*Floyd Mayweather has reportedly secured a contract to acquire a substantial portfolio of affordable housing in New York City.
According to The Real Deal, the retired boxing champion has agreed to pay $402 million for a collection of over 1,000 units spread across more than 60 buildings, primarily located in Upper Manhattan, Hollywood Unlocked reports. The seller of this portfolio is Black Spruce Management, and some of the properties within its portfolio benefit from Article XI, which provides tax exemptions for developments that meet certain affordable housing criteria.
Mayweather has ventured into New York real estate in the past, including investments in skyscrapers and involvement in SL Green’s casino bid in Times Square, per The Real Deal. This latest venture holds personal significance, as he has openly shared his challenging upbringing.
“This purchase holds deep emotional significance for me and my family,” the superstar boxer said in a statement.
Mayweather grew up in a crowded one-bedroom apartment in New Jersey, which motivated his investment in affordable housing. “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,” he told Mercury News in 2007.
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Mayweather reflected on his retirement last month in a post on Instagram, writing:
Retirement isn’t about slowing down, it’s about living on your own terms. I’ve worked hard to build a life where I can choose my adventures, and if those adventures still bring in multi-millions, even better! Success isn’t something you retire from it’s something you refine. Exhibitions are my way of giving my fans, old and new, the opportunity to witness my greatness on any stage I choose. That’s what any successful businessman and boss would do. It’s okay for Jeff Bezos, who is 60, Bill Gates at 68, and Warren Buffett at 93, to continuously build their legacies and wealth, and they’re celebrated as smart businessmen. But when I, a Black man far younger in age, choose to do the same, somehow it becomes a problem for naysayers with nothing to their name. Bottom line, there’s too many of you busy pocket watching, while I’m busy still creating wealth and legacy
Floyd Mayweather reveals his new real estate investment will generate $300 Million per month 😳💰 pic.twitter.com/tohm1DQDGe
— Daily Loud (@DailyLoud) December 31, 2022
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