U.S. mall values have plunged 46 per cent from their 2017 peak, including an 18 per cent drop since the COVID-19 pandemic started, according to real estate information service Green Street. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. Manhattan's 345 Seventh Ave. Selling for $107Mln We encountered an issue signing you up. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. Case Number: 1:2023cv01044. Owner of deteriorating Gault Village plaza agrees to clean up - MLive Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. Namdars bet is that he can pay a small enough price to outrun the decline. We feel that were doing very good for the communities and the properties that we own within those communities, said Masons president, Elliot Nassim. The company also owns the Meriden and Enfield malls. MarketWatch photo illustration/iStockphoto, 35% of U.S. shopping malls to shut permanently, Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal, Green Street Commercial Property Price Index, The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability: Prices fell the most in these U.S. states, Am I crazy? After my mother died, my cousin took her designer purse, and my aunt took 8 paintings from her home then things really escalated. Meet the publicity-shy Chinese-Canadian soap tycoon, tap here to see other videos from our team, Unlimited online access to articles from across Canada with one account, Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on, Enjoy insights and behind-the-scenes analysis from our award-winning journalists, Support local journalists and the next generation of journalists, Daily puzzles including the New York Times Crossword, Access articles from across Canada with one account, Share your thoughts and join the conversation in the comments, Get email updates from your favourite authors. Fifteen years later, the mall was sold in July 2016 to Namdar Realty Group along with The Lakes in Muskegon for an aggregate price of $66.5 million, including the assumption of a $38.2 . Others will be demolished by their owners. namdar. The pandemic also isnt over yet, including in the U.S., where COVID hospitalizations have been climbing, despite widespread availability of vaccines for adults, raising concerns around the recovery. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. There was an error, please provide a valid email address. The development has an estimated cost of . Namdar, who got his start in real estate using money from his family's jewelry business, said he clinched his first mall deal that year with Nassim by acquiring Desoto Square Mall for $24.6. MALCOLM et al. Namdar declined to discuss individual cases but said such complaints are rare. It would have required a substantial investment, and I think their model is the opposite of that.. We are a very low leverage company. They primarily purchase shopping malls with partner Mason Asset Management. Namdar and the subsidiaries denied all allegations in court filings. Properties that are marked for redevelopment are few and far between, so we maintain our assets.. Nassim handles leasing and asset management. and Kimco Realty Corp. [2][3][6], Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. History. Namdar Realty Group is a privately held investment and management firm owned by Igal Namdar. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. When the pandemic hit, those issues were only exacerbated. DJIA, Namdar has not returned phone calls and emails seeking comment on their plans for the Acadiana Mall. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. For Namdar, that smells like opportunity. +1.61% ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. 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. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. 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. URW confirmed that the malls were sold to Mason Asset Management and Namdar Realty Group, a privately held commercial real estate investment and management firm. Now they rank among the biggest all-cash buyers of the nations hard-luck malls. The Judge overseeing this case is Nassau Dcm-Tj. Landlords that own lower-end malls with high proportions of tenants that have fallen behind on rents or shuttered stores have been hit especially hard. The Judge overseeing this case is Sanford N. Berland. Namdar Realty Group is based in Great Neck, New York. The governments release Tuesday of July U.S. retail sales showed a sharp 1.1% drop on a monthly basis, underscoring anxieties tied to the delta variant of the coronavirus, but also a shift in priorities from goods to services, James Knightley, INGs chief international economist, wrote in emailed comments. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Lawsuits mount for Hazelwood mall owner after eviction notices Namdar has also been sued by retailers, including International Decor Outlet, which in 2017 accused the landlord of contract breaches such as malfunctioning air conditioning, substandard repairs and inadequate security at the Regency Square Mall in Jacksonville, Fla. Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. The Namdar team hopes more, higher quality malls will keep shaking loose. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar secures $96M in loans for new Jersey City towers It is always our goal to add value to our properties, and we are diligent in our efforts to remedy any maintenance or management issue that is brought to our attention.. Namdar Realty Group is the new owner of the 1-million-square-foot shopping center which has lost two of its three anchor stores over the past year. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. 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. Melrose set to keep tight grip on GKN spin-off,The demerger will be the latest move by Melrose after it snapped up engineering giant GKN for 8.1billion in a viciously fought takeover in 2018. They primarily purchase troubled shopping malls with partner Mason Asset Management. