Mayweather's Harlem Buy: Big Headline, Smaller Stake
Floyd Mayweather Jr. made waves with claims of acquiring 62 buildings in Upper Manhattan for $402 million — but the actual deal is more nuanced. His firm, Vada Properties, secured a minority stake in the rent-stabilized portfolio currently controlled by Black Spruce Management. Property records show no full transfer of ownership, though Mayweather does hold an option to buy the remainder outright. His team clarified that the “sole owner” claim stemmed from being the deal’s sole funder — not full owner.
The properties are collateralized by distressed Signature Bank debt and positioned for upside via subsidy programs. The approach relies on Article XI (a long-term tax abatement for renovated units) and Section 610 (which allows owners to collect full voucher value, even above legal rent). In a sector where values have slipped, these tools can offer significant upside.
Midtown Leasing Surges to Post-COVID High
Manhattan’s office market posted 12.2 million square feet in leasing during Q1 2025 — the strongest quarter since Q4 2019. Class A space is leading the way, especially in Midtown, which benefits from transit proximity and high-spec inventory. Lower Manhattan is gaining traction, too, though the market still faces an overall supply overhang.
Leasing Demand Comes From All Sides
The rebound isn’t being driven by just one sector. Tech, AI, law firms, private equity, hedge funds, and media companies are all active. That level of diversification is giving landlords reason to be optimistic — even if pre-pandemic pricing hasn’t fully returned.
Notable office leases from Q1 include:
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Jane Street expanding at 250 Vesey
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Universal Music Group relocating to Penn 2
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Horizon Media renewing at 75 Varick
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Mayer Brown expanding at 1221 Avenue of the Americas
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The UN extending its lease at 2 United Nations Plaza
Penn 2’s landlord, in particular, has signaled strong momentum with more space in play.
Residential Development Accelerates in Core Manhattan
Murray Hill is seeing a wave of demolitions at 26-34 East 35th Street, 567-571 Third Avenue, and 218 Madison Avenue — all clearing the way for new resi towers. On the Upper East Side, a 37-story condo with retail is planned at 655 Madison Avenue. On the Upper West Side, the 200 West 88th Street condo project has locked in financing. In Hell’s Kitchen, 622 11th Avenue is advancing with new construction loans for two more towers.
Top Broker Exits Elliman After 20+ Years
Jessica Cohen, a longtime top performer at Douglas Elliman, has left to start a new team at Brown Harris Stevens. She’s the latest in a series of high-profile departures from Elliman to Compass and BHS — a shift attributed to leadership changes, internal investigations, and evolving firm culture dynamics.
Nir Meir Released After Year in Detention
Former HFZ Capital exec Nir Meir has been released from Rikers Island after over a year in custody. His bail was reduced to a $1 million secured bond under strict home confinement and dual ankle monitors. Meir is charged with misuse of $86 million in project funds — much of it tied to The XI condo development — and tax fraud. He has pleaded not guilty. The case now proceeds separately from that of Omnibuild and its CEO, who claim to be victims of Meir’s actions.