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loyd Mayweather's Real Estate Empire: A Tale of Boastful Claims and Murky Deals

    In a bid to rebrand himself as a shrewd businessman, Floyd Mayweather Jr. has been touting his latest venture: a 62-building Manhattan apartment portfolio. However, the boxer's boasts may be more bravado than fact. According to New York City property records, none of the buildings have changed hands since Mayweather announced the deal in late February.

    Mayweather's real estate investment firm, Vada Properties, claimed to have paid $402 million for the properties, but experts say this appears to be an exaggeration. A person directly involved in the deal revealed that Mayweather had purchased a small minority ownership interest in the portfolio, with options to expand his stake over time or acquire the buildings outright.

    This is not the first time Mayweather has made grand claims about his real estate investments. He has also touted his involvement in One Vanderbilt, a 1,400-foot-tall Manhattan office tower controlled by SL Green. However, it's unclear if he actually holds a stake in the project.

    Mayweather's foray into commercial real estate began over a decade ago with a chance encounter at a Knicks game. He befriended Jeff Sutton and Andrew Mathias, who have since counseled him on investments. Mayweather has also credited Jona Rechnitz, a former associate with a checkered past, as a key player in his business career.

    Rechnitz pleaded guilty to delivering a bribe to Norman Seabrook, the head of the Correction Officers' Benevolent Association, and was ordered to pay restitution. Despite this, Mayweather has continued to praise Rechnitz's business acumen.

    Mayweather's real estate ventures have raised eyebrows, with some questioning his involvement in the industry. His claims of making a 12% return on investments in commercial real estate have been met with skepticism by experts. As one person close to the deal noted, "Floyd Mayweather continues to be a reliable partner and a great ambassador for affordable housing," but it remains unclear what exactly this means in practice.

    Mayweather's latest venture serves as a reminder that his business dealings are often shrouded in mystery. While he may have earned his nickname "Money" through his boxing career, his real estate empire appears to be built on a foundation of boastful claims and murky deals.