Cardon directed his team to halt investments in New York City, declaring that “recent political decisions” would cause prices to worsen.
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A prominent real estate investor is fleeing New York following a ruling that barred former President Donald Trump from doing business in the state.
Grant Cardone, CEO of Cardone Capital, announced in a post on
“Immediately cease all underwriting of New York City real estate. The risks currently outweigh the opportunities,” Cardone wrote. “Recent political decisions will continue to worsen prices and benefit countries without these challenges.”
“Focus on Texas and Florida,” he added.
Cardone’s order comes after a New York judge fined Trump $355 million and banned the former president from doing business in New York for three years following a civil fraud trial, one of the harshest corporate penalties ever imposed in the state. . If prejudgment interest is included, the total debt owed by Trump and the Trump Organization to the state jumps to $453.5 million.
New York Supreme Court Justice Arthur Engoron ruled that Trump and his companies repeatedly violated the Statute of Frauds by misrepresenting the former president’s net worth and the value of some of his properties to lenders, allowing his companies to offer them more favorable prices. Get a loan at an interest rate. Letitia James, Attorney General of York. The judge also found Trump guilty of falsifying business records, issuing false financial statements and insurance fraud, helping his company obtain $370 million, which James called “ill-gotten gains.”
In an interview with “Fox Friends,” Cardone claimed that political decisions by New York leaders have made New York too risky a place to do business and made other states more attractive for investment.
“We invest for 14,000 investors at Cardone Capital who are dependent on cash flow. If I can’t predict cash flow because of some ruling, or because of immigration, or because I can’t deport people, then the City will continue to do whatever it takes to sell Florida real estate, not New York real estate for sale,” Cardone told host Steve Doocy.
Carden isn’t the only prominent businessman to warn against investing in New York. Kevin O’Leary of O’Leary Ventures said on “Cavuto: Coast to Coast” that he refuses to do business in the state.
“New York is already a loser state, just like California is a loser state. There are many failed states due to policies and high taxes from competitive regulation,” he said. “I would never invest in New York right now. And I’m not the only one saying that.”
Cardon similarly warned that his company would not be the only one in New York to cease operations following the ruling.
“This year we’re going to spend $1 billion in New York City. We’re going to spend $1 billion in Chicago and maybe another $1 billion in Los Angeles. We’re not going to touch any of them right now,” he said. “Texas, Florida, Arizona: go hard, go big, go long.”
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