by Cedric ‘BIG CED’ Thornton
October 17, 2024
Floyd Mayweather is investing into a 1,000-unit affordable housing portfolio with more than 60 buildings in Manhattan
Undefeated retired boxer Floyd Mayweather has reportedly struck a deal to go into business with Black Spruce Management.
According to The Real Deal, Mayweather is investing $402 million into a 1,000-unit affordable housing portfolio with more than 60 buildings in Manhattan, the heart of New York City. The deal was reportedly made with Josh Gotlib of Black Spruce Management. No details or comments were released by Black Spruce or Mayweather at this time. However, the media outlet stated that the multifamily deal for properties is concentrated in Upper Manhattan and would be one of the city’s biggest deals this year.
A portion of the portfolio was closed on Oct. 17 with the expected remainder of the deal expected to close in the fourth quarter or early first quarter in 2025.
In 2021, Black Spruce was working to recapitalize a 1,800-unit Article XI deal. They planned on making it happen by selling a stake in the 97 buildings, which are also mostly in Upper Manhattan and comprising six portfolios. The firm planned to sell a 49.9 percent stake that would value the deal at $700 million.
The money flows like water with Mayweather as it was recently reported that the former pugilist purchased four luxury timepieces for one million dollars. Not one to be outdone, when finding out that luxury watch designer Avi & Co was debuting a new collection of watches, he was primed to buy one. Yet, after viewing the four timepieces included in the collection, he decided to just purchase the whole set.
With each one costing $250,000, it set him back $1 million. By doing so, he became the first person to own all four watches in the Avi & Co Hue collection.
“It’s hard to choose one watch; they are all exceptional timepieces. I am proud of Avi and support him. He is my friend, and if I want to hang out with him, I can. You can’t do that with the owner of Rolex or AP (Audemars Piguet).”
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