- Floyd Mayweather Jr. is buying a $402M affordable housing portfolio in Upper Manhattan from Black Spruce Management, one of the largest multifamily deals in NY this year.
- The 1K-unit portfolio includes buildings with Article XI tax exemptions, providing up to 40 years of tax relief for affordable housing projects.
- Mayweather’s investment in affordable housing reflects his personal connection to the cause, having grown up in poverty, and expanding his growing real estate portfolio in NYC.
- Prologis adjusted its 2024 earnings outlook, projecting EPS between $3.35 and $3.45, with FFO guidance slightly altered to $5.42-$5.46 per share.
According to The Real Deal, Floyd ‘Money’ Mayweather Jr., the retired boxing superstar, is expanding his real estate ventures by purchasing a massive affordable housing portfolio in Manhattan for $402M.
Major Multifamily Deal
The portfolio includes more than 60 buildings and approximately 1K units, primarily located in Upper Manhattan. Sources say part of the deal has already closed, with the remainder expected to be finalized in late 2024 or early 2025.
This transaction would be one of the largest multifamily deals in New York this year, second only to Michael Stern’s $672M transfer of 9 Dekalb Avenue, which was a distressed sale.
Some of the Black Spruce properties benefit from Article XI tax exemptions, offering up to 40 years of tax relief for affordable housing projects.
Personal Connection
For Mayweather, the investment holds personal significance. Raised in poverty, the Michigan-born athlete has spoken about his humble beginnings and his passion for affordable housing.
“This purchase holds deep emotional significance for me and my family,” he said in a statement, reflecting on his own experiences growing up in a one-bedroom apartment shared by seven family members.
Money Mayweather Moves
This isn’t Mayweather’s first foray into New York real estate. He has previously invested in skyscrapers with SL Green (SLG), one of the city’s largest office landlords, and is involved in SL Green’s bid to develop a casino in Times Square.
Black Spruce, the portfolio’s seller, has become a major player in the New York rental market, amassing 4K units, including high-profile deals like the $1.8B acquisition of six rental buildings with Meyer Orbach.