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. In 2019, Namdar bought 30 properties and Mason acquired 23. Dynamic Star finds partners for $2B Fordham Landing project Comments may take up to an hour for moderation before appearing on the site. One centre, the Eastdale Mall in Montgomery, Ala., is now 100-per-cent leased, up from 70 per cent when it was purchased in January 2020 for US$24 million. The Berkshire Mall . Namdar purchased the mall portion of theVoorhees Town Center there after the township put together a package of ideas to transform the mall into more of an entertainment hub. Court: US District Court for the Northern District of Illinois. SPG, - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Joanne Mistrulli - v. - Namdar Realty Group LLC et al - UniCourt But the malls owner, Namdar Realty Group, did not disclose any of that to its tenants, a handful of retailers alleged. Find Your Regional Office; FAQs; Contact Us; Espaol More than 20 percent of U.S. malls will close by 2022, according to a 2017 report by Credit Suisse. It's owned by Namdar Realty Group, known for aggressively acquiring dying malls and milking them for money while they keep dying. View 17319 NW 63rd Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. RELATED:Court records show Acadiana Mall sought thousands from former tenants. Namdar declined to comment on the value of the properties his company owns, or his personal wealth, but said the figures Bloomberg is reporting are inaccurate. ; Filed: 11/12/2019; Received: 11/12/2019, NOTICE OF DISCOVERY AND INSPECTION Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. Fayetteville Mall Sells For $39.5M to New York Investors [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. A certificate of occupancy was never issued, and the leaks caused two electrical fires, according to another lawsuit filed against the property by the Jacksonville Automotive and Motorcycle Museum. Namdar Realty Group Careers and Employment | Indeed.com Los Angeles, CA 90071 Term Loan6 Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 [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. "When you own 100 retail properties, of course you're going to have people having complaints. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. Nassim brought in the national tenants and managed to fill spaces that brokers couldnt, Igal said. Roughly $3 billion shopping mall loans in commercial mortgage bond deals have been identified as at-risk of being handed back to lenders, according to research firm and data tracker Trepp.I think some mall owners will muddle through with the help of loan modifications and maybe some peripheral debt forgiveness, saidManusClancy, senior managing director and head of research at Trepp. The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. Finally, one place to get all the court documents we need. Namdar Realty Group 150 Great Neck Road, Suite 304 Great Neck, NY 11021 Series D Preferred Stock4: 125,731 shares Series E Preferred Stock5: 280,074 shares Oaktree Capital Management, L.P. 333 South Grand Ave., 28th Fl. That comes on top of complaints against Namdar and its sister company, Mason Asset Management, from local officials and residents in several regions. Why microchips could make or break the electric vehicle revolution, Medicare just crushed the hopes of 750,000 Alzheimers patients a year, These 24 tech stocks stand out now as the FAANGs fade, With the 10-year Treasury topping 4%, its time to start dipping your toes in, says Wamco. Those As get to be too crazy. Cancellation and Refund Policy, Privacy Policy, and Most of the [malls] are built in prime locations, Igal said. Troubled Elyria mall's next moves are in government hands | Crain's KIM, Curiously, Namdar and Mason continue to fly under the radar. If there are issues, we deal with them," Namdar told Reuters. [9] Because of this low price/maintenance, they have a high return on investment. Several market experts pointed to Nadmar and Nassim as among the sectors biggest cash mall buyers. But what really sets them apart is a steady stream of all-cash offers to sellers who want out. ; Filed: 10/23/2019; Received: 10/23/2019, DocketDEMAND FOR: Demand for Authorizations; Filed By: Shein, J. Regional malls watched same-store net operating income plunge on average by minus 26.1% in the first quarter from a year ago, according to Morgan Stanley. A sinkhole at the Northland Mall in Sterling, Illinois. Meyer Silber, an attorney for ML Estate, declined to comment. Malls were at one point seen as the future places where people of all ages could gather and shop under a single roof. Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. Working at Namdar Realty Group: 25 Reviews - Indeed Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. The group also included DW Partners LP and Washington Prime Group. Namdar officials, both at the company's headquarters and in Connecticut have not responded to interview requests made by Hearst Connecticut Media. both up more than 40% on the year so far. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. namdar realty group. [20][21], Mall properties owned or managed by Namdar Realty Group as of 2021 include:[22] (This list is incomplete), "Who is the 'investor group' trying to save Bon-Ton from liquidation? Soon after the sale closed, tenants allegedly began to flee. [10][11] CH Capital Group has become a partner in several acquisitions. After the company purchased the River Oaks Center near Chicago, Namdar executive Joel Gorjian told USA Today in 2017 that the company was open to "alternative uses or entertainment centers" for vacant mall space. Namdar had verbally agreed to lower rents for store owners, in some cases to as little as 25 percent of what was reported in leases, while others had been allowed to stay rent-free to prop up occupancy rates, according to the complaint. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. Other companies Washington Prime Group Inc., CBL & Associates Properties Inc. and Pennsylvania Real Estate Investment Trust filed for bankruptcy, raising the potential for massive portfolios to come up for sale. A rising variety of individuals will move via the doorways of the Bangor Mall within the coming weeks and months to get pleasure from theater, music, gaming and different leisure points of interest which can be beginning to rival retail facilities on the mall. At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. 