News

Business

On HALO

3 weeks ago

Google co-founder Sergey Brin offloads massive stake in NYC real estate for pennies on the dollar

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.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.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."A&E bought out one of our long-term investors, who was willing to accept six cents on the dollar on their...