Retired boxer Floyd Mayweather is set to make a major impact in New York’s real estate scene by acquiring a 1,000-unit affordable housing portfolio across more than 60 buildings. The $402 million deal, with properties concentrated in Upper Manhattan, is one of the city’s largest real estate transactions this year. Sources revealed that part of the portfolio has already closed, with the remainder expected to finalize by early 2025.
The seller, Josh Gotlib of Black Spruce Management, has been a key player in New York’s multifamily market. A portion of the portfolio is under the Article XI tax exemption, promoting affordability for up to 40 years. This purchase holds deep personal meaning for Mayweather, who has spoken about his humble beginnings, growing up in a one-bedroom apartment with his family in New Jersey.
In addition to this deal, Mayweather has been involved in New York’s real estate market before, investing in skyscrapers and working with SL Green on a Times Square casino bid.
As Black Spruce continues to expand its presence in the city’s rental market, this deal highlights Mayweather’s growing real estate portfolio and commitment to affordable housing, blending business and personal values in a meaningful way.