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; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. ; 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. Law360; Law360 UK . Subscribe now to read the latest news in your city and across Canada. DeSoto Square closed permanently in April, according to local news reports. In addition to buying properties, the company has acquired potential tenants. Some may die a slow death as stores are shuttered one by one. Namdar and the subsidiaries said they would fix the air conditioning and leaking problems, but allegedly never did so. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. 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. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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 . ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group Sometimes, the ownership is in conjunction with Mason Asset Management and subsidiaries. Case Details Parties Documents Dockets Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. We ask you to keep your comments relevant and respectful. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. Real Capital tracks 134 of the Namdar Realty Groups properties and estimates that portfolio is worth about US$2.7 billion. 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. Buyer Lawsuit. Looking for stock dividends of 9% to 11%? Lately, the team has been moving up in quality. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, I would say its been more about maintaining, not enhancing, he said. and Kimco Realty Corp. That time is vital now as they navigate the heavy turbulence of the pandemic. Single Family Residential. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. We have enabled email notificationsyou will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. As we build our portfolio, we want to constantly improve the quality by having better assets.. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. Compare pay for popular roles and read about the team's work-life balance. Will His AI Plans Be Any Different? ; Filed: 03/23/2018; Received: 03/23/2018. ; Filed: 12/11/2019; Received: 12/11/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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. 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. But there have been new openings as well. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. "When you own 100 retail properties, of course you're going to have people having complaints. ; 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. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". Beautiful remodeled single family home in Palm Springs Lakes community with no association. read more Prominent Tenants Find a property 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. Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Hanover, PA. Get the latest business insights from Dun & Bradstreet. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. +1.00% Thats what these ETF managers are aiming for with an AI-aided strategy. 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. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. [2][5] Voorhees Town Center was having maintenance and security issues the same year. This advertisement has not loaded yet, but your article continues below. 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. A sinkhole at the Northland Mall in Sterling, Illinois. The center was 90 percent leased at . [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. They also invested in the furniture chain formerly known as Jennifer Convertibles. Given that the property was slated for a redevelopment and ultimately would be demolished, this accelerated the plans for the building, the spokesperson noted. +1.61% Finally, one place to get all the court documents we need. The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The overflowing dumpster has become a public nuisance, according to a letter from the city to Namdar last September. 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. [1][20] Due to a fee issue, the attempt failed, and Bon-Ton liquidated. In part, thats because financials could continue to head downhill for many lower-quality mall owners. Tweet. The loan was provided by SCALE. 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. No court date has been set yet. 2:2020cv05649 - Document 32 (E.D.N.Y. 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. If you are a Home delivery print subscriber, unlimited online access is. 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 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. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. namdar. For Sale Price: $609000 | 3 bed, 2 bath, 7875 Sq. Dozens of retailers have filed for Chapter 11 in the past year, including mall staples such as J.C. Penney and Ascena Retail Group. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. And we are out there looking all the time for opportunities to purchase better assets than when we first started, Namdar told MarketWatch. 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 . ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: Demand for Authorizations; Filed By: Shein, J. A local mall representative could not comment on Namdars plans. That compares with a 18.4% gain for the S&P 500 Index Namdar declined to comment on that net worth estimate when asked by MarketWatch. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Visit a quote page and your recently viewed tickers will be displayed here. 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. DiNatale said the township has several ideas for the mall, including adding arcade games, beer gardens, a bowling alley, rock-climbing walls and other amenities. From New York, NAMDAR is trying to control how a local business (Coltons Social House) in Clovis CA is operating a restaurant. Based in the upscale enclave of Great Neck, Long Island, Namdar and Mason are both family run. 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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. MALCOLM et al. Others, like Macys and Gap, have decided to pull out of malls altogether. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. malls? You make a lot of mistakes, and you learn from every mistake on the way.. Filed: February 21, 2023. Companies that have increased sales while improving profit margins include Salesforce and Amazon. Our goal is to stick to those B and B-plus assets. namdar realty group. 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. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. They primarily purchase shopping malls with partner Mason Asset Management. [16][17] Namdar was a partner in several New York City area property purchases in 2021. Namdar Realty Group LLC et. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. for the year as of Tuesday, while the Dow Jones Industrial Average 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. A purchase price was not disclosed. If you like this story sign up for FP Work Newsletter. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . The mall went into foreclosure in . 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. ; 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. 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.. The mall looks abandoned, but isnt. He raised the possibility that another owner might not keep some of Namdars malls open at all. Single Family Residential. The Namdar team hopes more, higher quality malls will keep shaking loose. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Namdar Realty Group is based in Great Neck, New York. Click here to sign up for Jersey Digs' free emails and news alerts. The Judge overseeing this case is Sanford N. Berland. If you do not agree with these terms, then do not use our website and/or services. Malls were at one point seen as the future places where people of all ages could gather and shop under a single roof. 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. was up 15.4%. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. SPG, What is the alternative for the retailers who rent from them?. 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. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. Location: People at location: North America: 187: ; Filed: 02/20/2018; Received: 02/20/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Cavalier, D.; Filed: 02/05/2018; Received: 02/05/2018, SUMMONS + COMPLAINT; Filed By: Cavalier, D.; Filed: 01/24/2018; Received: 01/24/2018, DocketRESPONSE TO DEMAND For Bill of Particulars; Filed By: Mccarthy, B.; Filed: 03/03/2020; Received: 03/03/2020, DocketRESPONSE TO DEMAND Response to Notice for Discovery & Inspection (of Northeastern Flooring & Construction, Inc.); Filed By: Shein, J. Melrose set to keep tight grip on GKN spin-off,The demerger will be the latest move by Melrose after it snapped up engineering giant GKN for 8.1billion in a viciously fought takeover in 2018. Please try again. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. In return, they want a discount. Menu. The pandemic also isnt over yet, including in the U.S., where COVID hospitalizations have been climbing, despite widespread availability of vaccines for adults, raising concerns around the recovery. If there are issues, we deal with them," Namdar told Reuters. The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. But what really sets them. Nassim handles leasing and asset management. Similar to Kohan, Namdar is another company that buys dead malls for cheap prices. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. ; Filed: 10/23/2019; Received: 10/23/2019, DocketDEMAND FOR: Demand for Authorizations; Filed By: Shein, J. Namdar Realty Group said the transaction closed in late August. Comments may take up to an hour for moderation before appearing on the site. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Trumbull Economic and Development Director Rina Bakalar said the recent sale of the mall by Paris-based Unibail-Rodamco . 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. A rising variety of individuals will move via the doorways of the Bangor Mall within the coming weeks and months to get pleasure from theater, music, gaming and different leisure points of interest which can be beginning to rival retail facilities on the mall. Is it where my wife would shop? Nassim said about their properties. ; Filed: 02/20/2018; Received: 02/20/2018, NOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. Igal Namdar has made a fortune buying shopping malls no one else wants. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Visit our Community Guidelines for more information and details on how to adjust your email settings. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. Why is this public record being published online? [2][3][6], Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. The canopy is peeling off the building, and its signage has fallen. Namdar Realty Group is a privately held investment and management firm owned by Igal Namdar. Mall employees and customers voiced concerns to the city, but outreach to Namdar went unanswered until the city threatened litigation, according to the emails. 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. They have been gobbling up properties even as the market for malls shrinks and other owners and operators pull back. Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. As Namdar rushes to acquire more properties, some worry that the ones it owns are being left behind. 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. 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. Because many properties remain in limbo, the worst of the crisis for mall mortgage bond investors likely has yet to come. 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. -0.16%. 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. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. Namdar ultimately traded the property to ML Holdings for $25.5 million.