Real estate investor Grant Cardone has made the decision to “immediately discontinue” doing business in New York City over the recent Trump verdict.
“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 said. “And when that ruling happened, it was like, pencils down. Don’t touch it. Don’t go there.”
Cardone also claimed that New York has risks “that outweigh the opportunities” in terms of property value.
“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 explained.
“Loan proceeds are based on the value of the property. They’re going to require me to actually underwrite my property on the cash flow, the income of the property and what valuation I believe that property’s worth. The broker also put a valuation on it,” he continued, “and then the bank is also going to use at least one other appraisal, maybe two, or independent of me.”
