If you are a Home delivery print subscriber, unlimited online access is. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . I would say that we probably bid on more malls than any other company, Namdar said. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. 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). The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. 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. 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. malls? I think they are doing what they can to fill the spaces, Gabrovsek said. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. Other stores have also closed, including the Gap, Gap Kids, Banana Republic and New York and Company. It doesnt matter to us if people are selling, Igal said. Based in the upscale enclave of Great Neck, Long Island, Namdar and Mason are both family run. At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. Ft. 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. [2][5] Voorhees Town Center was having maintenance and security issues the same year. 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. The mall went into foreclosure in . In 2019, Namdar bought 30 properties and Mason acquired 23. ; Filed: 12/11/2019; Received: 12/11/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. RESPONSE TO DEMAND For Bill of Particulars, RESPONSE TO DEMAND Response to Notice for Discovery & Inspection (of Northeastern Flooring & Construction, Inc.), NOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant, DEMAND FOR: Supplemental Demand fro Authorizations, DEMAND FOR: Further Demand for Authorizations, NOTICE OF DISCOVERY AND INSPECTION Supplemental Notice of Medical Exchange & Disclosure of Expert Witness, NOTICE OF DISCOVERY AND INSPECTION Notice of Medical Exchange & Disclosure of Expert Witness, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING, NOTICE OF DEPOSITION UPON ORAL EXAMINATION, Cases involving other personal injury not classified elsewhere, 360, 1360, 2360, 2367, 3360, 3367, 4360, 4367, 5360, 5367, Joanne Mistrulli - v. - Namdar Realty Group LLC et al, ADJOURNMENT 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, DEMAND FOR: Retainer Statement; Filed By: Shein, J. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. 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.. Of course, not all may be worth saving. We apologize, but this video has failed to load. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. 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. [15] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. 2021) Court Description: ORDER denying 22 27 Motion to Dismiss; granting 28 Motion to Amend/Correct/Supplement *** Counts 1 and 2 of the Second Amended Complaint are dismissed without prejudice for lack of subject-matter jurisdiction. Communities often want the world. Namdar declined to comment on that net worth estimate when asked by MarketWatch. But what really sets them. In the meantime, a judge assigned Spinoso Real Estate Group to manage the mall while the case proceeded. We feel that were doing very good for the communities and the properties that we own within those communities, said Masons president, Elliot Nassim. ; Filed: 03/23/2018; Received: 03/23/2018, DocketNOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. That compares with a 18.4% gain for the S&P 500 Index If Namdar wasnt the owner of these properties, would it mean that certain areas would be underserved? So theres great value there.. 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. Nassim handles leasing and asset management. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Lately, the team has been moving up in quality. 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. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. Public Records Policy. 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 . Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. And the best part of all, documents in their CrowdSourced Library are FREE. The company also owns the Meriden and Enfield malls. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Finally, one place to get all the court documents we need. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Properties that are marked for redevelopment are few and far between, so we maintain our assets.. Namdar also recently hired a director of redevelopment with plans to repurpose some of the partnerships properties. The price was half of the $50 million. While we cannot say much on the matters related to the Midtown DeSoto Square Mall, it has been made public that we sold the property in early 2017, Namdars spokesperson said. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S. Ft. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. What is the alternative for the retailers who rent from them?. Kohan purchased the Jamestown Mall in 2009 for $3.3 million. 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. He raised the possibility that another owner might not keep some of Namdars malls open at all. 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. Namdar and the subsidiaries denied all allegations in court filings. New York Times bestselling author David Levithan tells the based-on-true-events story of Harry and Craig, two 17-year-olds who are about to take part in a 32-hour marathon of kissing to set a new Guinness World Recordall of which is narrated by a Greek Chorus of the generation of gay men lost to AIDS. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. They're being sued by International Dcor Outlet, which was supposed to bring life to an entirely-empty corridor of the mall but is claiming the mall's owners lied about its condition. 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. And the surety of close is an important thing for them., We see that being able to close all-cash, often times gets you a discount from where the market it, he said. And it may be natural to have issues at some mall locations, especially if theres not enough capital to make changes, industry sources say. Will His AI Plans Be Any Different? That mall now includes a senior center, Planet Fitness and large sporting goods store, Gabrovsek said. Finally, one place to get all the court documents we need. Buyer Lawsuit. He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. Namdar and the subsidiaries said they would fix the air conditioning and leaking problems, but allegedly never did so. Case Number: 1:2023cv01044. Namdars approach to its real estate business generally is to purchase marginally performing properties, drain them of cash and operating funds, and then sell them, the lawsuit in New York Supreme Court in Brooklyn alleged. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. Igal Namdar has made a fortune buying shopping malls no one else wants. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. If you don't see it, please check your junk folder. was up 15.4%. Company profile page for Namdar Realty Group LLC including stock price, company news, press releases, executives, board members, and contact information Subscribe now to read the latest news in your city and across Canada. 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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. If you do not agree with these terms, then do not use our website and/or services. Nassim handles leasing and asset management. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 1 00 plus malls. The next issue of FP Investor will soon be in your inbox. 2:2020cv05649 - Document 32 (E.D.N.Y. Click here to sign up for Jersey Digs' free emails and news alerts. [2] [3] [6] Strategy [ edit] - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 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. We are specialized in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States About $4.6 billion of U.S. shopping center debt has been pegged to likely deed-in-lieu of foreclosure events, liquidations or real estate owned (REO) properties, according to a list compiled by Bill Petersen, co-founder of CREDiQ, a commercial real estate analytics firm. Its a different market.. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. More Jersey City News -- Have something to add to this story? Bloomberg News recently reported on legal issues stemming from the bottom feeder strategy, while pegging Namdars personal net worth at roughly $2 billion. Nassim is the cousin of Igals wife. 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. Our goal is to stick to those B and B-plus assets. [9] Because of this low price/maintenance, they have a high return on investment. ; Filed: 02/20/2018; Received: 02/20/2018, DocketNOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. They primarily purchase shopping malls with partner Mason Asset Management. RELATED:Police arrest suspect in Christmas Eve mall shooting. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. . If the ultimate goal is to redevelop the property, criticism can occur. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. 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. The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to TRD. 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. Namdar and Mason have averaged 20 acquisitions annually over the past decade, but could swallow 100 at a time if the right deal came along, Namdar said, declining to provide details on how much money they plan to spend. Igal Namdar has made a fortune buying shopping malls no one else wants. namdar realty group llc. Companies that have increased sales while improving profit margins include Salesforce and Amazon. Get the latest business insights from Dun & Bradstreet. ; Filed: 01/24/2020; Received: 01/24/2020, NOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. Menu. At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. In New York City, malls lost half a year to the pandemic before being permitted to reopen in September. 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. The loan was provided by SCALE. 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. 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.