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Steamfitters Local 638 president Brian Hunt discusses growing frustration among blue-collar union members with Democratic politicians and socialist policies on \u2018The Bottom Line.\u2019<\/p>\n
Months before New York City approved a historic two-year rent freeze, Google co-founder Sergey Brin quietly exited a struggling real estate fund at a steep loss.<\/p>\n
In December, Brin sold his stake back to A&E Real Estate, the fund’s manager, for six cents on the dollar, according to documents obtained by Bloomberg.<\/p>\n
The fund holds 5,900 rent-stabilized apartments, with Brin’s stake being valued at roughly $79 million, a drop in the bucket when viewed next to his $280 billion net worth.<\/p>\n
“A&E bought out one of our long-term investors, who was willing to accept six cents on the dollar on their original equity investment to divest itself from the New York City multifamily sector,” a company representative told Bloomberg in a statement.<\/p>\n
SERGEY BRIN SPENDS $500K TO FIGHT TAX-TARGETING COMPANIES WITH HIGH-PAID EXECUTIVES<\/p>\n
Sergey Brin at The 11th Breakthrough Prize Ceremony held at Barker Hanger on April 5, 2025, in Santa Monica, California. (Gilbert Flores\/Variety via Getty Images)<\/p>\n
“The simple and deeply troubling fact for renters is that institutional capital \u2013 both equity investors and lenders \u2013 are fleeing New York City\u2019s rent-stabilized apartment sector,” the A&E representative continued, according to Bloomberg. “They understand New York is in a doom loop.”<\/p>\n
It is not clear how much Brin, 52, initially invested, what percentage of the fund he owned or how much A&E paid to recapture the billionaire’s stake.<\/p>\n
Brin’s exodus from the New York City rental market came a month after Zohran Mamdani was elected mayor on a platform of freezing the rent for 1 million rent-stabilized units for the duration of his term.<\/p>\n
SERGEY BRIN CONFRONTED GAVIN NEWSOM AT PARTY BEFORE DITCHING CALIFORNIA OVER BILLIONAIRE TAX<\/p>\n
New York City Mayor Zohran Mamdani speaks at a rally at a Manhattan union headquarters on June 25, 2026. (Spencer Platt\/Getty Images)<\/p>\n
Mamdani followed through on that promise last week, when the Rent Guidelines Board voted to cap rent increases at 0% for stabilized leases signed or renewed between Oct. 1, 2026, and Sept. 30, 2027. Mamdani appointed six of the nine current members to the board.<\/p>\n
A&E Real Estate, one of the largest multifamily landlords in New York City, was struggling financially long before the latest rent freeze.<\/p>\n
State legislation passed in 2019 imposed new restrictions that made it harder to raise rents. The pandemic hit in 2020, bringing with it a strict eviction ban that prevented landlords from removing tenants for non-payment.<\/p>\n
SPENCER PRATT RIDES BIG TECH’S RIGHTWARD WAVE AS SERGEY BRIN OPENS WALLET<\/p>\n
New York City skyline as viewed from Midtown Manhattan. (Bloomberg)<\/p>\n
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A&E told Bloomberg that these factors contributed to operating costs jumping 78% in the last decade, which surpasses rent growth over the same period. A&E said it is owed $84 million in unpaid rent.<\/p>\n
City leadership has also had their eye on A&E. In January, the firm settled with the city for $2.1 million to address tenant harassment and hazardous conditions in 14 buildings across Brooklyn, Manhattan and Queens.<\/p>\n
A&E said that it has invested more than $800 million to make capital improvements in its buildings, according to Bloomberg.<\/p>\n
FOX Business reached out to A&E for further comment.<\/p>\n
#Sergey #Brin #exits #York #City #real #estate #market #rent #freeze<\/p>\n","protected":false},"excerpt":{"rendered":"
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