Former boxer Floyd Mayweather Jr. is building on his recent real estate investments by forming a real estate firm that will invest $100M in a luxury rental portfolio as part of a joint venture.
:no_upscale():quality(75))
Mayweather is investing $100M in equity to partner with Go Partners on the $3B portfolio, The Real Deal reported, citing a source familiar with the deal. The joint venture is between Go and Vada Properties, Mayweather’s new firm that will be based in Trump Tower in New York City.
Mayweather earned $560M in the ring during his undefeated professional boxing career, earning the nickname “Money.” His latest investment shows he is betting a chunk of those winnings on New York City’s commercial real estate.
The joint venture with Go Partners will allow Mayweather’s Vada to take a stake in The Copper, two residential towers at 626 First Ave. in the Murray Hill neighborhood of Manhattan, according to TRD. Formerly known as the American Copper Buildings, the 41- and 48-story buildings are linked by a three-story skybridge suspended 300 feet in the air. The towers have 761 residences, about 20% of which are affordable.
Go Partners, a partnership between Orbach Affordable Housing Solutions’ Meyer Orbach and Black Spruce Management's Joshua Gotlib, bought the property for $850M in 2021, the outlet reported.
The $3B portfolio also includes the neighboring One and Two Sutton Place North, One East River Place and 265 E. 66th St. in Lenox Hill, and 685 First Ave. in Murray Hill, which Go acquired for about $1.7B between late 2022 and April 2023.
“Meyer and Josh are two of the smartest investors I have ever met,” Mayweather said in a statement to TRD.
“Go Partners is a premier real estate company focusing on affordable housing and luxury assets throughout NYC,” Mayweather added on Instagram. “I am truly Blessed and thankful.”
Vada Properties CEO Ayal Frist told TRD the joint venture with Go diversifies Mayweather’s real estate investments with the “ultra-luxury component that he was missing.”
The investment comes a week after Mayweather reportedly invested more than $100M in a 10M SF office portfolio throughout New York City and Chicago owned by The 601W Cos.
Mayweather was also revealed to be under contract last month to spend $420M on a 1,000-unit New York City affordable housing portfolio. Mayweather will buy the 60-building portfolio, largely concentrated in Upper Manhattan, from Gotlib’s Black Spruce Management.
The 47-year-old former boxer with a controversial past, including jail time for domestic assault, began revealing notable real estate investments on a podcast in 2022.
