Floyd Mayweather, the undefeated boxing champion known for his lavish lifestyle, is making a significant investment in New York City real estate. Mayweather has reportedly struck a $402 million deal to invest in an affordable housing portfolio that includes more than 60 buildings in Manhattan. The move, a departure from his usual headline-grabbing luxury purchases, marks a foray into one of the city’s largest real estate transactions this year.
The deal, made in partnership with Josh Gotlib of Black Spruce Management, focuses on a 1,000-unit multifamily housing portfolio, largely concentrated in Upper Manhattan. While both Mayweather and Black Spruce have remained tight-lipped about the details, the transaction highlights the boxer’s venture into socially impactful real estate development. A portion of the deal was finalized on October 17, with the remaining properties expected to close either in late 2024 or early 2025.
This is not the first time Black Spruce has made waves in New York’s real estate market. In 2021, the firm worked on recapitalizing a separate Article XI deal involving 97 buildings, also in Upper Manhattan. That deal, valued at $700 million, involved selling a 49.9% stake in a similar portfolio. Black Spruce’s expertise in navigating complex multifamily housing investments makes them a key player in this latest partnership with Mayweather.
Known for his extravagant lifestyle, Mayweather recently made headlines for purchasing four luxury watches for $1 million. The boxer, who has a reputation for enjoying the finer things in life, bought the entire Avi & Co Hue collection, priced at $250,000 per piece. “It’s hard to choose one watch; they are all exceptional timepieces,” Mayweather remarked. His purchase made him the first person to own the full set, underscoring his close relationship with the designer, Avi, whom he praised as a personal friend.
Though Mayweather’s investment choices often spotlight his luxury purchases, his foray into affordable housing suggests a broader strategy aimed at diversifying his portfolio while making an impact in one of the country’s most competitive real estate markets.
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