Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 1 00 plus malls. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. Their strategy generally was to suck out as much money from a mall as possible, said Silber, and they try to just dump it.. 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. That kind of footprint puts them in league with Macerich Co. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. Namdar Realty Group is based in Great Neck, New York. 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. If youre buying to harvest cash and not reinvest, it will work.. He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. As a result, a build-up of moisture caused the chiller pipes to rip through the ceiling, destroying the tiles, dry wall and floor, according to the church. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. They have been gobbling up properties even as the market for malls shrinks and other owners and operators pull back. Why is this public record being published online? 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.. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. 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. 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. Instead, Namdar Realty Group, based in Great Neck, N.Y., is accused in a pair of lawsuits of failing to invest in Regency Square's most basic maintenance, resulting in leaky roofs, broken. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. If you do not agree with these terms, then do not use our website and/or services. That comes on top of complaints against Namdar and its sister company, Mason Asset Management, from local officials and residents in several regions. Subscribe now to read the latest news in your city and across Canada. Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. Read More. Whats our next move? In Los Angeles, malls got the green light that October after reopening and closing again in mid-July. No one doubts the best U.S. malls will survive and even thrive once the pandemic carnage plays out, said Daniel McNamara, a principal at MP Securitized Credit Partners. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? But what really sets them. Namdar Group's projects, being built by AJD Construction and financed by Scale Lending, will yield a combined 16,000 square feet of office space and 4,000 square feet of ground floor retail along the emerging Homestead Place Pedestrian Plaza. Its all about the cost basis, said Cedrik Lachance, director of research at Green Street. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Hope Baptist Church and Midwest Clearance Centers filed separate lawsuits in St. Louis County Circuit Court against Namdar Realty Group and St. Louis Retail Outlet LLC, an entity affiliated. If there are issues, we deal with them," Namdar told Reuters. [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. Most of the [malls] are built in prime locations, Igal said. They primarily purchase shopping malls with partner Mason Asset Management. The mall went into foreclosure in . Namdar declined to comment on that net worth estimate when asked by MarketWatch. read more Prominent Tenants Find a property Case Number: 1:2023cv01044. ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S. Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. As we build our portfolio, we want to constantly improve the quality by having better assets.. Lately, the team has been moving up in quality. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; Filed By: Shein, J. Although their malls have better ratings than Kohan's malls, most have 3 s. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. Namdar also recently hired a director of redevelopment with plans to repurpose some of the partnerships properties. . Kohan purchased the Jamestown Mall in 2009 for $3.3 million. the Gap Inc 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. 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. Namdars bet is that he can pay a small enough price to outrun the decline. Read: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal. After soaking Floridas 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 2018. Of course, not all may be worth saving. . Company profile page for Namdar Realty Group LLC including stock price, company news, press releases, executives, board members, and contact information RELATED:Police arrest suspect in Christmas Eve mall shooting. ; Filed: 02/20/2018; Received: 02/20/2018, DocketSTATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. 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. Visit our Community Guidelines for more information and details on how to adjust your email settings. 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 overflowing dumpster has become a public nuisance, according to a letter from the city to Namdar last September. Namdar Realty Group said the transaction closed in late August. Single Family Residential. 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 case status is Disposed - Dismissed. They also invested in the furniture chain formerly known as Jennifer Convertibles. 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 ultimately traded the property to ML Holdings for $25.5 million. The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. The price was half of the $50 million. He raised the possibility that another owner might not keep some of Namdars malls open at all. ; 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. SPG, Searching articles in Namdar Realty Group Llc x Sign In | | | Close. Who's David Thomson? [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. View 17319 NW 63rd Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . ", "Company Overview of Namdar Realty Group LLC", "Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas cash to become nation's biggest mall buyer", "N.J. mall sold for half price to company that already owns a dying mall", "What happened to the Phillipsburg Mall? - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. Namdar Group is adding 26 Van Reipen Avenue and 626 Newark Avenue to a pipeline that includes a 20-story rental at 26 Cottage Street, and a combined six new towers designed by C3D Architecture. 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 . Click here to sign up for Jersey Digs' free emails and news alerts. ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Any seller of retail malls or open air any size of portfolio, were there, Namdar, 51, said in an interview from his headquarters in Great Neck, N.Y. We can close immediately, as is, where it is, with no due diligence., Any seller of retail malls or open air any size of portfolio, we're there. Beyond leaks in one unit, the lawsuit alleges that common areas in the mall are often filled with buckets and garbage cans to catch the water dripping from the ceiling.. [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. -0.17% Find Your Regional Office; FAQs; Contact Us; Espaol Namdar and Empire bought the 13-story, 64-year-old 830 Third Ave. office building for $72M this month after acquiring 345 Seventh Ave., which is 24 stories high and more than 90 years old, for . So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. 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.. But what really sets them apart is a steady stream of all-cash offers to sellers who want out. Those As get to be too crazy. Today, the family is a major investor and developer of mixed-use Buildings across the United States and the Caribbean Region with a focus on Transit Oriented Developments. Igal and Nassims strategy lately has been similar to that employed by Simon and Brookfield, which have been buying up bankrupt retailers including J.C. Penney and Brooks Brothers. 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. Its not the first time the shopping center has been in trouble. Amazing opportunity on this 3 bedrooms, 2-bathroom Home with lots of upgrades. You go in and you dont know much, he noted. Last year, Namdar and Mason paid US$12 million to buy cinema chain Goodrich Quality Theaters Inc. out of bankruptcy. Communities often want the world. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR: Combined Demands; Filed By: Shein, J. News 12 has reached out to Namdar . 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. He characterized the port authority's path to buying the property from an affiliate of Namdar Realty Group of Great Neck, New York, in the simplest terms: "Nothing was happening here. 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. 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. The Voorhees Township site has since been sold to another company. Namdar Realty Group is based in Great Neck, New York. KIM, The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. Area real estate experts agree that the retail period for the property is . ; 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. We are specialized in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. Representatives of the new owner of the Westfield Trumbull mall are set to meet in an effort to discuss both sides' respective visions for the shopping center. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. They primarily purchase troubled shopping malls with partner Mason Asset Management. He said he sees value in the properties as malls, where other investors in the market are more interested in redeveloping them for other uses. The pandemic accelerated Americans years-long shift to e-commerce, forcing many already-ailing department stores and apparel shops to go dark. DeSoto Square closed permanently in April, according to local news reports. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. 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. (Dec. 6), Police arrest suspect in Christmas Eve mall shooting, Court records show Acadiana Mall sought thousands from former tenants, Your California Privacy Rights/Privacy Policy. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. That wasnt their plan, DiNatale said. 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. For big names, revenue plummeted. ; Filed: 12/11/2019; Received: 12/11/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. What is the alternative for the retailers who rent from them?. Some of the properties are owned by one and managed by the other, and some are owned by both. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. In the meantime, a judge assigned Spinoso Real Estate Group to manage the mall while the case proceeded. AEO, By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. 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. On 05/04/2017 World Properties LLC filed a Contract - Other Contract lawsuit against Namdar Realty Group LLC. Namdar Realty Group LLC and Mason Asset Management Inc., frequent partners in real estate acquisitions, are behind the purchase, along with CH Capital Group. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. The lawsuit was later voluntarily dismissed. Morgan Stanleys retail team of analysts forecast last October that the pandemic could force 35% of U.S. shopping malls to shut permanently. 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 .

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