Billionaire investor Kevin O’Leary is joined by private equity fund manager and real estate investor Grant Cardone in urging businesses to pack up and leave New York City amid the politicization of Judge Arthur Engoron of the judicial system on February 16.
The communist judge ordered former president Donald Trump to pay $355 million and blocked him from doing business in New York.
Cardone blasted, “If this ruling and the penalty do not get overturned, it could become a precedent that means all borrowers everywhere are at risk of the same thing happening to them.”
The real estate investor will be hosting the 10X Growth Conference 2024 in April.
Engoron’s verdict will threaten prospective investors from obtaining assets in the state, thus crushing New York City’s real estate market.
“Prices of properties will continue to fall in New York City as more and more institutions, investors, and pension funds refuse to invest there,” Cardone said.
“Investors and those investing on behalf of others have a fiduciary responsibility to invest in markets where you may assume that future values are going up, with some measure of confidence.”
Cardone also announced on X that he will be holding off his investments in NYC.
“Dear Cardone Capital team: Immediately discontinue ALL underwriting on New York City real estate.”
Cardone highlighted that this time the risk outweighs the opportunities.
“Recent political decisions will continue to deteriorate price and benefit states that don’t have these challenges.”
Cardone further said to avoid investing in any sanctuary cities.
“Avoid investing in all sanctuary cities including New York City, Chicago, Seattle, Los Angeles, San Francisco, and San Jose.”
“Until such time as the politicians value the property owner rights as well as residents’ rights, it is not worth the investment risk.”
In an interview with GOBankingRates, he urged entrepreneurs to invest in Florida, Texas, and Arizona.
“Invest in red states, or even outside the country. That ruling would never happen in the Middle East.”
Cardone told Fox News on Wednesday when Engoron issued his ruling, “it was like, ‘Pencils down. Don’t touch it. Don’t go there.'”
“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.”
My dad was a merchant marine who traveled the world and told me that NYC was not the place I should consider as a permanent home. He grew up there as did his parents who arrived at Ellis Island in 1900. From first hand experience I learned, and at 18 years of age got out when I could. I’ve never regretted the decision, even at age 74. Melting pot yes, and often times, a cesspool.
The “Big Apple” and “I love NY” were slogans.
Dangerous, dirty and mismanaged. Transportation systems keep a ready supply of workers in movement. Quality of life ? Home of desperate Democraps gone communist.
Yes New York has adapted a Communistic state. American citizens’ Rights in New York are threatened by the Democrats’ policies.
I totally agree with Mr. Cordone, I have never wanted to go to see New York and even more so now
Thank you so much Mr. O’Leary and Mr. Cardone for standing up for Donald Trump. It’s a shame what these liberal judges and our current president are trying to do to President Trump.
I agree with Phyllis