According to reports, Brin sold his stake back to the real estate fund manager for just six cents on the dollar, meaning he recovered only a small fraction of his original investment.
The fund owns about 5,900 rent-stabilized apartments across New York City. While the exact amount Brin originally invested is unknown, his remaining stake was reportedly worth around $79 million before the sale.
The sale comes as many large investors are pulling back from New York City’s rent-stabilized housing market. Property owners say rising operating costs, strict rent regulations and unpaid rent have made it increasingly difficult to earn a profit.
The real estate company that managed the fund said many institutional investors are leaving the sector because they believe the financial outlook has become too challenging.
Brin, who co-founded Google and is one of the world’s richest people with an estimated fortune of around $280 billion, remains heavily invested in technology and artificial intelligence despite exiting the New York real estate investment.
The deal highlights the growing challenges facing New York City’s rent-stabilized apartment market as more investors look for opportunities elsewhere.