'Money' Floyd Mayweather To Spend $402M On Affordable NYC Apartment Portfolio

Boxer Floyd Mayweather isn't just collecting championship belts anymore — now he's after buildings.

What Happened: According to The Real Deal, the undefeated champ — known for the moniker “Money” — is set to drop a cool $402 million for a 1,000-unit affordable housing portfolio, spread across more than 60 buildings.

On the sell side is Josh Gotlib of Black Spruce Management. A slice of the deal already closed on Wednesday, with the rest expected to close in the fourth quarter or early 2025.

Why It Matters: There is a significant shortage of affordable housing in New York City.

The city has long struggled with it, and the problem has worsened in recent years due to several factors, per the New York Times citing city data.

Mayweather’s newly acquired portfolio is concentrated in Upper Manhattan and expected to stay affordable if the retired fighter intends to take advantage of tax breaks.

Some of the Black Spruce buildings sold to Mayweather have the benefit of an Article XI tax exemption.

That means the properties enjoy up to 40 years of tax breaks — as long as they're at least two-thirds affordable.

You Can Profit From Real Estate Without Being A Landlord Celebrities and other wealthy individual know that real estate is a great way to diversify your portfolio and earn high returns. It can also be a big hassle.

Luckily, there are other ways to tap into the power of real estate without owning property.

The Arrived Homes investment platform has created an Income Fund, which provides access to a pool of short-term loans backed by residential real estate with a target 7% to 9% net annual yield paid to investors monthly.

The best part? Unlike other private credit funds, this one has a minimum investment of only $100.

Ref: 'Money' Floyd Mayweather To Spend $402M On Affordable NYC Apartment Portfolio (finance)