Real estate mogul Grant Cardon has said he will never do business in New York City again after former President Donald Trump was found guilty of all 34 charges in his hush money trial.
In a May 30 post on X, Cardone asked his followers why investors would invest in New York City real estate when they can’t evict people, raise rents, predict taxes, receive fair legal treatment, or do business in the city.
The post was accompanied by an image of a video aired by Fox News in February in which Cardon said he would “immediately cease” doing business in New York City. The Fox News interview came after New York State Judge Arthur Engoron ordered Trump and his organizations to pay more than $345 million in damages plus 9% interest, and barred the former president from operating a business in the state as an officer or director for three years.
do not miss it:
In an interview, Cardone said the risks outweigh the opportunities and that New York showed it was becoming politicized when it came to business.
“At Cardon Capital, we invest on behalf of 14,000 investors who depend on cash flow, and if they can’t predict that cash flow because of some ruling or immigration or because they can’t evict people, the city is just going to continue to do whatever it takes to sell Florida property instead of selling New York property,” Cardon said.
After Thursday’s verdict, Cardone called on his followers to send a message by donating to a $355 million GofundMe account for wrongful convictions set up by his wife, Elena. So far, the effort has received more than 34,000 donations, raising more than $2 million in total.
trend: Warren Buffett turned his neighbor’s $67,000 in savings into a $50 million fortune. How much is it worth today?
“Any amount will get the message across. [that] We support Donald Trump,” he wrote.
“Given the situation, my husband and I have decided to cancel all upcoming events in New York and cease all real estate business,” Elena Cardone wrote on the GoFundMe page. “We do not believe New York is a safe or good place to do business at this time.”
Days before the ruling, Cardone suggested he had planned to invest $500 million in New York City but redirected the money to Florida because New York was too risky. He said the state was violating the First Amendment, weaponizing the legal system, being unfriendly to property owners and allowing crime to get out of control.
“New Yorkers must get control of those in power or risk losing this great state forever,” he posted.
Continue reading:
Up your stock market game with Benzinga Pro, the #1 “News and Everything Else” trading tool in the “Active Investor’s Secret Weapon” – Start your 14-day trial now by clicking here.
Want the latest stock analysis from Benzinga?
This article Grant Cardon criticizes New York City after Trump ruling: ‘I’ll never do business in New York City’ originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
