- filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Igal Namdar has made a fortune buying shopping malls no one else wants. If Namdar wasnt the owner of these properties, would it mean that certain areas would be underserved? Others, like Macys and Gap, have decided to pull out of malls altogether. ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. If some old malls can be used in new, creative ways, such as the mini-casino plan for an old Macys store at Namdar-owned Nittany Mall in State College, Penn, all the better. The case status is Disposed - Dismissed. +1.61% None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. Find Your Regional Office; FAQs; Contact Us; Espaol Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. 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. The Judge overseeing this case is Sanford N. Berland. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The Acadiana Mall was owned by CBL Properties for several years. 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. They primarily purchase shopping malls with partner Mason Asset Management. 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. +1.17% Namdar also recently hired a director of redevelopment with plans to repurpose some of the partnerships properties. Several market experts pointed to Nadmar and Nassim as among the sectors biggest cash mall buyers. The former Sears space remains empty. Namdar and the subsidiaries said they would fix the air conditioning and leaking problems, but allegedly never did so. After the sale, DiNatale said township officials quickly realized they had a different vision for the site. Get the latest business insights from Dun & Bradstreet. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. read more Prominent Tenants Find a property And it may be natural to have issues at some mall locations, especially if theres not enough capital to make changes, industry sources say. Real Capital tracks 134 of the Namdar Realty Groups properties and estimates that portfolio is worth about US$2.7 billion. 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. Meyer Silber, an attorney for ML Estate, declined to comment. Read More. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. ; Filed: 03/23/2018; Received: 03/23/2018. This advertisement has not loaded yet, but your article continues below. Menu. Whats our next move? It doesnt matter to us if people are selling, Igal said. For big names, revenue plummeted. Lately, the team has been moving up in quality. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. And it has to be all cash.. SPX, Create an account or sign in to continue with your reading experience. In the 2018 Reuters story, Namdar President Igal Namdar spoke broadly about how the company deals with problems. The Class A operators are doing great, McNamara told MarketWatch. The Camden County property is among 43 malls acquired by Great Neck, N.Y.-based Namdar Realty Group since 2012, making it the biggest buyer of the retail centers during the period. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . Read: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal. Namdar and the subsidiaries denied all allegations in court filings. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Instead of U.S. stockholders and quarterly reports, the team keeps things simple: Namdar focuses on management side of the properties. Sticker shock: Ranking South Floridas priciest residential rentals, Here are Chicago's top 10 construction permits issued in May. Why is this public record being published online? Nassim is the cousin of Igals wife. But what really sets them. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. Filed: February 21, 2023. Find out what works well at Namdar Realty Group from the people who know best. 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? We earn $400,000 and spend beyond our means. 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.. The properties Namdar and Nassim began scooping up after the 2008 financial crisis were C or D malls, categories, like exam grades, that point to room for improvement or near failure. Location: People at location: North America: 187: 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. 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. They primarily purchase shopping malls with partner Mason Asset Management. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. KIM, So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. Namdar Realty Group Profile and History. By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. [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: 10/23/2019; Received: 10/23/2019, DocketDEMAND FOR: Demand for Authorizations; Filed By: Shein, J. The canopy is peeling off the building, and its signage has fallen. 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. Curiously, Namdar and Mason continue to fly under the radar. And now they're buying into the movie business. The Namdar team hopes more, higher quality malls will keep shaking loose. 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. While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. 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. Even Simon Property, which has one of the best balance sheets in the business, saw its net income fall to $145.9 million in 2020s third quarter from $544.3 million in the same period a year earlier. ; Filed: 03/23/2018; Received: 03/23/2018, DocketNOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. They have been gobbling up properties even as the market for malls shrinks and other owners and operators pull back. Company profile page for Namdar Realty Group LLC including stock price, company news, press releases, executives, board members, and contact information Namdar Realty Group is based in Great Neck, New York. Upset communities allege that Namdar and Mason are looking to turn a profit by not investing in their malls. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. and Kimco Realty Corp. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group Photographer: Max Marbut/Jacksonville Daily Record. ; Filed: 12/11/2019; Received: 12/11/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Like dozens of other traditional malls, the Acadiana Mall has seen its share of struggles in recent years. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Wed like to improve our quality but were not going to pay a crazy premium for an A-mall, Namdar said. Properties that are marked for redevelopment are few and far between, so we maintain our assets.. ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Today, the family is a major investor and developer of mixed-use. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. Last year, Namdar bought 12 more and Mason added eight. -0.17% View 8012 W 14th Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. 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. Sometimes, the. Will His AI Plans Be Any Different? Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010. A spokesperson for Namdar said it is actively working to fix the property. Namdar Realty Group owns eight malls in Illinois, including the Ford City Mall in Chicago, according to its website. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. More Jersey City News -- Have something to add to this story? Comments may take up to an hour for moderation before appearing on the site. The Voorhees Township site has since been sold to another company. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. namdar inc. namdar llc. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. ; 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. 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. But in the meantime, according to retail strategist Marshall Kay, malls serve a purpose for the communities that theyre in, regardless of the backlash they may face over their condition. ", "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? Namdar Realty Group is based in Great Neck, New York. Visit our Community Guidelines for more information and details on how to adjust your email settings. Area real estate experts agree that the retail period for the property is . Nassim handles leasing and asset management. Some may die a slow death as stores are shuttered one by one. In return, they want a discount. 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. What is the alternative for the retailers who rent from them?. He raised the possibility that another owner might not keep some of Namdars malls open at all. Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. A purchase price was not disclosed. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. al., No. 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. The surge in retail REIT stocks comes despite a backdrop of big-picture challenges, not only from slumping retail rents and occupancy levels, but also a crush of tenant leases coming due over the next three to four years. MALCOLM et al. Searching articles in Namdar Realty Group Llc x Sign In | | | Close. The group also included DW Partners LP and Washington Prime Group. ; Filed: 01/24/2020; Received: 01/24/2020, DEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. As we build our portfolio, we want to constantly improve the quality by having better assets.. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; Filed By: Shein, J. 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. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. Case Number: 1:2023cv01044. At the now-shuttered Phillipsburg Mall in New Jersey, following a heavy rain in 2018, the roof of a vacant Sears collapsed, bringing a water pipe down with it, according to police reports. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. was up 15.4%. 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 . Those As get to be too crazy. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. Many of those properties have been beset by allegations of shoddy maintenance, including claims of leaky roofs, broken electrical systems, and a roach infestation at . That is where we kind of make our money.. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. 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. This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. The pandemic has made it even tougher for mall property owners already struggling to keep up on mortgage payments, resulting in several major players throwing in the towel on distressed properties and with more likely. I would say its been more about maintaining, not enhancing, he said. The case status is Pending - Other Pending. 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. 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.. 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. Ft. Namdar officials, both at the company's headquarters and in Connecticut have not responded to interview requests made by Hearst Connecticut Media. That comes on top of complaints against Namdar and its sister company, Mason Asset Management, from local officials and residents in several regions. Joy Wiltermuth is a news editor and senior markets reporter based in San Francisco. 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. Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. Namdars spokesperson blamed hastily completed contracting work that Sears had commissioned a number of years back, before the retailer shut its doors. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to TRD. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Subscribe now to read the latest news in your city and across Canada. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. 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. Its a different market.. Theyve been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it, said Jim Costello, senior vice-president at Real Capital Analytics Inc. Its not the high end of the market, but its solid retail if you can set it up right.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. and other major mall owners with a coast-to-coast reach. Namdar declined to discuss individual cases but said such complaints are rare. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 1 00 plus malls. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. . If you do not agree with these terms, then do not use our website and/or services. They sold it in 2016 for US$25.5 million to ML Estate Holdings LLC, which sued two years later, contending the property had lower revenue and higher costs than represented. 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. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. In part, thats because financials could continue to head downhill for many lower-quality mall owners. Law360; Law360 UK . Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. They primarily purchase troubled shopping malls with partner Mason Asset Management. It would have required a substantial investment, and I think their model is the opposite of that.. Many once online-only retailers are moving into the suburban mall, finding value in the traditional store but offering experiences tailored to their customers. The formula for Namdar Realty Group and partner firm Mason Asset Management is to recruit down-market retailers to fill vacancies while holding down costs by limiting debt and capital-improvement spending. Veritas $450M loan default: A sign of things to come? 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 electrical systems, and a roach infestation that have kept tenants from moving in. If you don't see it, please check your junk folder. Mall employees and customers voiced concerns to the city, but outreach to Namdar went unanswered until the city threatened litigation, according to the emails. DeSoto Square closed permanently in April, according to local news reports. +1.00% - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; 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. If there are issues, we deal with them," Namdar told Reuters.
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