Billionaire dumps NYC property empire as Mamdani's rent freeze sparks investor exodus

UK Daily Mail ^ | 30 June 2026 | BENJAMIN CURRY,

[dennisw]

View comments Google billionaire Sergey Brin is cutting his losses and staging a dramatic exit from the dysfunctional New York City real estate market.

The tech titan, whose fortune sits at $268 billion on the Bloomberg Billionaires Index, has completely soured on the Big Apple's increasingly progressive regulatory landscape.

Using his personal family office vehicle, Amphitheatre LLC, Brin has capitulated and sold his entire stake back to the property fund's manager, A&E Real Estate.

The property sell-off comes as a perfect storm of radical rent control laws and skyrocketing structural costs continue to squeeze landlords to a bloody pulp across the Big Apple.

Astonishingly, the world's third-richest man accepted a near-total wipeout, walking away with a reported six cents on the dollar for his original equity investment. The gross size of Brin's exposure was said to be valued at $79 million.

While that loss might look like pocket change for Brin, the capitulation sends a shuddering shockwave through Wall Street's institutional investment community.

A&E Real Estate confirmed the staggering transaction, dryly noting that the high-profile investor was eager to take the extreme financial hit just to completely divest from the city's multi-family sector.

The fund in question holds a huge portofolio of nearly 5,900 apartment units spread across Manhattan, Brooklyn, Queens and the Bronx.

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TOPICS: Constitution/Conservatism; Crime/Corruption; Culture/Society; US: New York
KEYWORDS: kathyhochul; newyork; newyorkcity; sergeybrin; zohranmamdani

[dennisw]

In 20 years NYC will become the Muslim capital of USA. It will look like a combo of Karachi Pakistan and The Congo.

[Jonty30]

That is the intent, so friends of New York can buy it.

[Avalon Memories]

I wonder if the Trump organization will keep its real estate holdings in NYC.

[MinorityRepublican]

In 20 years NYC will become the Muslim capital of USA. It will look like a combo of Karachi Pakistan and The Congo.

Or in other words, the Islamic version of Baltimore.

[Angelino97]

In 20 years NYC will become the Muslim capital of USA. It will look like a combo of Karachi Pakistan and The Congo.

Always with the Muslims.

You do realize that NYC attracts more non-Muslim immigrants than Muslims? Plenty of Hindus, Christian Africans, East Asians, Israelis, people from the Caribbean and Central America, etc.

[dennisw]

Go pray to Mecca. It is that away.

[jonrick46]

"That is the intent, so friends of New York can buy it."

Mamdami will pick up the property with New York taxpayer money and rent it out at giveaway rents to the needy. This is what the Marxist do.

[Right_Wing_Madman]

Mamdami will pick up the property with New York taxpayer money and rent it out at giveaway rents to the needy. This is what the Marxist do.

In the old communist countries, the "needy" were last in priority for government giveaways. Party insiders always had first dibs on limited goods and services. I expect it to be just like that in communist NYC.

[Tzimisce]

But you billionaires worked so hard getting Mamdani elected. :(

[Dan Zachary]

NYC attracts more non-Muslim immigrants than Muslims?

Could have fooled me...

[jonrick46]

New York's DemonKKKratik Marxist will use Democracy against the New York GOP. The rentals will be used as a give away to the underclass to buy the vote.

[Right_Wing_Madman]

New York's DemonKKKratik Marxist will use Democracy against the New York GOP. The rentals will be used as a give away to the underclass to buy the vote.

Whatever you say. That's not how Marxists operated in the Soviet Union, Mao's China, or in Cuba or Venezuela today.