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.

[EVO X]

No wonder the big boys are exiting. From further down in the article.

"A combination of strict state rent controls passed in 2019, skyrocketing localized building upkeep costs, and a massive pandemic-era backlog of unpaid rent is undercutting the New York City residential real estate market."

[Angelino97]

NYC attracts more non-Muslim immigrants than Muslims?

Could have fooled me...

Consider yourself fooled.

So you found a photo of Muslims in NYC. Big whoop. NYC has 8 million people. I could post tons of photos of non-Muslims from all over the world in NYC.

Dominicans:

Haitians:

Hindus:

Bukharian Jews (Jewish immigrants from Central Asia):

[dennisw]

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.
_________

This is how it has worked in big Democrat cities for ages. Say some new public subsidized housing is put up. It has low rents and a waiting list. Relatives and friends of connected Democrats will get first shot at it. The list will be half followed as far as who scores the below market rates housing.

[jonrick46]

Yo9u are correct. Marxists in the Soviet Union, China and Cuba have one party rule and don’t have Democracy like we have.

[RoosterRedux]

Bfl

[CFW]

“.....walking away with a reported six cents on the dollar for his original equity investment.”

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A willingness to walk away with just six cents on the dollar on his investment is a big statement on what he sees coming soon for NYC. Other investors will take note, and some who may have been taking a “wait and see” attitude may just decide to move out sooner than they would have otherwise.

[exnavy]

New York has a long way to go to catch up to Dearbornistan, Mi.