by Jeroslyn JoVonn
November 19, 2024
Floyd Mayweather’s latest real estate deal is a knockout.
Floyd Mayweather is expanding his real estate portfolio to include office properties nationwide in addition to the multi-unit residential buildings he purchased in New York City for $402 million.
The legendary boxer’s latest investment in 601W Companies aligns him with the office landlord’s extensive portfolio, a $10 billion collection comprising 18 buildings and 10 million square feet of space, The Real Deal reports. A source said its Mayweather’s “most significant” investment to date.
With his investment in 601W, Mayweather becomes an owner-partner in notable properties such as the Amazon-anchored 410 10th Avenue in NYC’s Hudson Yards, Chicago’s Aon Center and Old Post Office Building, and the Harborside office complex in Jersey City, New Jersey.
Mayweather is confident in a post-pandemic revival of the office market and sees “tremendous upside” in the 601W portfolio, citing the landlord’s strong track record, according to a spokesperson.
Mayweather’s investment will support repositioning existing assets and funding new acquisitions, said Mark Karasick, a managing member of 601W. Mayweather is also targeting distressed office deals in major cities like Chicago and New York, Karasick added.
The entry into the office space sector follows Mayweather’s $100 million investment with office landlord SL Green and a month after his $402 million acquisition of an apartment portfolio from Black Spruce Management in Upper Manhattan. That deal, encompassing more than 60 rental buildings, is poised to be one of the city’s largest transactions this year.
“New York City is the center of the world,” Mayweather said in a statement. “A wise person once told me if you buy real estate in New York and you hold on to it over the years, you will always make money and win.”
The millions Mayweather earned inside the ring have solidified his status as a savvy investor. He amassed a net worth of $1.2 billion, including approximately $300 million from a single fight in 2015.
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