Case Details Parties Documents Dockets Brad Schrader, Sterlings superintendent of public works, said he suspects the city is the victim of Namdar using the local mall for depreciation purposes., We get stuck holding the bag in the end, he said. . Find Your Regional Office; FAQs; Contact Us; Espaol Sometimes, the ownership is in conjunction with Mason Asset Management and subsidiaries. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. I would say its been more about maintaining, not enhancing, he said. hard Pelzer II. From the memorie So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. And when the electricity went out in one part of the mall in June 2017, it took Namdar four months to restore power, a local church claimed in a third lawsuit. Please try again. Ypsilanti Township is suing New York-based Namdar Realty over 1,000 pages worth of code violations found during an inspection at the property just days before Namdar purchased it in December.. LONG ISLAND'S FINEST LANDSCAPING AND CONSTRUCTION CORP. JEFFREY S SHEIN (0218-3640-RLI) FRANK A. POLACCO, RESPONSE TO DEMAND For Bill of Particulars; Filed By: Mccarthy, B.; Filed: 03/03/2020; Received: 03/03/2020, RESPONSE TO DEMAND Response to Notice for Discovery & Inspection (of Northeastern Flooring & Construction, Inc.); Filed By: Shein, J. Fernandez v. Namdar Realty Group LLC et. al., No. 2:2020cv05649 West Village Apartment Building Sells for $23.5 Million Witnick, Namdar, Gorjian buy 30 East 14th Street for $23.5M West Village apartment building was at the center of two lawsuits New York. But the malls owner, Namdar Realty Group, did not disclose any of that to its tenants, a handful of retailers alleged. And it may be natural to have issues at some mall locations, especially if theres not enough capital to make changes, industry sources say. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. During the pandemic, there have been less deals out there, Namdar said, adding that most lenders have been working with their borrowers, but also that many have been unwilling to take a big write off yet.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. An REO property is one where a property is owned by a lenderbecause it failed to sell in a foreclosure auction after the borrower defaulted on the mortgage. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. And it has to be all cash.. DJIA, ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. That is where we kind of make our money.. We have enabled email notificationsyou will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Mall guy: Investor mints a fortune in retail scene Are these the brands that might save the mall? West Village Apartment Building Sells for $23.5 Million - The Real Deal A local mall representative could not comment on Namdars plans. Trumbull Economic and Development Director Rina Bakalar said the recent sale of the mall by Paris-based Unibail-Rodamco . KIM, Meyer Silber, an attorney for ML Estate, declined to comment. In return, they want a discount. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group - Just Another Bad Mall REIT - YouTube Visit a quote page and your recently viewed tickers will be displayed here. If you do not agree with these terms, then do not use our website and/or services. Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. June 21, 2021. in General News, Northeast. Namdar Realty Group - Beaver Valley Mall - National Labor Relations Board He scoops up struggling centres at bargain-basement prices after their landlords lose faith, betting he can turn a profit before the last tenants turn out the lights. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. That mall now includes a senior center, Planet Fitness and large sporting goods store, Gabrovsek said. ; Filed: 10/01/2019; Received: 10/01/2019, DocketADJOURNMENT OF CONFERENCE -REQUEST Request for Adjournment of July 30, 2019 Conference on Consent of All Parties; Filed By: Durante, K.; Filed: 07/29/2019; Received: 07/29/2019, DocketDEMAND FOR: Retainer Statement; Filed By: Shein, J. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: Demand for Authorizations; Filed By: Shein, J. But almost anything below Class A, there really has been no bid for, except for the Namdars of the world. -1.26%, The case status is Pending - Other Pending. At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. ; Filed: 02/20/2018; Received: 02/20/2018, DocketSTATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. Namdar declined to comment on that net worth estimate when asked by MarketWatch. Their strategy generally was to suck out as much money from a mall as possible, said Silber, and they try to just dump it.. I think that in many respects if they dont define what theyre going to do with these malls in general, then they may get defined by the bad ones.. NAMDAR REALTY GROUP 150 GREAT NECK ROAD SUITE 304 GREAT NECK, NY 11021 Tel: 516.773.0010 Fax: 516.773.0030 OFFICE HOURS MONDAY - FRIDAY 9:00AM - 6:00PM EST [email protected] Namdar owns and operates retail property throughout the United States. The company that purchased the Acadiana Mall in January has a history of reported problems elsewhere and a track record of making little progress with properties they own. From the memories of get. Namdar ultimately traded the property to ML Holdings for $25.5 million. Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas N.J. mall sold for half price to company that already owns a dying mall We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Wed like to improve our quality but were not going to pay a crazy premium for an A-mall, Namdar said. 17319 NW 63rd Ct Hialeah, FL Investment Property | Real Estate Investing RELATED:Police arrest suspect in Christmas Eve mall shooting. SPG, They said it all sounded great but they had no interest in doing any of those things because it would require them to make a substantial investment, DiNatale said of Namdar. In 2019, Namdar bought 30 properties and Mason acquired 23. PDF Coa 347698 Durga Property Holdings Inc V Holiday Park Realty Llc At the Regency Square Mall in Jacksonville, Florida, roaches roam freely, the air conditioning is broken and the roof leaks, according to a series of lawsuits filed over the past four years. On August 27, 2018, Alexander S. Rusek filed an appearance as counsel for Holiday Park Realty and Igal Namdar and noted that Igal Namdar does not do business as "Igal Namdar d/b/a Namdar Realty Group." Rusek filed a motion to set aside the default judgment and the circuit court agreed that it lacked personal jurisdiction over Igal Namdar. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. Weve redirected our efforts at the St. Louis Outlet Mall and have since entered into a multiparty agreement to resolve outstanding taxes and assessments, Namdars spokesperson said in a statement. If youre buying to harvest cash and not reinvest, it will work.. Some of the biggest landlords, including Simon Property Group Inc. and Brookfield Asset Management Inc., have walked away from centres where values slumped below the propertys debt. This home features 3 bedrooms 2 bathrooms with 1 car garage. [8] Most malls they purchase are in markets considered B and C grade. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Sometimes, the. Filed: February 21, 2023. New York-based investment firm buys Berkshire Mall Namdar Realty Group LLC and Mason Asset Management Inc., frequent partners in real estate acquisitions, are behind the purchase, along with CH Capital Group. POTTSVILLE, PA. Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. Much has been written about the death of American mall, including recently by the New York Times in an article that notes the deep nostalgia many people have for local malls, even as many property owners have been struggling for years to keep the lights on. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. +1.17% Major shopping mall owners, including Simon Property, Starwood Capital, Brookfield Asset Management and others have reacted to the upheaval by handing back the keys to lenders on some properties, rather than throw good money after bad. BofA Globals research team recently put it this way, while online shopping had already been cannibalizing brick and mortar retail, the painfelt bymany retailersprior to Covid wasexacerbated during the pandemic, in a weekly note. Amazing opportunity on this 3 bedrooms, 2-bathroom Home with lots of upgrades. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Mehdi Bolour faces 25 criminal charges over illegally rented Hollywood building. Beautiful remodeled single family home in Palm Springs Lakes community with no association. The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to, Over time, you do become what youre perceived, Cushman and Wakefield Vice Chair Mark Gilbert said of Namdar in a, At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. articles a month for anyone to read, even non-subscribers! By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. Most of the [malls] are built in prime locations, Igal said. [15] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. ; Filed: 12/10/2019; Received: 12/10/2019, NOTICE OF DISCOVERY AND INSPECTION Supplemental Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. AEO, [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. Namdar Realty Group Reviews, Ratings - BirdEye ; Filed: 03/23/2018; Received: 03/23/2018. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010. They primarily purchase troubled shopping malls with partner Mason Asset Management. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Great Neck, NY. Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. New York-based Namdar Realty Group revealed Monday that it recently bought the Berkshire Mall in Wyomissing from Allied Retail Properties. The two talk every day, brainstorming their next moves, and see each other on weekends. Click here to sign up for Jersey Digs' free emails and news alerts. Other alleged problems at the Regency, according to the lawsuit, included insects in the common areas and a reduction in the number and hours of security personnel at the site. Soon after the sale closed, tenants allegedly began to flee. t the Regency Square Mall in Jacksonville, Florida, roaches roam freely, the air conditioning is broken and the roof leaks, according to a series of lawsuits filed over the past four years. They also invested in the furniture chain formerly known as Jennifer Convertibles. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Namdar Realty Group Plows Forward as Mall Properties Decay Among recent mall deals was the US$10.3-million purchase in April of Marketplace at Brown Deer outside Milwaukee, valued at US$45 million in 2005, according to loan documents and an announcement by the seller, Retail Value. Whats our next move? The deed was recorded Dec. 30 at the Washington County Courthouse in Fayetteville. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. Why is this public record being published online? Photographer: Max Marbut/Jacksonville Daily Record. We see that a lot of these malls are being sold by lenders, said Igal Namdar, the companys president, in an interview with MarketWatch. When the pandemic hit, those issues were only exacerbated. Trillions of dollars worth of fiscal and monetary stimulus by the federal government and Federal Reserve helped staunch the carnage, with only 13 malls so far this year trading to new owners. New owner of Trumbull mall makes good first impression Regency Mall Realty LLC, a partnership of Namdar Realty Group and Masson Asset Management Inc., purchased the 1.6 million-square-foot enclosed mall in. