Boxing Great Floyd "Money" Mayweather Makes $400 Million Investment In Affordable Housing Portfolio

Boxing great Floyd "Money" Mayweather is known for his blinding skill in the ring, but he has also secured his financial future beyond the boxing ring. Floyd's business exploits include his fight promotion business known as "The Money Team," but that's only one facet of his financial empire. Mayweather recently announced a $400 million investment in an affordable housing portfolio.

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Floyd's investment will buy him a massive portfolio of 1,000 units across over 60 buildings. Many properties are concentrated in the Upper Manhattan area of New York City, where affordable housing is notoriously scarce. Despite having rent control statutes on the books, New York City is famous for its sky-high apartment rents and Manhattan is known to be expensive, even by New York standards.

Mayweather is purchasing the portfolio from Josh Gotlib and Black Spruce Management in a deal likely to be one of the largest of its kind in New York City for the 2024 calendar year. The seller has not made any public comment and the entire deal won't be official until later this year or early 2025, but there don't appear to be any roadblocks that would prevent it from closing.

This project represents a huge investment for Mayweather, but it also has personal meaning for him. Despite being born into a family of famous boxers that included his father Floyd Sr. and Uncle Roger, Mayweather was raised on the proverbial "other side of the tracks" in a hardscrabble part of New Brunswick, New Jersey. His "Money" Moniker and penchant for flashing his cash notwithstanding, Mayweather understands what it means to have less.

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In a famous San Jose Mercury News interview, Mayweather once said, "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." It's a sad truth that the boxing game doesn't take great care of its champions post-retirement. Mayweather's father and uncle fell victim to that reality, which is why Floyd had so little despite being from a famous family.

As with many people who grew up with less, adversity inspired Mayweather to want to give back to his community if the opportunity presented itself. In a statement regarding the acquisition, Mayweather said, "This purchase holds deep emotional significance for me and my family." It's easy to understand why and by all indications, Mayweather will be actively involved with the project.

The purchase, reported by numerous outlets, including The Real Deal and Hollywood Unlocked websites, is not Mayweather's first foray into New York City real estate. He has also partnered with famed office property developer SL Green on multiple deals, which include nine different office towers in the New York City area. That's not bad for a man who says he grew up "seven deep in a one-bedroom apartment."

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