Showing 47 results for:
real estate
Popular topics
All results
Floyd Mayweather Jr. is making significant moves in the real estate sector. As previously reported by AFROTECH™, the boxing world champion has invested $402 million in an affordable housing project in New York, which includes over 60 buildings with more than 1,000 units “Growing up, I used to dream about owning just one home by myself, when you work hard you can achieve anything,” Mayweather told TMZ. Mayweather’s investments in real estate also include ownership of nine skyscrapers in New York through a partnership with SL Green. “‘You see that building right there? Yeah, we own that. You see this building? We own it.’ So we was walking and walking . Then he said, ‘You know, a boxer makes money when he’s boxing. A football player makes money when he’s playing football. A basketball player makes money when he’s playing basketball.’ He said, ‘But New York real estate, you make money when you sleep.’” On Monday, Nov. 18, 2024, Mayweather also invested in a $10 billion office portfolio...
Katt Williams has purchased land to open a movie studio. During an interview with GQ, the comedian revealed he has acquired a former military base located in Alabama. It has been confirmed by Williams’ publicist, Amy Sisoyev. “I can’t disclose the amount or exact location just yet, but I can confirm that he has purchased a former military base in Alabama,” Sisoyev said via email to AL.com. Williams shared that he aims to follow in the footsteps of other celebrities, such as Tyler Perry. As AFROTECH™ previously reported, Perry, a self-made billionaire, opened the world’s largest Black-owned studio. The studio, which Perry self-funded, reached a valuation of $280 million in 2023. Speaking of wanting to be next in line, Williams commented to GQ : “It’s just not fair to put all that pressure on Tyler Perry. He can only do so much.” At the time of this writing, it is unclear when the movie studio will break ground. Williams is part of a growing number of Black figures seeking to disrupt...
“Earn Your Leisure” podcasters Rashad Bilal and Troy Millings continue to put their commitment to wealth building into practice. The pair have announced that construction on a 300-acre development, titled the Sanbra City Project, is underway in Ghana. The project is made possible through partnerships with activist Chakabars and developers Alvin Bekoe, Kwame Blay, and Tuyee Yeboah, Black Enterprise reports. The multi-phased project has “quietly” been in the works for more than a year and is rolling out first with a 40-unit community named The Cascades located in Borteyman, Accra, Ghana. “We acquired 300 acres of vacant land in Accra. We are now in the construction phase of a multi-phased development aimed at creating a vibrant community that welcomes the diaspora to Ghana for more than just parties. We will prioritize collaboration with local communities to ensure proper integration and mutual benefit. The time to come home has finally come! Homes are now available for sale,” “Earn...
The Department of Justice has launched a lawsuit over alleged discriminatory practices related to the appraisal of a Black homeowner’s property and the cancellation of her mortgage refinance application. Filed Monday, Oct. 21, in U.S. District Court in Colorado, the lawsuit accuses Rocket Mortgage , Solidifi U.S. Inc., Maverick Appraisal Group Inc., and Maksym Mykhailyna of actions that violate the federal Fair Housing Act. “This lawsuit is part of our ongoing efforts to bring an end to appraisal bias which prevent Black communities and other consumers of color from accessing credit and benefitting from homeownership,” Assistant Attorney General Kristen Clarke of the Justice Department’s Civil Rights Division said in a statement . “Appraisal bias exacerbates the racial wealth gap, and runs contrary to the principles of fairness, transparency and equity that we need in our housing market today,” she added. “The Justice Department will continue to hold appraisers, lenders and others...
Floyd Mayweather has made a major move in real estate, investing $402 million to acquire over 60 buildings with more than 1,000 units in New York, NY, TMZ reports . “Growing up, I used to dream about owning just one home by myself, when you work hard you can achieve anything,” Mayweather shared with TMZ. According to The Real Deal, this investment is aimed at developing affordable housing for families in need. Other Real Estate Deals Mayweather’s real estate portfolio in New York doesn’t end there. As previously reported by AFROTECH™ , the boxer also owns nine skyscrapers in the area through a partnership with SL Green. “SL Green is a company I’ve worked with for many years, and Andrew Mathias—great business guy,” Mayweather said on the “Earn Your Leisure” podcast, referring to Mathias, president of SL Green Realty Corp. On a walk through the city with the businessman, Mayweather recalled him saying, “‘You see that building right there? …Yeah, we own that. You see this building? We...
