Why is this public record being published online? In addition to buying properties, the company has acquired potential tenants. 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: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. Namdar and Nassim make no pretense of catering to luxury consumers. Sometimes, the. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. 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. 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. ; 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. 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. You go in and you dont know much, he noted. 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.. Find Your Regional Office; FAQs; Contact Us; Espaol If the ultimate goal is to redevelop the property, criticism can occur. What is the alternative for the retailers who rent from them?. That time is vital now as they navigate the heavy turbulence of the pandemic. [3] They will also split proprieties to sell off individual pieces. Based in the upscale enclave of Great Neck, Long Island, Namdar and Mason are both family run. Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. RELATED:Police arrest suspect in Christmas Eve mall shooting. Subscribe now to read the latest news in your city and across Canada. Namdars bet is that he can pay a small enough price to outrun the decline. Los Angeles, CA 90071 Term Loan6 Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said more than $30 billion is required to complete unfinished petrochemical projects across the country, IRNA reported. The Voorhees Township site has since been sold to another company. Case Summary. A spokesperson for Namdar said it is actively working to fix the property. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Gorjian said some ideas included trampoline parks, skating rinks, call centers or technology storage companies. [8] Most malls they purchase are in markets considered B and C grade. Nassim is the cousin of Igals wife. From media and technology to finance and real estate, leagues and teams across the globe have matured into far more than just back page entertainment. We earn $400,000 and spend beyond our means. That kind of footprint puts them in league with Macerich Co. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. namdar realty group. At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. This home features 3 bedrooms 2 bathrooms with 1 car garage. 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 closes fast as is, where it is, with no due diligence, Tenants and buyers have sued, saying centers are in disrepair. Filed: February 21, 2023. China Seeks Peaceful Reunification With Taiwan in Key Report, Second Norfolk Southern Train Derails in Ohio in a Month, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Rivian Tells Staff EV Output May Be 24% More Than Forecast, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Trump Vows to Finish Mission, Cements Dominance Over CPAC, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Six years in the past, when the mall had a June 21, 2021. in General News, Northeast. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. 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 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. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. The next issue of FP Investor will soon be in your inbox. ; 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. 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 by Law Offices of Jeffrey S. Shein & Associates, P.C. AEO, ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Email tips@jerseydigs.com. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. The three anchor stores remain Macy's, Dillard's and JCPenney. 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. Upset communities allege that Namdar and Mason are looking to turn a profit by not investing in their malls. 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. Public Records Policy. Namdar and the subsidiaries denied all allegations in court filings. I would say its been more about maintaining, not enhancing, he said. Once in a while you come across someone who doesnt necessarily agree with what youre doing.. Compare pay for popular roles and read about the team's work-life balance. Last year, Namdar bought 12 more and Mason added eight. Our goal is to stick to those B and B-plus assets. Case Number: 1:2023cv01044. 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. 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. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. 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. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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.. In College Township, Pennsylvania, Namdar owns the Nittany Mall. The case status is Disposed - Dismissed. 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. Sears closed in 2017 as the company shuttered hundreds of stores amid low sales. According to court records, problems at the Regency site allegedly included broken air conditioning, multiple roof leaks, minimal housekeeping and reduced security. 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. The company eventually reached an agreement with its creditors. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. Visit our Community Guidelines for more information and details on how to adjust your email settings. Namdars spokesperson blamed hastily completed contracting work that Sears had commissioned a number of years back, before the retailer shut its doors. Case Details Parties Documents Dockets In return, they want a discount. If you don't see it, please check your junk folder. 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. But there have been new openings as well. 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. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. [3] Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. articles a month for anyone to read, even non-subscribers! More Jersey City News -- Have something to add to this story? 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 . As Namdar rushes to acquire more properties, some worry that the ones it owns are being left behind. Communities often want the world. 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. ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: Demand for Authorizations; Filed By: Shein, J. 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.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Will His AI Plans Be Any Different? 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? Nassim handles leasing and asset management. namdar realty inc. Namdar Realty Group Global Presence. ; Filed: 02/20/2018; Received: 02/20/2018, DocketNOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. But what really sets them. Public Records Policy. Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. Plaintiff: SHONAUGH MALCOLM, NAMDAR REALTY GROUP LLC, MASON ASSET MANAGEMENT INC. and PLACEWISE LLC. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. DeSoto Square closed permanently in April, according to local news reports. The two talk every day, brainstorming their next moves, and see each other on weekends. Last year, Namdar and Mason paid US$12 million to buy cinema chain Goodrich Quality Theaters Inc. out of bankruptcy. We are a very low leverage company. +1.00% Find out what works well at Namdar Realty Group from the people who know best. Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. ; Filed: 01/24/2020; Received: 01/24/2020, NOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. For Namdar, that smells like opportunity. ; Filed: 03/23/2018; Received: 03/23/2018. 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. A purchase price was not disclosed. Real Capital tracks 134 of the Namdar Realty Groups properties and estimates that portfolio is worth about US$2.7 billion. Meyer Silber, an attorney for ML Estate, declined to comment. Joy Wiltermuth is a news editor and senior markets reporter based in San Francisco. 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. Igal Namdar has made a fortune buying shopping malls no one else wants. This case was filed in Nassau County Courts, Supreme Court located in Washington, New York. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. When the pandemic hit, those issues were only exacerbated. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Musk Made a Mess at Twitter. 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. NAMDAR REALTY GROUP 150 GREAT NECK ROAD SUITE 304 GREAT NECK, NY 11021 Tel: 516.773.0010 Fax: 516.773.0030 OFFICE HOURS MONDAY - FRIDAY 9:00AM - 6:00PM EST [email protected] Namdar owns and operates retail property throughout the United States. The case status is Pending - Other Pending.