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. Behind the vacancies and decay: A tough retail climate and low-investment owners", "Meet the Long Island guys who love unloved shopping malls", "Namdar acquires Connecticut mall, its seventh this year", "24-year-old's firm arranges $7.8M in financing", "Executive of the Month: Joel Gorjian of Gorjian Acquisitions and Namdar Realty Group acquires 18 retail properties nationwide", "New York investors buy San Antonio mall worth $102M", "Bangor Mall sells for $12.6 million, well below assessed value", "Bon-Ton gone: Another Phillipsburg Mall anchor is torn down (and ownership is silent)", "Jennifer Furniture comes back to its LI roots", "Goodrich Quality Theaters will reopen after being bought out of bankruptcy", "Goodrich Theaters purchased, reopening plans announced", "West Village Apartment Building Sells for $23.5 Million", "Klosed, Namdar buy five-building Hell's Kitchen portfolio for $26M", "Bon-Ton bankruptcy court ruling makes liquidation more likely", https://en.wikipedia.org/w/index.php?title=Namdar_Realty_Group&oldid=1138343211, This page was last edited on 9 February 2023, at 04:31. Namdar Realty Group RELATED:Police arrest suspect in Christmas Eve mall shooting. Morgan Stanleys retail team of analysts forecast last October that the pandemic could force 35% of U.S. shopping malls to shut permanently. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. Mall guy: Investor mints a fortune in retail scene ; 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. The three anchor stores remain Macy's, Dillard's and JCPenney. Igal Namdar has made a fortune buying shopping malls no one else wants. Their joint operation began when Igal started buying small retail locations in Great Neck using money from his familys jewelry business; Nassim took up the leasing. Defendant, Namdar Realty Group, LLC1, appeals as of right the stipulated order dismissing Igal Namdar, in his personal capacity, as a defendant, and closing this case under MCR 2.602(A)(3). Namdar Realty Group Plows Forward as Mall Properties Decay Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. Last year, Namdar bought 12 more and Mason added eight. In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. Menu. Its all about the cost basis, said Cedrik Lachance, director of research at Green Street. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. In New York City, malls lost half a year to the pandemic before being permitted to reopen in September. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 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. Uncover why Namdar Realty Group is the best company for you. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . Case Details Parties Documents Dockets Billionaire N.Y. 'bottom feeder' buys malls as others run away Namdar Realty Group is a privately held, commercial real estate investment firm, owning and managing over 57 million square feet of commercial real estate throughout the United States. Other stores have also closed, including the Gap, Gap Kids, Banana Republic and New York and Company. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. New Acadiana Mall owner has reputation for little progress at other sites Igal Namdar, owner of Namdar Realty Group, paid $2.5 million Feb. 28 for the 26-year-old mall at the intersection of Jake Alexander and Statesville boulevards. 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. Company profile page for Namdar Realty Group LLC including stock price, company news, press releases, executives, board members, and contact information You go in and you dont know much, he noted. In part, thats because financials could continue to head downhill for many lower-quality mall owners. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Kohan Retail Investment Group - Wikipedia - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. We earn $400,000 and spend beyond our means. POTTSVILLE, PA. Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. 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. A purchase price was not disclosed. 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. Instead of U.S. stockholders and quarterly reports, the team keeps things simple: Namdar focuses on management side of the properties. Filed: February 21, 2023. Our goal is to stick to those B and B-plus assets. But almost anything below Class A, there really has been no bid for, except for the Namdars of the world. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Why is this public record being published online? Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. was up 15.4%. 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. The largely deserted mall is not a source of police complaints, Whitfield said. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. They primarily purchase shopping malls with partner Mason Asset Management. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. Although their malls have better ratings than Kohan's malls, most have 3 s. If you do not agree with these terms, then do not use our website and/or services. Namdar has also been sued by retailers, including International Decor Outlet, which in 2017 accused the landlord of contract breaches such as malfunctioning air conditioning, substandard repairs and inadequate security at the Regency Square Mall in Jacksonville, Fla. Landlord is an absentee landlord with a reputation as a slumlord,' the complaint in Duval County Circuit court alleged. The Voorhees Township site has since been sold to another company. New York-based investment firm buys Berkshire Mall Six years in the past, when the mall had a Despite some successes, Gabrovsek said, there has been a general sense from Namdar that their priority is keeping the mall open, rather than being aggressive about filling all available space. The duo, through Namdar Realty Group and Mason Asset Management out of Great Neck, Long Island, currently owns about 60 million square feet of shopping center space, including roughly of 100 open-air properties are 65 enclosed malls. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group A source with direct knowledge of Mason and Namdars strategy said the funds invest as little as possible on many of their properties, adding the aim is to hold the assets, not redevelop them, the Reuters story read. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. World Properties LLC et al - v. - Namdar Realty Group LLC Namdar Realty Group Reviews - Glassdoor - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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