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Report: Real estate investor to ‘immediately discontinue’ work in New York City after Trump fraud verdict

By Mandy Donalds
February 22, 2024

A notable real estate investor has decided to halt all new projects in New York City following Donald Trump's civil fraud trial verdict.

In a surprising turn of events, Grant Cardone of Cardone Capital, a prominent nationwide real estate investor, announced his firm's decision to "immediately discontinue" all upcoming real estate ventures in New York City.

This decision comes in the wake of the recent verdict in Trump's fraud trial, which has caused a stir among investors regarding the stability and predictability of the New York real estate market, as FOX Business reports.

Impact of the Trump trial on investor confidence

Cardone shared his thoughts on a popular morning show, expressing his long-standing desire to invest in major cities such as Chicago, California, and New York City. However, the outcome of the Trump trial has led him to reassess the viability of such investments, especially in New York.

Cardone said:

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. And when that ruling happened, it was like, pencils down. Don't touch it. Don't go there.

The real estate mogul voiced his concerns over the politicization of business practices in New York, which he believes could deter potential investment opportunities. Cardone emphasized the importance of predictability in cash flow for his investors, which he now sees as compromised in the New York market.

Cardone's firm, which caters to the investment needs of 14,000 investors, has shifted its focus towards more stable markets like Texas and Florida, where the political climate is perceived to be more conducive to real estate investment. This pivot reflects a broader trend among investors seeking more reliable returns on their investments.

The recent ruling has not only affected individual investors like Cardone but also raised concerns among pension funds, lenders, and public real estate investment trusts.

The fear is that the civil implications of the Trump trial could lead to a devaluation of properties, increased loan defaults, and a consequent strain on regional banks.

New York's declining appeal to real estate investors

Cardone elaborated on the rigorous process of property valuation, which includes multiple appraisals to determine the worth of a property based on its income and potential cash flow. This process, he argues, is now fraught with uncertainty in New York, making it an unattractive market for serious investors.

Adding to the chorus of concern is Kevin O'Leary, known as "Mr. Wonderful" from Shark Tank, who also expressed his reluctance to invest in New York in the current climate. O'Leary criticized the state's policies, high taxes, and competitive regulation, labeling New York a "loser state" for investors.

He said:

New York was already a loser state, like California is a loser state.

Cardone's warning of a ripple effect in the business community highlights a growing apprehension among real estate investors about placing significant funds in New York.

The investor had plans to invest substantial amounts in several major cities, including New York, but has now decided to redirect these funds to more welcoming states.

Looking beyond New York for real estate opportunities

The shift away from New York is a clear indicator of changing priorities among real estate investors, who are now seeking markets that offer greater stability and less political interference. This trend could have long-term implications for the New York real estate market, potentially leading to a decrease in investment and development activities.

Cardone's decision to pull out of New York City is a significant blow to the local real estate market, which has already been facing challenges in recent years. This move could signal a broader trend among investors to seek safer havens for their capital, further exacerbating the city's economic challenges.

The investor's focus on states like Texas, Florida, and Arizona reflects a strategic move to capitalize on markets that are perceived to be friendlier to investors. These states have been attracting a growing number of businesses and investors due to their favorable tax laws, regulatory environments, and economic growth prospects.


  • Real estate investor Grant Cardone ceases New York City investments post-Trump trial verdict.
  • Concerns over politicization and market unpredictability drive investment towards more stable states.
  • Kevin O'Leary echoes Cardone's sentiments, citing policy and regulatory issues as deterrents to investing in New York.
  • The real estate community watches closely as major investors shift their focus away from traditionally popular markets like New York.