- filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. The companies operate jointly: Namdar handles most of the finances, while Mason focuses on leasing. They have been gobbling up properties even as the market for malls shrinks and other owners and operators pull back. The company also owns the Meriden and Enfield malls. [8] Most malls they purchase are in markets considered B and C grade. Will His AI Plans Be Any Different? [3][5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. URW confirmed that the malls were sold to Mason Asset Management and Namdar Realty Group, a privately held commercial real estate investment and management firm. As a result, a build-up of moisture caused the chiller pipes to rip through the ceiling, destroying the tiles, dry wall and floor, according to the church. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. Tweet. 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. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. A local mall representative could not comment on Namdars plans. A certificate of occupancy was never issued, and the leaks caused two electrical fires, according to another lawsuit filed against the property by the Jacksonville Automotive and Motorcycle Museum. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. 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.. Please try again. Other alleged problems at the Regency, according to the lawsuit, included insects in the common areas and a reduction in the number and hours of security personnel at the site. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar ultimately traded the property to ML Holdings for $25.5 million. Why is this public record being published online? They primarily purchase troubled shopping malls with partner Mason Asset Management. As we build our portfolio, we want to constantly improve the quality by having better assets.. I would say that we probably bid on more malls than any other company, Namdar said. Namdar also recently hired a director of redevelopment with plans to repurpose some of the partnerships properties. Namdar and Nassim make no pretense of catering to luxury consumers. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. In October 2019, Dollar General received an order to evacuate: The fire alarm system was out of service and needed to be replaced. -1.26%, Several market experts pointed to Nadmar and Nassim as among the sectors biggest cash mall buyers. [3] Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 2020-02-15 14:18 Iranian banks' foreign assets up over 17% ; 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. 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. 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. 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: 11/12/2019; Received: 11/12/2019, NOTICE OF DISCOVERY AND INSPECTION Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. If youre buying to harvest cash and not reinvest, it will work.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Upset communities allege that Namdar and Mason are looking to turn a profit by not investing in their malls. Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. A spokesperson for Namdar said it is actively working to fix the property. And it has to be all cash.. and others, come up for renewal. But almost anything below Class A, there really has been no bid for, except for the Namdars of the world. The three anchor stores remain Macy's, Dillard's and JCPenney. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. ; 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. If you don't see it, please check your junk folder. That mall now includes a senior center, Planet Fitness and large sporting goods store, Gabrovsek said. Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. But there have been new openings as well. Area real estate experts agree that the retail period for the property is . Namdars bet is that he can pay a small enough price to outrun the decline. Looking for stock dividends of 9% to 11%? While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. You make a lot of mistakes, and you learn from every mistake on the way.. Finally, one place to get all the court documents we need. Namdar Realty Group is a privately held investment and management firm owned by Igal Namdar. For Sale Price: $609000 | 3 bed, 2 bath, 7875 Sq. 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 by Law Offices of Jeffrey S. Shein & Associates, P.C. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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? 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. This home features 3 bedrooms 2 bathrooms with 1 car garage. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". -0.16%. namdar realty group. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The companies were sued in 2017 by a tenant, International Dcor Outlet, who claimed the owners failed to properly maintain and repair the property. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. namdar. The price was half of the $50 million. -0.17% The company eventually reached an agreement with its creditors. Its all about the cost basis, said Cedrik Lachance, director of research at Green Street. Most of the [malls] are built in prime locations, Igal said. Public Records Policy. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. 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. Once in a while you come across someone who doesnt necessarily agree with what youre doing.. The Long Island, New York-based real estate investment firm has about 54 million square feet across the country. Namdar has not returned phone calls and emails seeking comment on their plans for the Acadiana Mall. Click here to sign up for Jersey Digs' free emails and news alerts. Namdars spokesperson said the company has worked diligently to repair the storm drain and any remaining issues surrounding the collapse. Namdar Realty Group LLC and Mason Asset Management Inc., frequent partners in real estate acquisitions, are behind the purchase, along with CH Capital Group. 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. Cancellation and Refund Policy, Privacy Policy, and 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. If there are issues, we deal with them," Namdar told Reuters. They primarily purchase troubled shopping malls with partner Mason Asset Management. Photographer: Max Marbut/Jacksonville Daily Record. [2][3][6], Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. Namdar Realty Group LLC and Igal Namdar: Case Number: 2:2020cv05649: Filed: November 19, 2020: Court: US District Court for the Eastern District of New York: Presiding Judge: Edward R Korman: Referring Judge: Anne Y Shields: Nature of Suit: Labor: Fair Standards: Cause of Action: 29 U.S.C. After the sale, DiNatale said township officials quickly realized they had a different vision for the site. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Similar to Kohan, Namdar is another company that buys dead malls for cheap prices. Some may die a slow death as stores are shuttered one by one. 