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