Floyd Mayweather splashing out more than £300MILLION on New York apartments to add to incredible property empire
FLOYD MAYWEATHER has splashed out more than £300million ($400m) for a set of New York apartments, according to reports.
Mayweather, 47, has a vast business empire including property, cars and watches.
However, he is set to add to that empire after agreeing a mega-money deal for a block of Manhattan apartments.
According to The Real Deal, Mayweather has agreed a contract worth £309m ($402m) for a 1,000 unit affordable housing portfolio of more than 60 buildings.
Sources familiar with the deal have said the seller is Josh Gotlib of Black Spruce Management – a firm that sealed a property deal from JDS Development Group worth £644m ($837m) in 2022.
The deal for the Upper Manhattan properties see Money Mayweather buying into a multifamily deal, with a slice of the portfolio closing on Wednesday.
It is said to be one of the biggest deals of the year, while the rest of the portfolio is expected to be sold later this year or in early 2025.
Some of the Black Spruce portfolio has benefited from a tax exemption thanks to Article XI, which grants an exemption of up to 40 years for projects that are at least two-thirds affordable.
The company had been looking to recapitalise an 1,800-unit Article XI deal by selling a stake in the 97 buildings.
Affordable housing is a topic close to Mayweather’s heart, with the unbeaten boxing champion telling Mercury News in 2007: “When I was about 8 or 9, I lived in New Jersey with my mother and we were seven deep in one bedroom and sometimes we didn’t have electricity.
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“When people see what I have now, they have no idea of where I came from and how I didn’t have anything growing up.”
The latest purchase comes after he put his Las Vegas mansion up for sale at £9.6m ($12.5m) and looked set to make a £17.3m ($22.5m) profit selling a Miami mansion.
As of 2021, the boxing legend had an incredible array of wealth, including the tallest commercial building in the USA as one of NINE skyscrapers that he owns.
His other business ventures also include the ownership of boxing and fitness gyms around the world, a NASCAR team and a 26,000-square-foot skate park facility.
Mayweather also has a foundation welfare cause set up since 2009 which provides a range of services such as free food and learning opportunities for youngsters.
Such is his vast wealth that there were even reports suggesting he wanted to purchase an NBA Franchise.