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 Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. ; Filed: 10/23/2019; Received: 10/23/2019, DocketDEMAND FOR: Demand for Authorizations; Filed By: Shein, J. Visit a quote page and your recently viewed tickers will be displayed here. for the year as of Tuesday, while the Dow Jones Industrial Average Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. That wasnt their plan, DiNatale said. The group also included DW Partners LP and Washington Prime Group. 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. 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. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. [10][11] CH Capital Group has become a partner in several acquisitions. Igal Namdar has made a fortune buying shopping malls no one else wants. Sometimes, the. NLRB National Labor Relations Board. Find out what works well at Namdar Realty Group from the people who know best. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. Nassim is the cousin of Igals wife. And now they're buying into the movie business. Menu. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. LONG ISLAND'S FINEST LANDSCAPING AND CONSTRUCTION CORP. JEFFREY S SHEIN (0218-3640-RLI) FRANK A. POLACCO, RESPONSE TO DEMAND For Bill of Particulars; Filed By: Mccarthy, B.; Filed: 03/03/2020; Received: 03/03/2020, RESPONSE TO DEMAND Response to Notice for Discovery & Inspection (of Northeastern Flooring & Construction, Inc.); Filed By: Shein, J. The Green Street Commercial Property Price Index has mall values down 18% since before the pandemic. Searching articles in Namdar Realty Group Llc x Sign In | | | Close. Companies that have increased sales while improving profit margins include Salesforce and Amazon. Uncover why Namdar Realty Group is the best company for you. ; 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. In New York City, malls lost half a year to the pandemic before being permitted to reopen in September. But the malls owner, Namdar Realty Group, did not disclose any of that to its tenants, a handful of retailers alleged. Nassim handles leasing and asset management. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. 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. Updated at at 11:28 p.m. on Feb. 18, 2022 with Brad Namdar's response to the Secretary of State.. Dallas congressional candidate Brad Namdar's business has been suspended from a state anti . In addition to buying properties, the company has acquired potential tenants. Why is this public record being published online? At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. If the ultimate goal is to redevelop the property, criticism can occur. 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 Mason are both family owned, and as of 2021, own over 400 properties including 1 00 plus malls. Namdar Group has secured $195 million in financing for the land acquisition and the construction of Namdar Towers, a development located in downtown Miami. 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. If you are a Home delivery print subscriber, unlimited online access is. We brought them here on several occasions and went over things, and it was pretty obvious from the onset that they really didnt have any vision for anything we were looking to do. (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. The Voorhees Township site has since been sold to another company. While we cannot say much on the matters related to the Midtown DeSoto Square Mall, it has been made public that we sold the property in early 2017, Namdars spokesperson said. ; Filed: 03/12/2018; Received: 03/12/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. 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. View 8012 W 14th Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. That was no accident, said Meyer Silber, ML Holdings lawyer in the case against Namdar, which is ongoing. ; Filed: 03/23/2018; Received: 03/23/2018. ; Filed: 02/20/2018; Received: 02/20/2018, NOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. Law360; Law360 UK . 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.. Namdar and Mason have been acquiring smaller, distressed, local retailers, including a Midwest movie theater chain that filed for bankruptcy last year. The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to TRD. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. +1.61% We see that a lot of these malls are being sold by lenders, said Igal Namdar, the companys president, in an interview with MarketWatch. Richard Pelzer II. MALCOLM et al. 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. Namdar Realty Group is based in Great Neck, New York. Many of those properties have been beset by allegations of shoddy maintenance, including claims of leaky roofs, broken electrical systems, and a roach infestation at . In College Township, Pennsylvania, Namdar owns the Nittany Mall. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Sears closed in 2017 as the company shuttered hundreds of stores amid low sales. Among the new businesses that have moved into the Acadiana Mall in recent years are Bain Amour, It'z Pop-A-Licious, White Barn, Torrid, Shi Shi Boutique and Coney Island Pizza Cones and Ice Cream. Case Details Parties Documents Dockets [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. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. Namdar Realty Group Profile and History. He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. Its an economic drain on us because theyre not reinvesting and its a moral drain on the community, watching something that was once a vibrant center for the community falling into disrepair.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Ft. 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.. 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. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010. In the 2018 Reuters story, Namdar President Igal Namdar spoke broadly about how the company deals with problems. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Nassim handles leasing and asset management. Namdar and the subsidiaries denied all allegations in court filings. Find Your Regional Office; FAQs; Contact Us; Espaol 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. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. Meyer Silber, an attorney for ML Estate, declined to comment. More Jersey City News -- Have something to add to this story? "When you own 100 retail properties, of course you're going to have people having complaints. Their first purchase, in 2012, was the DeSoto Square Mall in . al., No. malls? was up 15.4%. Filed: February 21, 2023. If you like this story sign up for FP Work Newsletter. namdar inc. namdar llc. 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. Others, like Macys and Gap, have decided to pull out of malls altogether. Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. 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. 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. Namdar's actions in New Jersey appear to be opposite of their statements that malls can remain viable. ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S.