NEW YORK (VINnews) – Google co-founder Sergey Brin has exited a major New York City multifamily real estate investment, selling his stake in a large rent-stabilized apartment fund for roughly six cents on the dollar.
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Amphitheatre LLC, an entity linked to Brin, sold its position last year in a fund managed by A&E Real Estate that controls nearly 5,900 units across Manhattan, Brooklyn, Queens and the Bronx, according to reports.
The sale comes as landlords grapple with strict rent regulations and rising operational costs. On June 25, 2026, Mayor Zohran Mamdani’s Rent Guidelines Board voted to freeze rents on more than one million stabilized apartments for the upcoming lease year. Mamdani, a Democratic socialist who campaigned on strengthening tenant protections, described the freeze as necessary relief for working-class New Yorkers in a market with persistently low vacancy rates.
Industry representatives contend that the policy fails to account for sharp increases in expenses such as insurance, potentially accelerating building deterioration and discouraging new housing supply. Brin, whose net worth exceeds $265 billion, is among prominent investors impacted by the regulations’ effect on property values.
The transaction highlights ongoing tensions between tenant advocates and property owners in one of the nation’s most heavily regulated housing markets.
When Iran said death to America R’l, who would imagine that their statergy would be to put someone incharge to try to destroy it from the inside.. They are starting with NYC,l by putting in mamzani, and will probably try to continue..
Correct he sold for 6 cents on the dollar. He sees the loss as a net gain. Imagine that, a multi millionaire succesful businessman with decades of experience in real estate, has made it clear to NYC and NYS politicians that they are turning the city into NYCHA projects. Nycha, if it was subject to HPD and DOB inspection, would get a zero. The owner of the largest slums in NYC is NYCHA.
Communism, getting its way !
It’s only time nyc will be a ghost town
If the mayor wants to lower expenses let him freeze the real estate taxes with no increase for many yeard
Six cents on the dollar is still six more cents than the Russian Landowners got when the communists took over….
Once Wall Street NYSE moves to Brickell district in Downtown Miami, it’s over. Miami/MIAX already has the largest Stock-Options house rivaling Chicago’s Mercantile-CBOE.
all the landlords should sue mamzeri and the city all the way to supreme court
i don’t see any mention of how much his stake in a&e real estate was worth, or how much he lost on the sale. it probably won’t make a dent in his net worth, but i wonder whether he is still a nyc resident for income tax purposes.
Mamzer close enuf to Mamzani.
I believe election was stolen.
Britz “shaken~never stirred old chap” & yes, they’re baaack.
The fund’s manager, A&E Real Estate, is carrying $84 million in unpaid rent and faces foreclosure on a $506 million loan.
Operating expenses for A&E have jumped 78% over the past decade.
Sergey Brin, worth $268 billion, took a massive loss on a New York real estate bet. He sold his stake in a rent-stabilized apartment fund for pennies on the dollar. The fund’s problems show how hard it is to make money on rent-controlled housing in New York City.
Today, A&E is carrying $84 million in unpaid rent. Wells Fargo & Co., acting as trustee, started foreclosure proceedings against A&E on a $506 million loan. The University of California wrote down its $115 million investment in the A&E fund by 50% last year.
In January, Mayor Mamdani criticized A&E for “overt cruelty” to tenants and a history of violations. The city announced a $2.1 million settlement involving A&E properties to address tenant harassment and hazardous conditions in 14 buildings.
Around the same time, Public Advocate Jumaane Williams named A&E executives New York’s two “worst” landlords over their management of 60 buildings. Of those 60 buildings, A&E owned 41 through the fund in which Brin had invested.
pretty extreme, but he is probably extremely rich and doesn’t need the headache.
Mamdani represents the end of New York City as we know it.
Those who own property in New York City need to sell now while these properties are worth good money.
If they wait long enough they may need to sell at a loss like brin did.
this is good news, im sure this assimilated Brin fellow can afford it.