- filed by Law Offices of Jeffrey S. Shein & Associates, P.C. All are headquartered in Great Neck. History. It doesnt matter to us if people are selling, Igal said. During the pandemic, there have been less deals out there, Namdar said, adding that most lenders have been working with their borrowers, but also that many have been unwilling to take a big write off yet.. Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. In the meantime, a judge assigned Spinoso Real Estate Group to manage the mall while the case proceeded. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. This home features 3 bedrooms 2 bathrooms with 1 car garage. Real Capital tracks 134 of the Namdar Realty Groups properties and estimates that portfolio is worth about US$2.7 billion. [8] Most malls they purchase are in markets considered B and C grade. NOTICE OF WITHDRAWAL OF MOTION / ORDER TO SHOW CAUSE, AFFIDAVIT OR AFFIRMATION IN OPPOSITION TO ORDER TO SHOW CAUSE, RJI -RE: REQUEST FOR PRELIMINARY CONFERENCE, Cases involving other agreements or torts not classified elsewhere, 190, 1190, 2190, 3190, 4190, 4194, 5190, 5196, World Properties LLC et al - v. - Namdar Realty Group LLC, NOTICE OF WITHDRAWAL OF MOTION / ORDER TO SHOW CAUSE (Motion #3) Notice of withdrawal of Order to Show Cause without prejudice; Filed By: Gomberg, T.; Filed: 03/27/2019; Received: 03/27/2019, NOTICE OF WITHDRAWAL OF MOTION / ORDER TO SHOW CAUSE (Motion #002) Notice of withdrawal of motion without prejudice; Filed By: Gomberg, T.; Filed: 03/27/2019; Received: 03/27/2019, EXHIBIT(S) - D (Motion #3) Complaint; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, EXHIBIT(S) - C (Motion #3) 190124 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, EXHIBIT(S) - B (Motion #3) 190103 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, EXHIBIT(S) - A (Motion #3) 181205 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, AFFIDAVIT OR AFFIRMATION IN REPLY (Motion #3); Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, AFFIDAVIT OR AFFIRMATION IN OPPOSITION TO ORDER TO SHOW CAUSE (Motion #3) Affirmation in Opposition to Proposed Intervenor's OSC; Filed By: Hirschel, D.; Filed: 02/20/2019; Received: 02/20/2019, EXHIBIT(S) - E (Motion #3) Medical Record Redacted per 22 NYCRR 202.5(e); Filed By: Gomberg, T.; Filed: 01/24/2019; Received: 01/24/2019, EXHIBIT(S) - D (Motion #3) Mold Intrusion Report; Filed By: Gomberg, T.; Filed: 01/24/2019; Received: 01/24/2019, NOTE OF ISSUE:WITH JURY *Corrected* Note of Issue (with Jury); Filed By: Hirschel, D.; Filed: 08/30/2018; Received: 09/03/2018, STIPULATION - SO ORDERED; Filed By: Court User; Filed: 06/12/2018; Received: 06/12/2018, ORDER - CERTIFICATION; Filed By: Court User; Filed: 06/11/2018; Received: 06/11/2018, NOTICE OF DISCOVERY AND INSPECTION Notice of Discovery and Inspection; Filed By: Hirschel, D.; Filed: 09/29/2017; Received: 09/29/2017, ORDER - PRELIMINARY CONFERENCE; Filed By: Court User; Filed: 09/21/2017; Received: 09/21/2017, ADDENDUM - GENERAL (840A); Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, RJI -RE: REQUEST FOR PRELIMINARY CONFERENCE; Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, PRELIMINARY CONFERENCE REQUEST Request for Preliminary Conference; Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, ANSWER; Filed By: Emouna, M.; Filed: 07/26/2017; Received: 07/26/2017, SUMMONS + COMPLAINT Summons and Complaint; Filed By: Hirschel, D.; Filed: 05/04/2017; Received: 05/04/2017. 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. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. 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. Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group 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. 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. Namdar Realty Group LLC et. Once in a while you come across someone who doesnt necessarily agree with what youre doing.. Sometimes, the ownership is in conjunction with Mason Asset Management and subsidiaries. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. malls? 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. That mall now includes a senior center, Planet Fitness and large sporting goods store, Gabrovsek said. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. A welcome email is on its way. We feel that were doing very good for the communities and the properties that we own within those communities, said Masons president, Elliot Nassim. 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. [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. 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. Copyright 2023 MarketWatch, Inc. All rights reserved. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. ", "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? But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. 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. Although their malls have better ratings than Kohan's malls, most have 3 s. Joy Wiltermuth is a news editor and senior markets reporter based in San Francisco. +1.03%, They primarily purchase troubled shopping malls with partner Mason Asset Management. 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. Find Your Regional Office; FAQs; Contact Us; Espaol - 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 electrical systems, and a roach infestation that have kept tenants from moving in. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. 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. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. namdar inc. namdar llc. ; 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. Namdar declined to discuss individual cases but said such complaints are rare. [3] They will also split proprieties to sell off individual pieces. Now they rank among the biggest all-cash buyers of the nations hard-luck malls. So theres great value there.. If you like this story sign up for FP Work Newsletter. Click here to sign up for Jersey Digs' free emails and news alerts. 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. Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. They primarily purchase shopping malls with partner Mason Asset Management. He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. I would say that we probably bid on more malls than any other company, Namdar said. The development has an estimated cost of . - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [12][13], Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall. [15] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. The mall looks abandoned, but isnt. There were factors that led to this, such as not having the rent to pay, he said. ; 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. That kind of footprint puts them in league with Macerich Co. Nassim brought in the national tenants and managed to fill spaces that brokers couldnt, Igal said. Plaintiff: SHONAUGH MALCOLM, NAMDAR REALTY GROUP LLC, MASON ASSET MANAGEMENT INC. and PLACEWISE LLC. