Floyd Mayweather JR. has struck one of the largest deals on multifamily in Manhattan this year, with a massive $402 million portfolio acquisition.
The signed contract is for over 60 buildings and 1,000 units under the affordable housing category, The Real Deal reported, citing sources familiar with the situation. The properties are focused in Upper Manhattan, with Black Spruce Management founder Josh Gotlib reported as the seller.
The acquisition from the former boxer stands only second in New York City to a $672 million transfer of a Brooklyn property from Michael Stern to Silverstein Capital Partners. This was a distressed transaction.
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Also, this isn't Mayweather's first rodeo in New York. He has worked with SL Green Realty Corp on multiple deals including when he invested in nine scrappers in the city and was involved with the development of a casino in Times Square, according to The Real Deal.
Right now, New York along with other markets including Boston, and Chicago are receiving interest from investors in multifamily thanks to not getting overbuilt during the last cycle. The New York City metro market accounted for 9.7% of transaction volume for the three months through June, according to Berkadia's quarterly market update. The Big Apple was followed by Phoenix, Dallas, Los Angeles, and Washington, D.C.
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