World’s third-richest man can’t hack NYC rent stabilization market
Being one of the richest people in history does not insulate an investor from the pains of New York City’s rent-stabilized multifamily market. Sergey Brin of Google co-founding fame sold his stake in a real estate fund back to its manager, Douglas Eisenberg’s A&E Real Estate, Bloomberg reported. The sale of the shares unfolded in December through a limited liability company, but is only being revealed now. Specifics of the sale back to A&E remain unclear. The value of his stake in the 5,900 units within the fund was approximately $79 million, according to public records, a rounding error for […]
This article originally appeared on The Real Deal. Click here to read the full story.
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