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. +1.61% Cancellation and Refund Policy, Privacy Policy, and Namdar Realty Group is based in Great Neck, New York. Case Summary. We see that a lot of these malls are being sold by lenders, said Igal Namdar, the companys president, in an interview with MarketWatch. 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. In College Township, Pennsylvania, Namdar owns the Nittany Mall. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. We apologize, but this video has failed to load. This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. 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. 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 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. 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. Read more about cookies here. 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. The mall looks abandoned, but isnt. The case status is Disposed - Dismissed. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. Curiously, Namdar and Mason continue to fly under the radar. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. . More Jersey City News -- Have something to add to this story? Namdar Group has secured $195 million in financing for the land acquisition and the construction of Namdar Towers, a development located in downtown Miami. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. 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. Communities often want the world. He scoops up struggling centers at bargain-basement prices after their landlords lose faith, betting he can turn a profit before the last tenants turn out the lights. The Judge overseeing this case is Nassau Dcm-Tj. Finally, one place to get all the court documents we need. Namdar's actions in New Jersey appear to be opposite of their statements that malls can remain viable. There were factors that led to this, such as not having the rent to pay, he said. The deed was recorded Dec. 30 at the Washington County Courthouse in Fayetteville. Subscribe now to read the latest news in your city and across Canada. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. 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. 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.. More than 20 percent of U.S. malls will close by 2022, according to a 2017 report by Credit Suisse. What is the alternative for the retailers who rent from them?. ; Filed: 12/10/2019; Received: 12/10/2019, DocketNOTICE OF DISCOVERY AND INSPECTION Supplemental Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdars spokesperson blamed hastily completed contracting work that Sears had commissioned a number of years back, before the retailer shut its doors. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. I would say its been more about maintaining, not enhancing, he said. [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. According to court records, problems at the Regency site allegedly included broken air conditioning, multiple roof leaks, minimal housekeeping and reduced security. 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. Among the new businesses that have moved into the Acadiana Mall in recent years are Bain Amour, It'z Pop-A-Licious, White Barn, Torrid, Shi Shi Boutique and Coney Island Pizza Cones and Ice Cream. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. DeSoto Square closed permanently in April, according to local news reports. Its a different market.. If the ultimate goal is to redevelop the property, criticism can occur. Filed: February 21, 2023. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. ; Filed: 02/20/2018; Received: 02/20/2018, NOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. You go in and you dont know much, he noted. For Namdar, that smells like opportunity. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. It would have required a substantial investment, and I think their model is the opposite of that.. That time is vital now as they navigate the heavy turbulence of the pandemic. 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. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. 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. But almost anything below Class A, there really has been no bid for, except for the Namdars of the world. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. But what really sets them apart is a steady stream of all-cash offers to sellers who want out. 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. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. 2:2020cv05649 - Document 32 (E.D.N.Y. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. A spokesperson for Namdar said it is actively working to fix the property. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. So theres great value there.. Soon after the sale closed, tenants allegedly began to flee. [10][11] CH Capital Group has become a partner in several acquisitions. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. Nassim is the cousin of Igals wife. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. 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. But the malls owner, Namdar Realty Group, did not disclose any of that to its tenants, a handful of retailers alleged. ; Filed: 03/12/2018; Received: 03/12/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. Find out what works well at Namdar Realty Group from the people who know best. 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. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. A sinkhole at the Northland Mall in Sterling, Illinois. RELATED:Police arrest suspect in Christmas Eve mall shooting. Companies that have increased sales while improving profit margins include Salesforce and Amazon. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. Bloomberg News recently reported on legal issues stemming from the bottom feeder strategy, while pegging Namdars personal net worth at roughly $2 billion. Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. Namdar closes fast as is, where it is, with no due diligence, Tenants and buyers have sued, saying centers are in disrepair. Lately, the team has been moving up in quality. The Class A operators are doing great, McNamara told MarketWatch. 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. Morgan Stanleys retail team of analysts forecast last October that the pandemic could force 35% of U.S. shopping malls to shut permanently. If you don't see it, please check your junk folder. Whats our next move? Ft. 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 all about the cost basis, said Cedrik Lachance, director of research at Green Street. Similar to Kohan, Namdar is another company that buys dead malls for cheap prices. The loan was provided by SCALE. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. Namdar Realty Group LLC and Igal Namdar: Case Number: 2:2020cv05649: Filed: November 19, 2020: Court: US District Court for the Eastern District of New York: Presiding Judge: Edward R Korman: Referring Judge: Anne Y Shields: Nature of Suit: Labor: Fair Standards: Cause of Action: 29 U.S.C. Tweet. The price was half of the $50 million. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. Veritas $450M loan default: A sign of things to come? At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. In October 2019, Dollar General received an order to evacuate: The fire alarm system was out of service and needed to be replaced. For big names, revenue plummeted. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. ; 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. By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. Namdar Realty Group said the transaction closed in late August. TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said more than $30 billion is required to complete unfinished petrochemical projects across the country, IRNA reported. Namdar Realty Group is a privately held investment and management firm owned by Igal Namdar. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar and Nassim make no pretense of catering to luxury consumers. In return, they want a discount. ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. And it may be natural to have issues at some mall locations, especially if theres not enough capital to make changes, industry sources say. 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. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. The canopy is peeling off the building, and its signage has fallen. [3] They will also split proprieties to sell off individual pieces. 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. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. Gated Community of The Moors in Miami Lakes. The three anchor stores remain Macy's, Dillard's and JCPenney. 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. Law360; Law360 UK . Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Real Capital tracks 134 of the Namdar Realty Groups properties and estimates that portfolio is worth about US$2.7 billion. In Los Angeles, malls got the green light that October after reopening and closing again in mid-July. Namdar declined to discuss individual cases but said such complaints are rare. You make a lot of mistakes, and you learn from every mistake on the way.. 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. Nassim handles leasing and asset management. 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. We encountered an issue signing you up. 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. The companies were sued in 2017 by a tenant, International Dcor Outlet, who claimed the owners failed to properly maintain and repair the property. 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. 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. A local mall representative could not comment on Namdars plans. The Posthaste newsletter has all the breaking business news and market signals you need, The Posthaste newsletter the business news you need, Igal Namdar: The billionaire bottom feeder who buys malls as others run away, Death of the balcony: Why an outdoor space of one's own may soon be a luxury in condoland, The CRA generally lets you claim family medical expenses not this time, Nordstrom joins the exodus of U.S. retailers from Canada: What you need to know, We are very clearly in an energy supply crisis Eric Nuttall sees return of triple-digit oil prices, 'Panic station at Fox News': How the Murdochs agonized over Trump's election loss. Mall employees and customers voiced concerns to the city, but outreach to Namdar went unanswered until the city threatened litigation, according to the emails. Its an economic drain on us because theyre not reinvesting and its a moral drain on the community, watching something that was once a vibrant center for the community falling into disrepair.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to TRD.