WATCH: Real Estate Investor Pulls Out Of New York Following Trump Ruling

On Wednesday, real estate investor Grant Cardone joined Steve Doocy on 'Fox & Friends' to discuss the financial impact that Judge Arthur Engoron's recent ruling against 45th President Donald Trump will have on investors.

As previously reported by the DC Enquirer, Judge Arthur Engoron issued his decision in the civil fraud case brought in Manhattan by New York Attorney General Letitia James (D-NY). The judge found that Trump defrauded various banks to receive more beneficial loan terms. Engoron ordered Trump to pay a $355 million fine in addition to barring him "from serving as an officer or director of any New York corporation or other legal entity in New York for a period of three years." Trump was also ordered to pay about $100 million in pre-judgment interest.

In response to the decision, Cardone explained that he no longer wants to invest in the Empire State given the anti-real estate ruling and that investors should focus on Republican-led states like Texas and Florida. "Immediately discontinue ALL underwriting on New York City real estate. The risks outweigh the opportunities at this time," he wrote on X following the ruling. "Recent political decisions will continue to deteriorate price and benefit states that don't have these challenges. Focus on Texas & Florida."

Cardone told Doocy that New York is systematically eliminating any incentive to invest in the state given the recent ruling, the large influx of illegal migrants, and the inability to evict tenants. "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," he explained. "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."

"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," Cardone continued, as reported by Fox Business.

Cardone isn't the only big-name investor calling it quits on New York. Shark Tank billionaire Kevin O'Leary is also singing the same tune with the O'Leary Ventures chief explaining earlier this week that the ruling is an assault on the real estate market in New York, given that what Trump did by using the value of his various properties to secure loans is a commonplace practice amongst real estate developers. 

Mr. Wonderful explained that it is a competition between states to entice businesses to invest there. "I thought before this judgment that the number one loser state in America was California, which is basically putting itself out of business slowly and surely. But after this judgment, I am going to make New York the number one loser state, followed by California, Massachusetts, New Jersey, and Michigan. These are places where taxes aren't competitive."

"It's an atrocity. It's an embarrassment, but it's an assault on real estate," O'Leary concluded.

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