Floyd Mayweather, the legendary boxer known for his undefeated record in the ring, is making waves in Manhattan’s multifamily real estate market with a monumental investment.
The retired athlete has secured a $402 million deal to acquire more than 1,000 affordable housing units, spanning over 60 buildings in Upper Manhattan. The acquisition is one of the largest real estate transactions in New York City this year and signals Mayweather’s growing ambition as a major player in the real estate sector.
The seller, Josh Gotlib of Black Spruce Management, has not publicly commented on the deal, but sources close to the transaction have confirmed its significance. A portion of the portfolio officially closed earlier this week, with the remaining properties expected to be finalized by late 2024 or early 2025. According to The Real Deal, the portfolio is comprised of affordable housing units, aligning with Mayweather’s vision to make a positive impact on communities in need.
“This purchase holds deep emotional significance for me and my family,” Mayweather said in a statement. “I grew up in a one-bedroom apartment with seven people, so I understand firsthand the challenges that come with finding affordable housing.”
Mayweather’s personal connection to the issue of affordable housing stems from his upbringing in New Brunswick, New Jersey. In past interviews, the boxer has spoken about his humble beginnings and how his experiences shaped his understanding of economic hardship.
In a 2007 interview with Mercury News, he recalled, “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.”
The purchase is a key part of Mayweather’s expanding real estate portfolio, which has grown significantly since his retirement from boxing. His move into affordable housing is not his first venture in New York City real estate. In 2022, during an appearance on a podcast, Mayweather revealed that he had partnered with SL Green, one of the city’s largest office developers, to invest in nine skyscrapers. He is also involved in SL Green’s ambitious bid to develop a casino in Times Square.
This latest acquisition, however, demonstrates Mayweather’s interest in more community-focused projects. The focus on affordable housing underscores his commitment to addressing the housing crisis, particularly for those in underserved areas.
While the financial details of the deal have garnered attention, Mayweather emphasized that this project goes beyond profit. He views it as an opportunity to give back to communities and provide housing options for those who face the same challenges he once did.
“Affordable housing is something that resonates with me on a personal level,” Mayweather stated. “It’s about creating opportunities and making sure people have access to safe and affordable places to live.”
Experts believe that the acquisition could have a significant impact on Upper Manhattan, where affordable housing options are increasingly scarce. The city has faced ongoing challenges with rising rent costs and gentrification, which have pushed many longtime residents out of their neighborhoods. Mayweather’s investment could help alleviate some of these pressures by preserving affordable housing in the area.
As the deal moves toward finalization, industry watchers are eager to see how Mayweather’s foray into affordable housing will play out. His track record of success in other ventures suggests that he has the potential to make a meaningful impact in this sector as well.
Mayweather’s foray into real estate, especially with this large-scale affordable housing project, could set a precedent for other high-profile investors looking to make a difference in underserved communities.
