was up 15.4%. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [16][17] Namdar was a partner in several New York City area property purchases in 2021. Based in the upscale enclave of Great Neck, Long Island, Namdar and Mason are both family run. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. ; 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. Filed: February 21, 2023. Namdar and Nassim make no pretense of catering to luxury consumers. Last year, Namdar bought 12 more and Mason added eight. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. According to a June 2018 Reuters story, Namdar has emerged as one of the nations top 20 mall landlordsthrough an aggressive strategy that focuses largely on malls that have struggled with slowing sales and foot traffic. [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Great Neck, NY. Once in a while you come across someone who doesnt necessarily agree with what youre doing.. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. More Jersey City News -- Have something to add to this story? Today, the family is a major investor and developer of mixed-use. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. - 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. The deed was recorded Dec. 30 at the Washington County Courthouse in Fayetteville. Meyer Silber, an attorney for ML Estate, declined to comment. In College Township, Pennsylvania, Namdar owns the Nittany Mall. It's owned by Namdar Realty Group, known for aggressively acquiring dying malls and milking them for money while they keep dying. At 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. Amazing opportunity on this 3 bedrooms, 2-bathroom Home with lots of upgrades. Namdar officials, both at the company's headquarters and in Connecticut have not responded to interview requests made by Hearst Connecticut Media. If you do not agree with these terms, then do not use our website and/or services. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 01/24/2020; Received: 01/24/2020, NOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; 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. 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. NLRB National Labor Relations Board. Their strategy generally was to suck out as much money from a mall as possible, said Silber, and they try to just dump it.. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. [3][5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. But the malls owner, Namdar Realty Group, did not disclose any of that to its tenants, a handful of retailers alleged. Malls were at one point seen as the future places where people of all ages could gather and shop under a single roof. 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. Musk Made a Mess at Twitter. They primarily purchase shopping malls with partner Mason Asset Management. POTTSVILLE, PA. Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. Will His AI Plans Be Any Different? They also invested in the furniture chain formerly known as Jennifer Convertibles. I would say its been more about maintaining, not enhancing, he said. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Some may die a slow death as stores are shuttered one by one. The overflowing dumpster has become a public nuisance, according to a letter from the city to Namdar last September. For big names, revenue plummeted. 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. Get the latest business insights from Dun & Bradstreet. They have been gobbling up properties even as the market for malls shrinks and other owners and operators pull back. 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. Uncover why Namdar Realty Group is the best company for you. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Although their malls have better ratings than Kohan's malls, most have 3 s. Wed like to improve our quality but were not going to pay a crazy premium for an A-mall, Namdar said. Given that the property was slated for a redevelopment and ultimately would be demolished, this accelerated the plans for the building, the spokesperson noted. After the sale, DiNatale said township officials quickly realized they had a different vision for the site. 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. And the best part of all, documents in their CrowdSourced Library are FREE. He raised the possibility that another owner might not keep some of Namdars malls open at all. 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. I would say that we probably bid on more malls than any other company, Namdar said. ; 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. Public Records Policy. You go in and you dont know much, he noted. Case Details Parties Documents Dockets This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Why is this public record being published online? If you do not agree with these terms, then do not use our website and/or services. malls? We are specialized in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States 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 police reports. 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. There were factors that led to this, such as not having the rent to pay, he said. Visit a quote page and your recently viewed tickers will be displayed here. Subscribe now to read the latest news in your city and across Canada. 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. Because many properties remain in limbo, the worst of the crisis for mall mortgage bond investors likely has yet to come. So the community may want one thing, but economically, its not feasible.. The Voorhees Township site has since been sold to another company. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. The price was more than half the US$13 million Namdar paid for the entire mall, which names 46 other tenants on its website. You make a lot of mistakes, and you learn from every mistake on the way.. AEO, Other companies Washington Prime Group Inc., CBL & Associates Properties Inc. and Pennsylvania Real Estate Investment Trust filed for bankruptcy, raising the potential for massive portfolios to come up for sale. ; Filed: 03/23/2018; Received: 03/23/2018, DocketNOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. Court: US District Court for the Northern District of Illinois. +1.00% 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.. A welcome email is on its way. That was no accident, said Meyer Silber, ML Holdings lawyer in the case against Namdar, which is ongoing. [12][13], Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall. The Judge overseeing this case is Sanford N. Berland. 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. Namdars approach to its real estate business generally is to purchase marginally performing properties, drain them of cash and operating funds, and then sell them, the lawsuit in New York Supreme Court in Brooklyn alleged. 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. 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. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; 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. Click here to sign up for Jersey Digs' free emails and news alerts. Public Records Policy. ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: Demand for Authorizations; Filed By: Shein, J. The largely deserted mall is not a source of police complaints, Whitfield said. 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. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. A local mall representative could not comment on Namdars plans. Company profile page for Namdar Realty Group LLC including stock price, company news, press releases, executives, board members, and contact information - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. 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. Namdar declined to comment on that net worth estimate when asked by MarketWatch. Read: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal. Why is this public record being published online? Location: People at location: North America: 187: Namdar Realty Group is based in Great Neck, New York. Six years in the past, when the mall had a Igal Namdar has made a fortune buying shopping malls no one else wants. al., No. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. And the best part of all, documents in their CrowdSourced Library are FREE. -1.26%, [15] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. Namdar was founded in 1999, the same year Time named Amazons Jeff Bezos Person of the Year. When the pandemic hit, those issues were only exacerbated. 2:2020cv05649 - Document 32 (E.D.N.Y. The center was 90 percent leased at . 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. The formula for Namdar Realty Group and partner firm Mason Asset Management is to recruit down-market retailers to fill vacancies while holding down costs by limiting debt and capital-improvement spending. And now they're buying into the movie business. This home features 3 bedrooms 2 bathrooms with 1 car garage. Whats our next move? both up more than 40% on the year so far. Mall employees and customers voiced concerns to the city, but outreach to Namdar went unanswered until the city threatened litigation, according to the emails. 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. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. 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. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Find out what works well at Namdar Realty Group from the people who know best. Namdar Realty Group is a privately held, commercial real estate investment firm, owning and managing over 57 million square feet of commercial real estate throughout the United States. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. [10][11] CH Capital Group has become a partner in several acquisitions. By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [2][3][6], Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. Instead of U.S. stockholders and quarterly reports, the team keeps things simple: Namdar focuses on management side of the properties. The loan was provided by SCALE. read more Prominent Tenants Find a property 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. The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. But when the new owner took a closer look after the sale, it found things were not as they appeared. [9] Because of this low price/maintenance, they have a high return on investment. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 01/24/2020; Received: 01/24/2020, DEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The surge in retail REIT stocks comes despite a backdrop of big-picture challenges, not only from slumping retail rents and occupancy levels, but also a crush of tenant leases coming due over the next three to four years. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. Igal and Nassims strategy lately has been similar to that employed by Simon and Brookfield, which have been buying up bankrupt retailers including J.C. Penney and Brooks Brothers.

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