This boxing legend is diving into the real estate industry and seems to be making serious bank
Retired boxing legend Floyd Mayweather Jr.is pulling no punches when it comes to New York City real estate. Over the weekend, the undefeated athlete posted a victorious carousel of photos and videos on his Instagram account, flaunting his knock-out purchase of a massive multi-family portfolio in Upper Manhattan.It’s far from his first-ever foray into the world of property.The Post’s Gimme Shelter chronicled his lush New York house hunt late last year, including touring a $150,000-per-month Soho bachelor pad and a Gilded Age mansion — before he settled on a 4,178-square-foot, five-bedroom unit inside the Baccarat Hotel and Residences in Midtown. Mayweather also sold a $22 million home in Miami’s Biscayne Bay last year, and recently listed his $12.5 million Las Vegas mansion. The Upper Manhattan portfolio purchase totaled $402 million.
It includes a whopping 62 multifamily properties, comprising more than 1,000 units.It’s not clear specifically where uptown the buildings stand; a rep for Mayweather did not respond to a request for comment.“Guess what? All the buildings belong to me, I don’t have no partners,” the boxer declared to his nearly 29.7 million followers.
“And all the retails down below on my buildings, all of them belong to me too.Guess what? You can do the same.
It’s all about making power moves.” The Real Deal initially reported on the fighter’s mammoth property acquisition in October.Many of the buildings, TRD reported, are rent-stabilized. This kind of acquisition is a rarity nowadays — high borrowing costs have cowed investors in recent years, and affordable housing in particular can be undervalued by investors.
The representative for the multifamily portfolio’s seller, Black Spruce Management, also did not respond to request for comment, nor did Arrow Real Estate Advisors, which arranged the sale.Mayweather made the purchase with his new real estate investment firm, Vada Properties.Vada Properties also did not res...