The new acquisition in Midtown Manhattan, home to the West 47th St. Diamond Exchange.
Celebrity jeweler Avi Davidov and retired boxing champion Floyd Mayweather Jr. have acquired a three-story property in Midtown Manhattan for $27 million. The building, located at 1196 Sixth Ave., is home to the West 47th St. Diamond Exchange and was previously owned by Jo Gelbard. The acquisition highlights Mayweather’s growing interest in real estate, following his retirement from boxing. With Davidov’s established presence in the luxury jewelry market, the partnership embodies the merging of high-end retail and real estate investment.
New York City – Celebrity jeweler Avi Davidov and retired boxing champion Floyd Mayweather Jr. have jointly acquired a property in Midtown Manhattan for $27 million. The transaction, which was finalized on June 12, involved the purchase of a three-story building located at 1196 Sixth Ave., home to the West 47th St. Diamond Exchange, a multi-vendor business well-known within the jewelry sector.
The property’s previous owner, Jo Gelbard, who has connections to the jazz world through her past relationship with legendary trumpeter Miles Davis, had her family retain ownership since the 1960s. Gelbard, whose birth name is Jo Kaplan, operated the property under the company name Nalpak 1196 Company, LLC, which is “Kaplan” spelled backward. The building itself encompasses a total of 4,600 square feet and is currently fully leased, as indicated by market data from CoStar.
The deal went into contract on January 10, indicating a lengthy negotiation period before reaching the final sale. Avi Davidov, known for crafting luxury pieces for elite clientele, has a nearby jewelry business named Pristine Jewelers, located at 44 W. 47th St. Notably, Davidov previously made a 145-carat diamond-encrusted wristwatch valued at $1.8 million specifically for Mayweather. This recent acquisition aligns with Mayweather’s aspirations in the real estate market, particularly since his retirement from boxing.
After hanging up his gloves, Mayweather has reportedly made significant real estate investments, acquiring a portfolio of properties in New York City valued at up to $402 million last fall, although he later contested some of the claims regarding his involvement in these transactions. Details on any future plans for the newly acquired diamond exchange site have not been disclosed, as no additional comments have been made by the buyers or the seller concerning their perspectives on this landmark deal.
Jo Gelbard’s connection to the arts extends beyond her past with Miles Davis; she has pursued a career as a painter, with her works showcasing her unique artistic vision during and after her relationship with the jazz icon. The creative legacy of Gelbard and the family’s ownership of the diamond exchange property highlights the intertwining of art and commerce in Manhattan’s vibrant history.
The West 47th St. Diamond Exchange has been a pivotal location for the diamond industry in New York City, featuring multiple vendors that offer a range of diamonds and other precious stones. The exchange’s presence in Midtown underscores the area’s stature as a global marketplace for jewelry and luxury goods.
Avi Davidov’s ascent as a celebrity jeweler is marked by his creation of unique and high-value jewelry, appealing especially to high-profile athletes and entertainers. His most notable pieces, such as the previously mentioned wristwatch, have solidified his reputation within luxury jewelry circles, facilitating a growing clientele that seeks bespoke creations.
Mayweather’s move into real estate emphasizes a trend among athletes transitioning into investment ventures following their sports careers. His investments coincide with a broader pattern of retired athletes entering various commercial markets, exemplifying the diverse paths available after the physical demands of professional sports. The integration of Mayweather’s and Davidov’s endeavors is a notable instance of this trend, merging the worlds of luxury retail and real estate investment.
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