Real estate investor to 'immediately discontinue' working in NYC over Trump verdict, eyeing Florida, Texas (2024)

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Real estate investors rethink doing business in New York after Trump ruling

Real estate investor Grant Cardone joins "FOX & Friends" to discuss why he left California and why some businesses are rerouting their transactions to other states postruling.

Some nationwide real estate investors, like Cardone Capital’s Grant Cardone, have started telling their teams to pack their bags and leave New York after the verdict in former President Trump’s fraud trial.

"We thought this year was the opportunity to come into Chicago, California and New York City. I've been waiting for 40 years now to invest in that marketplace. I was completely confident this was the year to come," Cardone told Steve Doocy on "FOX & Friends" on Wednesday. "And when that ruling happened, it was like, pencils down. Don't touch it. Don't go there."

The business leader gained recent recognition after he posted on X that his firm would "immediately discontinue" all underwriting on New York City real estate to focus on other markets like Texas and Florida.

Cardone further said New York has risks "that outweigh the opportunities" in terms of property value and that the blue state has shown its politicization when it comes to doing business.

TRUMP ASSETS, INCLUDING NYC TOWER, COULD BE ON CHOPPING BLOCK TO PAY MASSIVE $355M CIVIL FRAUD RULING

"We invest for 14,000 investors at Cardone Capital that depend on cash flow. And if I can't predict the cash flow because of some ruling, or because of the migrants, or because I can't evict people, New York City just keeps doing every single thing they can to sell real estate in Florida, not sell real estate in New York," the fund manager said.

Real estate investor to 'immediately discontinue' working in NYC over Trump verdict, eyeing Florida, Texas (2)

Former President Trump's New York fraud trial ruling will likely have an impact on the Empire State's property values, Cardone Capital's Grant Cardone said on "FOX & Friends." (Fox News)

Additional financial concerns exist in New York for pension funds, lenders and public real estate investment trusts following civil implications from the $355 million Trump ruling, Cardone said, potentially causing a decline in property value and an increase in loan defaults that could roll over to regional banks.

"Loan proceeds are based on the value of the property. They're going to require me to actually underwrite my property on the cash flow, the income of the property and what valuation I believe that property's worth. The broker also put a valuation on it," the investor said, "and then the bank is also going to use at least one other appraisal, maybe two, or independent of me."

"There could be as many as five appraisals on that. The value that I'm going to put on the property, keep in mind, when I'm buying something, I'm not thinking about selling it the next day. In the case of Trump, he's not selling any of this stuff," Cardone continued. "We want the property for the cash flow … every seller is always going to push the price value up based on the future, not based on fraud."

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I would never invest in New York now: Kevin O'Leary

The O'Leary Ventures chair discusses the impact of Trump's fraud ruling on business owners as New York Gov. Kathy Hochul attempts to quell fears.

O'Leary Ventures chief and "Shark Tank's" "Mr. Wonderful" Kevin O'Leary echoed similar concerns as Cardone on "Cavuto: Coast to Coast," warning against developing in New York in the Trump trial aftermath.

"New York was already a loser state like California is a loser state. There are many loser states because of policy, high taxes on competitive regulation," he said. "I would never invest in New York now. And I'm not the only person saying that."

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New York civil fraud case a 'political prosecution': John Carney

"The Bottom Line" panelists John Carney and Paul Mauro discuss the ramifications of Judge Arthur Engoron's ruling in the Trump New York civil fraud case.

Cardone cautioned of a business ripple effect and that "nobody" in real estate will put "big money" in New York anytime soon.

"We were going to put $1 billion in New York City this year. We were going to put $1 billion in Chicago and maybe another billion in Los Angeles. And we won't touch any of them now," he said. "Texas, Florida, Arizona: Go hard, go big and go long."

READ MORE FROM FOX BUSINESS

Fox News’ Charles Creitz contributed to this report.

Real estate investor to 'immediately discontinue' working in NYC over Trump verdict, eyeing Florida, Texas (2024)

FAQs

Why is Kevin o leary not doing business in New York? ›

O'Leary, the chairman of O'Leary Ventures, argued New York was “already a loser state,” citing policy, high taxes and uncompetitive regulation as primary reasons. “It was already on the top of the list of being a loser state. I would never invest in New York now,” O'Leary said.

How many times can you take the Florida real estate? ›

In Florida, there is no limit to the number of times you can take the real estate exam. If you fail the exam, you can retake it as many times as necessary. However, each attempt requires you to pay the examination fee again.

What business does Kevin from Shark Tank own? ›

What companies does Kevin O'Leary own? O'Leary owns several companies he's founded himself, including O'Leary Fine Wines, an award-winning wine label, and O'Leary Ventures, his private venture capital investment company.

Does Mr. Wonderful have a wife? ›

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