Christopher Cunningham, an entrepreneur based in Tampa, FL, now owns an entire block, Bay News 9 reports. Initially aiming to purchase just one building, Cunningham was offered the chance to buy the entire block at 9513 N Nebraska Ave. He now operates two businesses there: True Value Hardware and his water restoration company, Dry 24 “From the inside it looks really small but there’s actually 1.88 acres here,” he explained to the outlet. “Initially, I was just looking at buying the store. I got a chance to talk to Mr. Chelle, and he said, ‘You can buy the store, but you gotta actually buy the whole block.’” Cunningham, now the proud owner of five buildings on the block, hopes to see greater support for Black-owned businesses in Tampa, where 24% of the population is Black, per ABC Action News. “I think it’s important in the city of Tampa — Tampa is 24% Black — that there are more Black businesses and that the corporate partners and the people who receive tax dollars, the private...
Booker Washington is making homeownership more accessible for urban communities. He is the founder of Techie Homes, a real estate company that designs “smart micro-communities” in Atlanta, GA, priced below current market rates, according to its company website. “Accessible homeownership is an issue in Atlanta,” he told Business Insider. “Our goal is to provide homes at a price point where mortgages are equal to or less than the cost of renting a one-bedroom apartment.” While Washington subscribes to accessible homeownership, he makes it clear he does not want to label Techie Homes’ efforts as an affordable housing project. “We change the way we view environments, and if we change the way we view environments, we’ll change the actual person and how they grow,” Washington explained in a video clip . “That’s the reason why I don’t adopt to affordable housing projects, because if you put people of all the same incomes in the same place, they will only see what that other person’s low...
Former NFL player Terrell Davis had to get rid of an accountant for being unethical. During an interview with AFROTECH™, the two-time Super Bowl champion reflects on early financial decisions he made during his foray into the league. He had been drafted by the Denver Broncos in 1995 and entered into a three-year deal, worth $484,000, which included a $38,000 signing bonus, per Spotrac. “When I first got into the league, there was no financial education. It was just trying to figure things out the best way you could and that was it,” he mentioned. “There was no one who came up to me and told me, ‘Here’s the plan. Let’s do X, let’s do Y, let’s do Z.’ There was none of that. So I had to look around and just watch people and see what they were doing.” Among Davis’ lessons included the importance of hiring the right team to help him navigate the business of being an athlete. Early on, he worked with an advisor, who he was referred to by another individual. It became clear the advisor...
Roc Nation has spearheaded a “first-of-its-kind” financial commitment to the Hell’s Kitchen community in New York City, NY, as part of the proposal for Caesars Palace Times Square. According to a press release, the initiative includes an initial $15 million investment aimed at supporting local residents, including those at Manhattan Plaza, the popular affordable housing development for performing artists. “We are New Yorkers,” Roc Nation founder Jay-Z said. “Supporting and providing opportunities for our neighborhoods and community isn’t just a part of Roc Nation’s ethos; it’s our collective responsibility.” As part of its dedication to enhancing Manhattan’s West Side and investing in New York, approval of the bid will see Caesars Palace provide the $15 million, along with ongoing grants derived from 0.5% of casino performance. The press release notes that the Caesars Palace team is committed to collaborating with various local organizations to ensure the proposed gaming and...
Marquise Brown doesn’t want to have any regrets when his NFL career comes to an end. The Kansas City Chiefs’ wide receiver has met with various retired NFL players, and it has served as a reminder of what he can do now to maximize his time in the league. Brown was drafted in 2019 by the Baltimore Ravens as a 25th pick in the first round, the NFL mentioned. He then played for the Arizona Cardinals and now is on the Kansas City Chiefs’ roster, signed to a one-year, $7 million contract, which includes a $3 million signing bonus and $6.5 million guaranteed, per Spotrac. He intends on leveraging his contracts to create a better life for himself, family, and other players in the league considering life beyond the field. “I got pulled aside by so many retired NFL legends talking to me about what they should have done differently, what they wish they did. With me being in the league, I don’t want to be a guy to do this when I’m done. I want to be a guy to do this now. Not just for my...
