real estate game and setting the bar for a major impact on affordable housing in the area.
According to Floyd Mayweather, this investment in affordable housing resonates deeply on a personal level. It reflects his commitment to making a meaningful difference in the lives of others by showing his dedication to providing accessible living options for communities in need.
“This purchase holds deep emotional significance for me and my family,” the legendary boxer said in a statement.
If you remember, Mayweather has often spoke on how he grew up “seven deep” in a one-bedroom apartment in New Brunswick, New Jersey, which shaped his understanding of the challenges faced by families in need of affordable housing.
“When people see what I have now, they have no idea of where I came from and how I didn’t have anything growing up,” he previously told Mercury News back in 2007.
Now this isn’t Mayweather’s first time diving into the real estate market in New York City. According to multiple news outlet, the 15-time world champion revealed on a podcast in 2022 that he has invested in nine iconic skyscrapers in partnership with the esteemed office giant SL Green.
Additionally, he is actively involved in SL Green’s ambitious casino bid in Times Square.
This new affordable housing project just reinforces his reputation as a versatile investor who is interested in bringing bright ideas to the table.
#Socialites join us in congratulating Floyd Mayweather on this exciting new project!
