"When you own 100 retail properties, of course you're going to have people having complaints. 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. . They primarily purchase troubled shopping malls with partner Mason Asset Management. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. But he still sees the problem as too much debt on lower quality properties financed years ago, when mall valuations were pegged at much higher levels. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. And we are out there looking all the time for opportunities to purchase better assets than when we first started, Namdar told MarketWatch. That compares with a 18.4% gain for the S&P 500 Index POTTSVILLE, PA. Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. 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. The Class A operators are doing great, McNamara told MarketWatch. In a nutshell, theirs is a bet that any mall can produce a profit, if the price paid is less than cash coming in from tenant leases. Hope Baptist Church and Midwest Clearance Centers filed separate lawsuits in St. Louis County Circuit Court against Namdar Realty Group and St. Louis Retail Outlet LLC, an entity affiliated. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. You make a lot of mistakes, and you learn from every mistake on the way.. 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.. June 21, 2021. in General News, Northeast. On 05/04/2017 World Properties LLC filed a Contract - Other Contract lawsuit against Namdar Realty Group LLC. The Voorhees Township site has since been sold to another company. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. ; Filed: 03/12/2018; Received: 03/12/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. Namdar and Nassim make no pretense of catering to luxury consumers. Soon after the sale closed, tenants allegedly began to flee. -1.26%, ; 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. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. RELATED:Court records show Acadiana Mall sought thousands from former tenants. Photographer: Max Marbut/Jacksonville Daily Record. 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. Namdar Realty Group Reviews Updated Jan 27, 2023 Find Reviews Clear All Full-time, Part-time English Filter Found 25 of over 26 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Most Recent Oldest First 2.4 28 % Recommend to a Friend 12 % Approve of CEO Igal Namdar 9 Ratings There are no pros to display at this time. Some of the properties are owned by one and managed by the other, and some are owned by both. 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. The financial issues tied to struggling U.S. malls already runs into the billions. 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. the proactive techniques for administration professionals by using a service quality lens to address administration and management concepts in all areas of the criminal So the community may want one thing, but economically, its not feasible.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Is it where my wife would shop? Nassim said about their properties. The deed was recorded Dec. 30 at the Washington County Courthouse in Fayetteville. If Namdar wasnt the owner of these properties, would it mean that certain areas would be underserved? - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. namdar realty group llc. read more Prominent Tenants Find a property +1.61% ; 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. Thats what these ETF managers are aiming for with an AI-aided strategy. We ask you to keep your comments relevant and respectful. By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. Nassim brought in the national tenants and managed to fill spaces that brokers couldnt, Igal said. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Now they rank among the biggest all-cash buyers of the nations hard-luck malls. 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. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. 2:2020cv05649 - Document 32 (E.D.N.Y. Gated Community of The Moors in Miami Lakes. 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. [16][17] Namdar was a partner in several New York City area property purchases in 2021. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. [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. 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. On August 27, 2018, Alexander S. Rusek filed an appearance as counsel for Holiday Park Realty and Igal Namdar and noted that Igal Namdar does not do business as "Igal Namdar d/b/a Namdar Realty Group." Rusek filed a motion to set aside the default judgment and the circuit court agreed that it lacked personal jurisdiction over Igal Namdar. -0.17% RELATED:Police arrest suspect in Christmas Eve mall shooting. Namdar, who got his start in real estate using money from his family's jewelry business, said he clinched his first mall deal that year with Nassim by acquiring Desoto Square Mall for $24.6. Six years in the past, when the mall had a 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. 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. If youre buying to harvest cash and not reinvest, it will work.. Filed: February 21, 2023. Finally, one place to get all the court documents we need. View 8012 W 14th Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S. 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. It doesnt matter to us if people are selling, Igal said. And the best part of all, documents in their CrowdSourced Library are FREE. ; Filed: 02/20/2018; Received: 02/20/2018, DocketSTATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. If you do not agree with these terms, then do not use our website and/or services. At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. 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. Cancellation and Refund Policy, Privacy Policy, and Area real estate experts agree that the retail period for the property is . This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. -0.16%. [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. 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: 03/12/2018; Received: 03/12/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. An REO property is one where a property is owned by a lenderbecause it failed to sell in a foreclosure auction after the borrower defaulted on the mortgage. The Long Island, New York-based real estate investment firm has about 54 million square feet across the country. Since 2000, the company has invested in over 2,000,000 square feet in commercial real estate in. 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's actions in New Jersey appear to be opposite of their statements that malls can remain viable. [3][5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Copyright 2023 MarketWatch, Inc. All rights reserved. The overflowing dumpster has become a public nuisance, according to a letter from the city to Namdar last September. Namdar Realty Group Profile and History. Companies that have increased sales while improving profit margins include Salesforce and Amazon. 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. 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, 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, Prince Harry, Meghan Markle asked to leave U.K. home, Real estate investor pleads guilty to stealing $3M, Massive unbuilt Arizona estate asks record $75M, Amazon hits brakes on construction of second headquarters. Namdar Realty Group corporate office is located in 150 Great Neck Rd Ste 304, Great Neck, New York, 11021, United States and has 203 employees. Properties that are marked for redevelopment are few and far between, so we maintain our assets.. There was an error, please provide a valid email address. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Public Records Policy. Visit our Community Guidelines for more information and details on how to adjust your email settings. Namdar Realty Group LLC et. Lately, the team has been moving up in quality. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. SPX, UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdars bet is that he can pay a small enough price to outrun the decline. The canopy is peeling off the building, and its signage has fallen. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. Sticker shock: Ranking South Floridas priciest residential rentals, Here are Chicago's top 10 construction permits issued in May. Menu. namdar realty inc. Namdar Realty Group Global Presence. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. The lawsuit was later voluntarily dismissed. 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. Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. The case remains pending in a Florida circuit court. 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. 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. Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. KIM, ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. They said it all sounded great but they had no interest in doing any of those things because it would require them to make a substantial investment, DiNatale said of Namdar. He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. +1.17% namdar. Real Capital tracks 134 of the Namdar Realty Groups properties and estimates that portfolio is worth about US$2.7 billion. Cancellation and Refund Policy, Privacy Policy, and 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. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. Read More. ; Filed: 03/23/2018; Received: 03/23/2018, DocketNOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. When the pandemic hit, those issues were only exacerbated. ", "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 said the transaction closed in late August. A peek into the mysterious, 'reluctant' head of Canada's richest family, Jeff Bezos just lost $13.5-billion thanks to Amazon's disappointing earnings, Who's Pan Dong? The two talk every day, brainstorming their next moves, and see each other on weekends. U.S. mall values have plunged 46 per cent from their 2017 peak, including an 18 per cent drop since the COVID-19 pandemic started, according to real estate information service Green Street. Despite carrying significant expenses for security, waste disposal, landscaping and parking lot repairs on its books, the mall was in poor condition, and its gross income was slashed from $6 million to $4 million, ML Holdings claimed. After the sale, DiNatale said township officials quickly realized they had a different vision for the site. The case status is Disposed - Dismissed. The center was 90 percent leased at . Unauthorized distribution, transmission or republication strictly prohibited. Case Details Parties Documents Dockets. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. And when the electricity went out in one part of the mall in June 2017, it took Namdar four months to restore power, a local church claimed in a third lawsuit. 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. Igal Namdar has made a fortune buying shopping malls no one else wants. Others will be demolished by their owners. 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.