The deal, one of the city’s largest this year, involves 1,000 units and more than 60 buildings across Upper Manhattan in New York City. Part of the portfolio closed Wednesday, according to reports.
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Boxing legend Floyd Mayweather Jr. is set to acquire a 1,000-unit affordable housing portfolio in Upper Manhattan for $402 million, The Real Deal reported on Wednesday.
The deal, one of the city’s largest this year, involves over 60 buildings. Part of the portfolio closed on Wednesday, and the remainder is expected to close by late 2024 or early 2025, according to The Real Deal.
The seller, Black Spruce Management, is an investment firm specializing in acquiring and managing multifamily properties in the Greater New York City area.
Since its founding in 2009, the company has acquired over $225 million worth of properties, totaling more than 2,000 units. After the pandemic, Black Spruce significantly expanded its holdings, growing its portfolio to 4,000 units and becoming one of the largest rental landlords in the city.
The company has purchased over $225 million worth of properties, totaling more than 2,000 units, since its founding in 2009. In the years following the pandemic, Black Spruce built a portfolio of 4,000 units, becoming one of the city’s largest rental landlords.
Some of Black Spruce’s portfolio had previously received Article XI tax exemptions, which provide up to 40 years of benefits for projects that are at least two-thirds affordable. In 2021, the firm recapitalized an 1,800-unit Article XI deal by selling a stake in 97 buildings, also in Upper Manhattan, with an estimated value of $700 million.
Mayweather, who grew up in a one-bedroom apartment with his family of seven in New Brunswick, New Jersey, has a personal connection to affordable housing. “This purchase holds deep emotional significance for me and my family,” the 15-time world champion said in a statement.
Reflecting on his upbringing, Mayweather told Mercury News, “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.
This acquisition is not Mayweather’s first venture into New York real estate. In 2022, he revealed that he had invested in nine skyscrapers in partnership with office giant SL Green and is involved in their bid for a Times Square casino.