F
loyd Mayweather is making a significant foray into Manhattan's multifamily market, purchasing a 1,000-unit affordable housing portfolio from Black Spruce Management for $402 million. The deal, which includes over 60 buildings concentrated in Upper Manhattan, is one of the city's largest this year. Sources close to the transaction confirm that Josh Gotlib sold the portfolio, but Black Spruce declined to comment.

    The purchase price eclipses all other deals this year except for Michael Stern's $672 million transfer of 9 Dekalb Avenue to Silverstein Capital Partners, which was a distressed transaction. Some buildings in the Black Spruce portfolio have received Article XI tax exemptions, offering up to 40 years of relief for projects that are at least two-thirds affordable.

    For Mayweather, this investment holds personal significance, as he grew up in poverty and understands the importance of affordable housing. He has previously spoken about his childhood struggles, living "seven deep" in a one-bedroom apartment in New Jersey. This deal marks Mayweather's latest foray into New York real estate, following investments in skyscrapers alongside SL Green and a casino bid in Times Square.

    Black Spruce, under Josh Gotlib's leadership, has amassed a 4,000-unit portfolio since the pandemic, making it one of the city's largest rental landlords. The company has partnered with Meyer Orbach on several high-profile deals, including a $1.8 billion acquisition of six rental buildings and the purchase of the American Copper Buildings in Murray Hill.