Floyd Mayweather Jr., record-breaking 50-0 legend in the world of boxing, has made a punch in Manhattan real estate with a record-spending spree of $402 million on a Manhattan block with a total of 62 buildings. Mayweather, familiar with a life in the high life and smart business moves, makes the news today not only because of his punching ability but because of his bold move in low-cost housing, a move sending shockwaves in a town where high risks are the norm.
Among the largest multifamily transactions in NYC in recent times, the transaction involves Mayweather purchasing over 1,000 units of affordable housing, mostly in Manhattan’s outer boroughs such as Harlem, Washington Heights, and Inwood.
Purchased from Black Spruce Management, a company with a proven track record in managing value-added properties and headed by Josh Gotlib, the portfolio is accompanied with a bonus of considerable value: Article XI tax benefits. These benefits, designated under NYC’s Housing Preservation and Development (HPD), grant tax benefits over a possible 40 years and are a smart financial decision in a market with a rising cost of borrowing, says Bloomberg.
Part of the sale already closed, with the balance closing later in 2024 or in the beginning of 2025, Credaily reports. Priced at a rate of $402,000 a unit, the sale is a steal in Manhattan, with tax benefits and the presence of inclusionary zoning provisions keeping residents’ rent level.
For Mayweather, this isn’t just about dollars and cents—it’s personal.
“Growing up, I used to dream about owning just one home by myself,”
he told TMZ Sports.
“When you work hard, you can achieve anything.”
Raised in a cramped one-bedroom apartment in New Jersey, the 47-year-old champ sees this as a chance to give back.
“This deal holds deep emotional significance for me and my family,”
he shared with Commercial Observer, aiming to provide a lifeline to families facing the same struggles he once did.
This move is added on top of his growing real estate dynasty. With a net worth in excess of $1.2 billion, says Bleacher Report, Mayweather has been demonstrating his financial power. Just a matter of months ago, he invested in a jaw-dropping $10 billion NYC, Chicago, and Jersey City office complex with 601W Companies (The Real Deal). He’s also invested in a collaboration with SL Green on nine NYC towers and a proposal in a Times Square casino (EURweb). But this $402 million multifamily investment is his biggest residential play yet.
The 62 buildings, while not individually named in public reports, are a mix of older structures typical of upper Manhattan’s gritty charm. Black Spruce Management, which has managed over 4,000 units since its post-2009 rise (Crunchbase), built this portfolio with a focus on affordability—a mission Mayweather now inherits. The Article XI status ensures these units remain a haven for low- and middle-income New Yorkers, a rare commodity in a city where rents often soar beyond reach.
“This is a win for the community,”
said real estate analyst Maria Torres, speaking to the deal’s potential to stabilize housing in areas like Harlem, where gentrification pressures loom large.
“With Mayweather’s resources and the tax breaks, these buildings could stay affordable for decades.”
The timing is bold. NYC’s real estate scene has been battered by high interest rates, slowing big-ticket deals. Yet, Mayweather’s move—second only to Michael Stern’s $672 million 9 Dekalb Avenue transfer this year—signals a heavyweight’s confidence.
“It’s surprising he’s doubling down now,”
Torres added,
“especially after that $10 billion office splash. He’s not just playing—he’s rewriting the game.”
The deal’s roots trace back to October 2024, when The Real Deal first broke the news. Since then, it’s sparked buzz about whether Mayweather’s celebrity could draw more investors to affordable housing, a sector often overlooked for flashier profits.
Mayweather’s not new to property flips—he’s turned tidy profits on mansions before, like a $22.5 million gain on a Los Angeles estate (talkSPORT). But this Manhattan venture is about legacy. As he posted on X in February 2024, per EssentiallySports, he’s selling off assets to diversify, building generational wealth that echoes his ring triumphs.
A post from X.
For upper Manhattan residents, the champ’s arrival could mean security in a city that’s priced out too many. For Mayweather, it’s a knockout punch in a new arena—one where the stakes are homes, not titles. As he steps into this landlord role, all eyes are on how “Money” Mayweather will manage his latest prize.
