Floyd Mayweather Jr. Closes $402 Million New York City Affordable Housing Deal
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Boxing Legend Floyd Mayweather Jr. Enters NYC Real Estate Market with Giant Deal in Affordable Housing
Retired world champion professional boxer Floyd Mayweather Jr. just made a key move into the New York City real estate market, having closed on a 1,000-unit affordable housing portfolio for a staggering $402 million.
The deal, brokered by Black Spruce Management, includes the purchase of upwards of 60 buildings, many of which are concentrated in Upper Manhattan. The sale is set to close early next year and will be one of the largest multifamily trades in the city this year.
The investment by Mayweather goes in line with the increasingly popular trend in which high-profile individuals and institutions move into the affordable housing market. The deal will be sweetened with tax incentives, including Article XI exemptions, which come in quite handy in terms of financial advantages toward the development of affordable housing.
That now makes this the largest real estate investment by Mayweather in New York City. Earlier, he had invested in nine skyscrapers alongside SL Green. Besides this, he is also part of the Times Square casino bid.
The Mayweather deal comes at a time when the New York City investment market is trying to get back on its feet after facing some pretty rough times. The deal reflects increased investor confidence in the city’s real estate market and points toward the possibility of profitable investment in affordable housing.
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