Google Pioneer Who Escaped Soviet Socialism Just Took a Huge Loss Running From NYC’s Version of It
New York City's socialist mayor just froze rents on a million apartments
Google Co-Founder Sergey Brin Sells NYC Rent-Stabilized Stake at Massive Loss Amid Rent Freeze.Now the man who fled the Soviet Union as a child has made his move. And what Sergey Brin accepted to get out of this city will stun you. Brin Got Six Cents on the Dollar and Called It a Win.
Brin's family office, Amphitheatre LLC, quietly sold its stake in a New York apartment fund late last year – a fund managed by A&E Real Estate controlling nearly 5,900 rent-stabilized units scattered across Manhattan, Brooklyn, Queens, and the Bronx.
He did not get his money back.
A&E bought out Brin's position for roughly six cents on every dollar of his original equity investment. On paper, his stake carried a gross property value of approximately $79 million.
He took what he could get and left. That was a man who has seen this movie before, who knows exactly how it ends, and who decided that getting out cheap was better than waiting to see if America's biggest city learns the lesson the Bronx tried to teach it fifty years ago.
Google billionaire Sergey Brin exits NYC real estate
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