Google billionaire Sergey Brin exits NYC real estate as landlords suffer from rent controls, explosive costs: report

NYPost ^ | 6/29/26 | Taylor Herzlich

[CFW]

Google billionaire Sergey Brin is reportedly among the many New York City landlords fearing more hurt from capitalism-hating Mayor Zohran Mamdani’s rent freeze — seemingly dumping his stake in a real-estate fund for pennies on the dollar.

Amphitheatre LLC, an investment firm affiliated with Brin, last year sold shares in a New York real estate fund that holds nearly 5,900 units back to its manager, A&E Real Estate, according to documents filed in December and earlier reported by Bloomberg.

It is unclear how much Brin invested with A&E — which Mamdani called out earlier this year — or how much the group paid to buy it back, though the gross value of his stake in the properties was roughly $79 million, according to records.

A&E confirmed it bought out one of its long-term investors, though it did not specifically name Brin – telling The Post the seller “was willing to accept six cents on the dollar on their original equity investment to divest itself from the New York City multifamily sector.”

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TOPICS: Business/Economy; Government; US: New York
KEYWORDS: businesses; fleeing; google; newyork

[CFW]

Leftists don't care that businesses are leaving blue states and cities. I believe they think the businesses will leave behind a big pile of cash that will be theirs for the taking.

[CFW]

“Illinois Republicans blame taxes, lawsuits after Morton Salt exits Chicago”

https://www.thecentersquare.com/illinois/article_b8885791-a614-4a50-8d0e-382df2629bd6.html

“(The Center Square) – Republican lawmakers are warning that the departure of iconic salt producer Morton Salt from Chicago is the latest sign Illinois is becoming increasingly unfriendly to businesses, citing high taxes, litigation costs and regulatory hurdles as key reasons companies are leaving the state.

The company, founded in Chicago in 1848 and long associated with the city through its iconic “Morton Salt Girl” branding, has shifted its headquarters operations to Overland Park, Kansas, after decades in downtown Chicago.”

[Myrddin]

Six cents on the dollar is a painful loss on the surface. The bigger picture is the loss can be used to offset gains on other investments to reduce overall tax liability. Certainly a smart move to exit the liability of the Mamdani communists.

[simpson96]

Dumping it for pennies on the dollar.

That’s how bad things are going to be in NYC.

[Drago]

Good point, I would assume Sergey has other Real Estate with gains that can be offset by the $74,260,000 in NY losses at tax time.

[bray]

Rent controls lead to no apartments worth living in.

[Wuli]

The businesses remaining in NYC multifamily housing will be just the biggest among them and predominately with few to none rent controlled or rent stabilized units. The rest of the multifamily housing stock will decline with the ratio of city owned to privately owned increasing and their quality deceasing. Newcomers just entering the market for a rental unit - in a market where the base has shrunk - will find rents even higher than how very high they are already. The Mamdami wing will then try to impose additional kinds of taxes on what remains of the very large privately owned apartment buildings, beginning its second wave attack on private multifamily housing.

Everything socialists do in a still very mixed economy is to harm a private industry and as things get worse from their own actions offer more government control as the solution.

[faithhopecharity]

anybody who can is getting the H3LL out of NY, ASAP!

[CivilWarBrewing]

Guess what happens when all property owners and retail businesses leave NY ? THE STATE takes control of all of it and that’s EXACTLY what Commie Mamdani wants.

[R_Kangel]

..... I am convinced that Mamdani et-al have been tasked to finish the assignment that was started on 9-11. He and his growing political warriors have been placed in a position of power, with the use of the growing ranks of unhinged Useful Idiots, to destroy the seat of the Economic Engine of the Great Satan.

.

[joshua c]

Part of commie plan

They want ownership

[PeterPrinciple]

A&E confirmed it bought out one of its long-term investors, though it did not specifically name Brin – telling The Post the seller “was willing to accept six cents on the dollar on their original equity investment to divest itself from the New York City multifamily sector.”

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that 6 cents speak loudly

[Salman]

Cutting their losses. Of course.

But I have the feeling the savvier commies like the mayor knew this would happen.
It really is about destroying wealth, not really distributing it.

[catnipman]

“THE STATE takes control of all of it and that’s EXACTLY what Commie Mamdani wants.”

the problem with that though, is that the government becomes responsible for maintenance and repairs costing tens of billions of dollars, and no way to pay for it ... thus, mamdani and his crew become the biggest slumlords in NYC ...

[PeterPrinciple]

the problem with that though, is that the government becomes responsible for maintenance and repairs costing tens of billions of dollars, and no way to pay for it ... thus, mamdani and his crew become the biggest slumlords in NYC ...

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might work for awhile if they buy it at 6 cents on the dollar

[CatOwner]

As soon as the last conservative leaves, Putin is welcome to launch on NYC. We obviously can’t fix it.

[TTFX]

Look at Sergey Brin’s reaction to the 2016 election.

[montag813]

Six cents on the dollar is a painful loss on the surface. The bigger picture is the loss can be used to offset gains on other investments to reduce overall tax liability

Since Mr. Brin's main holdings in GOOG stock are up 414% just since 2020 alone, he certainly has a lot of gains to offset. Now he can take around $120 mil in long term cap gains essentially tax-free.