Real Estate Investor “Immediately” Stopping Underwiritng For NYC Real Esate After Trump Verdict
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Grant Cardone told his team at Cardone Capital to “immediately discontinue all underwriting on New York City real estate” over the recent Trump verdict.
Dear Cardone Capital team,
Immediately discontinue ALL underwriting on New York City real estate. 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… pic.twitter.com/nTdJ5d4dO5
— Grant Cardone (@GrantCardone) February 20, 2024
He was interviewed on Fox and Friends as well.
He said, “when that ruling happened, it was like, pencils down. Don’t touch it. Don’t go there.”
Some nationwide real estate investors, like Cardone Capital’s Grant Cardone, has started telling his team 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” 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 claimed that New York has risks “that outweigh the opportunities” in terms of property value – and the blue state has shown its politicization when it comes to doing business.