Kevin Burnett has transitioned from the football field to help families create wealth. Burnett, an Inglewood, CA native, was drafted in 2005 as a 42th draft pick in the second round to the Dallas Mavericks, according to ESPN. He was signed to a 4-year deal valued at $3.31 million with the team, which included a $1.15 million signing bonus and $1.15 million guaranteed, Spotrac notes. Burnett played for four teams throughout his career, ultimately retiring with the Oakland Raiders in 2014. He earned a total of $20.57 million. In retirement, Burnett took some time to water into his wife and four kids, per Equities.com. He became more immersed in his children’s worlds, which also included sports. This led him to coach his older kids’ football and baseball team, sparking a newfound purpose. “Hey, this is where I see my purpose,” Burnett explained. “It’s where I see my angle.” In 2020, he secured a position at McArthur High School in Hollywood, FL, as a football coach. With poverty and...
50 Cent is making major real estate moves in Shreveport, LA. G-Unit Studios As AFROTECH™ previously reported, the entrepreneur opened G-Unit Studios in the city, now the second-largest Black-owned studio behind Tyler Perry. The 985,000-square-foot property is being used “to operate a production studio and/or activities and uses related to the promotion or development of the film, sound, light, movie, television, broadcasting, recording, and arts industries.” View this post on Instagram A post shared by 50 Cent (@50cent) “Founding my own studio is the next step in my plan to expand G-Unit Film & Television’s output of premium, diverse content across all media and to provide more opportunities for artists, crew members and more jobs within the community,” 50 Cent told KTAL-6 News. Housing Project 50 Cent’s plans for Shreveport also extend beyond his studio. He is rolling out a three-phase plan to transform the city through areas including housing. “We start building houses, and we...
Being in the NFL shifted Brandon Copeland’s perspective on money. Entrepreneur reports Copeland was raised in an environment that supported his journey in sports as a child. However it came because his mother chose not to spend money on extras like soda from a fast food restaurant or candy at the store. His understanding of money would be shaped while he attended the University of Pennsylvania’s Wharton School of Business and interned at Union Bank of Switzerland, but it was further strengthened when he signed on to play for the NFL’s Baltimore Ravens in 2013. The league’s Players Association informed him about benefits that include a matched 401(k). “I had to make it to the Baltimore Ravens to learn what a 401(k) is,” Copeland told the outlet. “This is a tool that most people who interact with an employer may have the ability to use, but who taught my mom about a 401(k)? Who taught my brother about a 401(k)? Who taught anyone I love about these things that are just real facts of...
A Black-owned development group has acquired the Oakland Coliseum in Oakland, CA. According to a report by SFist, the African American Sports & Entertainment Group (AASEG) has acquired full ownership of the property after a purchase was finalized with its previous owners. Half of the Oakland Coliseum had been previously owned by Alameda County while the City of Oakland maintained the other half. The A’s, an Oakland MLB team purchased Alameda County’s stake in 2019 with the intention of trying to stay in the city. However, the franchise is planning to transition to Las Vegas, NV, and was looking to sell. Already, the City of Oakland sold its shares to the AASEG earlier in 2024. Now, the A’s organization has also agreed to sell its half to the group for a reported $125 million, SFist reports. The deal will additionally include the Oakland Arena and the land that exists between the two entities. “We are pleased to have reached an agreement with the African American Sports &...
An affordable housing project is making its way to Portland, OR’s Black community. The Williams & Russell project is looking to revive the Albina community, an area in North Portland that was once home to many Black families and Black businesses, until they were pushed out, KPTV-12 reports. The soon-to-be revitalized area was expected to make room for an expansion of Legacy Emanuel Hospital in the 1970s , however plans never materialized, KGW-8 mentions. “They came in and they demolished everything with the idea that this would be developed, and it just sat vacant for five decades,” Bryson Davis, president and board chair of Williams & Russell CDC, said per KGW-8. Righting the wrongs of the past, the Williams & Russell project is looking to create more than 100 affordable homes, consisting of townhomes and apartments, on a 1.7 acre lot on the corner of North Russell Street and North Williams Avenue. To be eligible for the apartments, which come in one-to-three bedroom options,...