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. Defendant also challenges the entry of a default judgment against "Igal Namdar, d/b/a Namdar Realty Group" and Igal Namdar in his individual capacity . Thats a question worth considering, said Kay, who argued that there isnt an obligation to revitalize every retail property., What is the alternative for consumers? he added. Company profile page for Namdar Realty Group LLC including stock price, company news, press releases, executives, board members, and contact information But he still sees the problem as too much debt on lower quality properties financed years ago, when mall valuations were pegged at much higher levels. ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S. Through extensive interviews with Namdar and Mason executives and examination of public filings and lawsuits, The Real Deal took a closer look at the two firms and their strategy at a time when many malls are in turmoil. If you don't see it, please check your junk folder. +1.03%, - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. The Voorhees Township site has since been sold to another company. So theres great value there.. [2] [3] [6] Strategy [ edit] ; Filed: 11/12/2019; Received: 11/12/2019, DocketNOTICE OF DISCOVERY AND INSPECTION Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. Namdar Realty Group Company Profile | Management and - Datanyze The case remains pending in a Florida circuit court. Despite carrying significant expenses for security, waste disposal, landscaping and parking lot repairs on its books, the mall was in poor condition, and its gross income was slashed from $6 million to $4 million, ML Holdings claimed. Once in a while you come across someone who doesnt necessarily agree with what youre doing.. Their first purchase, in 2012, was the DeSoto Square Mall in . Public Records Policy. Joy Wiltermuth is a news editor and senior markets reporter based in San Francisco. Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. When the issue was raised, Namdar painted over the water stains and the problem got worse as mold grew and another leak developed, International Decor Outlet asserted in a 2017 suit. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . Mr Namdar has also been sued by retailers: International Decor Outlet in 2017 accused the landlord of contract breaches like malfunctioning air-conditioning, substandard repairs and inadequate. DeSoto Square closed permanently in April, according to local news reports. +1.00% Mason Asset Management - Properties Our Story Namdar Group We brought them here on several occasions and went over things, and it was pretty obvious from the onset that they really didnt have any vision for anything we were looking to do. ; Filed: 02/20/2018; Received: 02/20/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Cavalier, D.; Filed: 02/05/2018; Received: 02/05/2018, DocketSUMMONS + COMPLAINT; Filed By: Cavalier, D.; Filed: 01/24/2018; Received: 01/24/2018. Gated Community of The Moors in Miami Lakes. Namdar Realty Group LLC et. We feel that were doing very good for the communities and the properties that we own within those communities, said Masons president, Elliot Nassim. Kohan purchased the Jamestown Mall in 2009 for $3.3 million. Dozens of retailers have filed for Chapter 11 in the past year, including mall staples such as J.C. Penney and Ascena Retail Group. Namdar secures $96M in loans for new Jersey City towers Finally, one place to get all the court documents we need. Commercial Observer A venture of Empire Capital Holdings and Igal Namdar has agreed to pay $107 million, or $486.36/sf, for 345 Seventh Ave., a 220,000-square-foot office building in Manhattan. Its a different market.. We encountered an issue signing you up. If you do not agree with these terms, then do not use our website and/or services. The development has an estimated cost of . Morgan Stanleys retail team of analysts forecast last October that the pandemic could force 35% of U.S. shopping malls to shut permanently. According to a June 2018 Reuters story, Namdar has emerged as one of the nations top 20 mall landlordsthrough an aggressive strategy that focuses largely on malls that have struggled with slowing sales and foot traffic. [3] Phillipsburg Mall was purchased from PREIT in 2013 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housing Kohl's. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group Sells 283,553 SF Shopping Center in Pottsville After soaking Florida's DeSoto Square Mall for management fees, Namdar attempted to sell the property for $30 million, according to a lawsuit filed by the financial services firm ML Holdings in. Namdar Realty Group insights Based on 25 survey responses Areas for improvement Overall satisfaction General feeling of work happiness Fair pay for job Poorly ran Housekeeping (Former Employee) - Westland, MI - October 12, 2022 Don't care about who works there as long as your a body your hired. According to court records, problems at the Regency site allegedly included broken air conditioning, multiple roof leaks, minimal housekeeping and reduced security. The Acadiana Mall was owned by CBL Properties for several years. All are headquartered in Great Neck. Archive - Tehran Times Namdar and Mason have been acquiring smaller, distressed, local retailers, including a Midwest movie theater chain that filed for bankruptcy last year. The mall looks abandoned, but isnt. On 05/04/2017 World Properties LLC filed a Contract - Other Contract lawsuit against Namdar Realty Group LLC. for the year as of Tuesday, while the Dow Jones Industrial Average For over three generations, Namdar Group has grown into a premier, full-service commercial real estate development, construction and management company serving urban core markets throughout the United States and the Caribbean region.
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