Posted on 02/26/2024 10:31:00 AM PST by lowbridge
Prominent investors have signaled their intent to halt their business in New York following the $355 million verdict in former President Donald Trump’s civil fraud case.
Real estate mogul Grant Cardone announced on Tuesday that his firm Cardone Capital would no longer underwrite New York real estate, one day after Shark Tank star Kevin O’Leary vowed to no longer invest in the state as a result of the verdict.
“Immediately discontinue ALL underwriting on New York City real estate,” Cardone ordered his firm in a post on X. “The risk outweigh the opportunities at this time. Recent political decisions will continue to deteriorate price and benefit states that don’t have these challenges. Focus on Texas & Florida.”
The Sell or Be Sold author explained his decision on Wednesday in an interview with Fox & Friends.
“When that [Trump] ruling happened, it was like, ‘Pencils down,'” Cardone said. “‘Don’t touch it. Don’t go there.'”
Judge Arthur Engoron ruled on Friday that Trump must pay over $355 million for conspiring to alter his net worth to receive tax and insurance benefits. Engoron’s verdict additionally bars Trump and his sons, Eric and Donald Jr., from doing business in New York for three years.
“We invest for 14,000 investors at Cardone Capital that depend on cash flow,” Cardone said. “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.”
O’Leary called New York “a loser state” and told Fox Business on Monday that he “would never invest in New York now, and I’m not the only person saying that.”
(Excerpt) Read more at washingtonexaminer.com ...
It’s not safe
It’s a bad investment, people are bailing.
It wouldn’t be prudent to do business in NY.
Hochul confirmed that Trump was a target. She and the Judge and the Prosecutors belong in jail.
May I suggest that she just devalued NY real estate in a very significant manner.... good luck with the Appraisals from here on out!
I can’t wait for this stupid AG Sheboon to get her karma.
I suspect some close family and friends set to cash in.
Malicious Prosecution used to be wrong.
Yeah, and guys used to be guys and play on boys teams.
Already at tyranny...being financially and morally bankrupt.
...next stop...
...feudalism/Bolshevism...Pottersville...
...Hell.
Roman Empire, Part Deux.
Robert Bork was right, he just had the timeline wrong.
The pervert judge will simply say that Trump forced him to levy the fine to achieve justice, for something or someone, so therefore it is all Trump’s fault in the end.
Doesn’t look like Cardone Capital does much business in New York
https://cardonecapital.com/investments/
Trump should sell Trump Tower…to a Russian.
“Show me the man, and I’ll show you the crime.”
That’s where we are today.
NOW is the time for Bobby Axelrod to strike a blow!
New York already has a vacancy problem. There are blocks of ground floor business spaces that are empty. New York may be the city that never sleeps but it appears it is taking a lot of naps.
New York makes money on almost any business deal. Stop doing business and the money flowing into New York begins to dry up.
What the politicians don’t seem to understand is that New York no longer has a purpose. It has only been inertia keeping big businesses in New York. Sort of like the small lake that forms on the street during a heavy rain and the drains are blocked. This decision against Trump has pulled the blockage and businesses have more reasons to leave then to stay.
New York is not too big to fail. It will not be the first (or the last) as history books are full of great cities that were abandoned when they no longer served their purpose.
Ha! Ha! Ha!
NY does not care if business leaves. They think the feds will fund everything.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.