Retired boxer Floyd Mayweather Jr. has reportedly expanded his apartment portfolio in New York City, adding 1,000 more units as part of a $402 million real estate deal.
Mayweather has inked a new $402 million deal to buy over 60 buildings across NYC, most of which are located in the upper Manhattan area. The buildings were being sold by Josh Gotlib of Black Spruce Management.
A portion of the deal had already been closed last week. The rest is expected to close either in the fourth quarter of 2024 or early 2025, according to The Real Deal, which first broke news of the deal.
What Will Mayweather Do with the Apartment Units?
While unconfirmed, Floyd is allegedly aiming to provide affordable housing units to families struggling to get by, per TMZ. There are expected to be 1,000 units across the 60 buildings.
"This purchase holds deep emotional significance for me and my family," Mayweather said of the deal.
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Mayweather previously said he lived in a one-bedroom apartment that was "seven deep." He also said his family often faced issues, including going weeks without electricity and finding used heroin needles in the front yard.
Mayweather Jr.'s Other Real Estate Properties
This is not the boxer's first foray into real estate. In an appearance on a 2022 podcast, Mayweather said he had invested in nine properties with SL Green Realty. These investments included One Vanderbilt, a 73-story skyscraper in Midtown Manhattan.
Additionally, Mayweather said he joined SL Green in a bid to build a casino in Times Square. In that bid was also Roc Nation, an entertainment company founded by Jay-Z.
In February, Mayweather posted on his Instagram page that he had already accumulated a portfolio of "over two dozen mortgage-free residences" across the United States. He also noted that he was considering selling some properties off and using the funds acquired from those deals to reinvest in a "broader spectrum" of properties, per Commercial Observer.
As of writing, Mayweather is believed to have a net worth of $400 million, making him the richest boxer of all time, as reported by Celebrity Net Worth. Throughout his career, he is estimated to have earned $1.1 billion.
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