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. Igal Namdar has made a fortune buying shopping malls no one else wants. Ft. Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. Similar to Kohan, Namdar is another company that buys dead malls for cheap prices. 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. In New York City, malls lost half a year to the pandemic before being permitted to reopen in September. Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. According to court records, problems at the Regency site allegedly included broken air conditioning, multiple roof leaks, minimal housekeeping and reduced security. 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. Trumbull Economic and Development Director Rina Bakalar said the recent sale of the mall by Paris-based Unibail-Rodamco . Namdar Realty Group is based in Great Neck, New York. namdar. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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. The overflowing dumpster has become a public nuisance, according to a letter from the city to Namdar last September. 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. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. 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. If you don't see it, please check your junk folder. Namdar has not returned phone calls and emails seeking comment on their plans for the Acadiana Mall. 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. But what really sets them. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. Namdar Realty Group is based in Great Neck, New York. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. For Sale Price: $609000 | 3 bed, 2 bath, 7875 Sq. (Dec. 6), Police arrest suspect in Christmas Eve mall shooting, Court records show Acadiana Mall sought thousands from former tenants, Your California Privacy Rights/Privacy Policy. Why is this public record being published online? We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. 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 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. 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. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. From the memories of get. 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. ; Filed: 03/12/2018; Received: 03/12/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. 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. 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. SPG, While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. The Judge overseeing this case is Sanford N. Berland. Law360; Law360 UK . Last year, Namdar bought 12 more and Mason added eight. ; Filed: 11/12/2019; Received: 11/12/2019, DocketNOTICE OF DISCOVERY AND INSPECTION Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. That compares with a 18.4% gain for the S&P 500 Index The Acadiana Mall was owned by CBL Properties for several years. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. After the sale, DiNatale said township officials quickly realized they had a different vision for the site. We encountered an issue signing you up. We see that a lot of these malls are being sold by lenders, said Igal Namdar, the companys president, in an interview with MarketWatch. In College Township, Pennsylvania, Namdar owns the Nittany Mall. 2:2020cv05649 - Document 32 (E.D.N.Y. Wed like to improve our quality but were not going to pay a crazy premium for an A-mall, Namdar said. Those As get to be too crazy. ; Filed: 01/24/2020; Received: 01/24/2020, DEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. DeSoto Square closed permanently in April, according to local news reports. 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. They primarily purchase shopping malls with partner Mason Asset Management. 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. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. 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. That was no accident, said Meyer Silber, ML Holdings lawyer in the case against Namdar, which is ongoing. As we build our portfolio, we want to constantly improve the quality by having better assets.. In 2019, Namdar bought 30 properties and Mason acquired 23. Is it where my wife would shop? Nassim said about their properties. 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. 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. The Green Street Commercial Property Price Index has mall values down 18% since before the pandemic. Lately, the team has been moving up in quality. The mall went into foreclosure in . Visit a quote page and your recently viewed tickers will be displayed here. Read More. 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. Namdar Realty Group owns eight malls in Illinois, including the Ford City Mall in Chicago, according to its website. Curiously, Namdar and Mason continue to fly under the radar. In October 2019, Dollar General received an order to evacuate: The fire alarm system was out of service and needed to be replaced. +1.17% Read: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal. 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. What is the alternative for the retailers who rent from them?. Case Details Parties Documents Dockets. The Voorhees Township site has since been sold to another company. Based in the upscale enclave of Great Neck, Long Island, Namdar and Mason are both family run. Upset communities allege that Namdar and Mason are looking to turn a profit by not investing in their malls. Much has been written about the death of American mall, including recently by the New York Times in an article that notes the deep nostalgia many people have for local malls, even as many property owners have been struggling for years to keep the lights on. 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. 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. The group also included DW Partners LP and Washington Prime Group. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. Their first purchase, in 2012, was the DeSoto Square Mall in .