Google co-founder 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 continues 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.
