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.

See Also: Renters Say Kamala Harris Beats Trump On Housing Affordability, 48% Choose The Vice President

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.

ETFs To Watch

Real estate exchange-traded funds (ETFs) closed in the green Wednesday afternoon:

iShares U.S. Real Estate ETF (NYSE:IYR) was up 1.02% at $101.96

The Vanguard Real Estate ETF (NYSE:VNQ), 0.12% at $97.64.

The Real Estate Select Sector SPDR Fund (NYSE:XLRE), up 1% at $44.72

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