News Summary
Floyd Mayweather Jr. and jeweler Avi Davidov have acquired the Midtown Diamond Exchange for $27 million. The 3-story building on 1192 Sixth Ave. spans 4,600 square feet and is significant in the jewelry industry. Mayweather, a retired boxing champion, has shifted focus towards real estate investments, while Davidov is known for his high-profile jewelry clientele. This purchase not only reflects a substantial financial commitment but also aims to enhance their presence in the diamond market amidst ongoing controversies surrounding Mayweather’s actions in real estate.
New York City – Floyd Mayweather Jr. and Avi Davidov Acquire Midtown Diamond Exchange for $27 Million
Celebrity jeweler Avi Davidov and former boxing champion Floyd Mayweather Jr. have purchased a property located at 1192 Sixth Ave. in Midtown Manhattan for $27 million, marking a significant investment in the jewelry sector. The acquisition was made through their company, Jewelry Tower LLC, with the transaction officially closing on June 12, following a contract that was signed on January 10.
The property, a 3-story building with a total area of 4,600 square feet, is home to the West 47th St. Diamond Exchange. It was sold by Jo Gelbard, a painter whose family has owned the property since at least the 1960s. Gelbard’s family has historical ties to the diamond district and the jazz music scene, particularly due to her connection with legendary jazz trumpeter Miles Davis, with whom she had an artistic and romantic relationship during the 1980s.
Jo Gelbard’s company, named Nalpak 1196 Company, LLC, has a unique history behind its name, which is derived from reversing her last name, Kaplan. This creative twist reflects Gelbard’s artistic background, as she exhibited artworks created during her time with Davis, who passed away in 1991 at the age of 65.
Significance of the Property Purchase
The latest business maneuver involves Mayweather, who retired from boxing in 2017 with an impressive undefeated record spanning over 21 years. Since his retirement, he has shifted focus to real estate, investing in various properties. Just last fall, Mayweather acquired a $402 million portfolio consisting of 60 properties in New York City.
As part of their partnership, Avi Davidov operates Pristine Jewelers at 44 W. 47th St., providing jewelry for numerous high-profile clients, including musicians like Cardi B, Fat Joe, and music producer DJ Khaled. Earlier this year, Davidov crafted a diamond-encrusted wristwatch valued at $1.8 million specifically for Mayweather, highlighting the close ties between the celebrity jeweler and the former boxer.
Controversies and Legal Matters
Reports have surfaced regarding Mayweather’s real estate activities, especially following his filing of a $100 million defamation lawsuit against Business Insider. This legal action arose from articles questioning his involvement in real estate. The publication has described the lawsuit as “meritless.”
Despite the controversies surrounding Mayweather, his investment in the Diamond Exchange property demonstrates his continued commitment to expanding his business portfolio and influence within the jewelry industry. The property is currently listed on Mayweather’s real estate firm’s platform, Vada Properties.
Conclusion
The acquisition of the Midtown Diamond Exchange by Mayweather and Davidov is not just a financial investment; it represents their strategic positioning within the jewelry market. As they navigate through the challenges and opportunities in this business, both figures aim to solidify their legacy in the industry.
Efforts to reach Avi Davidov and Jo Gelbard for comments regarding the deal have so far been unsuccessful.
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Floyd Mayweather and Avi Davidov Acquire Midtown Manhattan Property
Additional Resources
- Crain’s New York: Avi Davidov Buys Diamond Exchange Site
- Wikipedia: Real Estate
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Author: STAFF HERE NEW YORK WRITER
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