So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. [3] They will also split proprieties to sell off individual pieces. 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. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". 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. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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.. KIM, Instead of U.S. stockholders and quarterly reports, the team keeps things simple: Namdar focuses on management side of the properties. 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. 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. Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010. Communities often want the world. June 21, 2021. in General News, Northeast. They also invested in the furniture chain formerly known as Jennifer Convertibles. Namdar and Nassim make no pretense of catering to luxury consumers. 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. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. Like dozens of other traditional malls, the Acadiana Mall has seen its share of struggles in recent years. [2][5] Voorhees Town Center was having maintenance and security issues the same year. Whats our next move? Namdar's actions in New Jersey appear to be opposite of their statements that malls can remain viable. 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 . He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. Find Your Regional Office; FAQs; Contact Us; Espaol Public Records Policy. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. 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. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group is based in Great Neck, New York. namdar realty group. Many once online-only retailers are moving into the suburban mall, finding value in the traditional store but offering experiences tailored to their customers. POTTSVILLE, PA. Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. and Kimco Realty Corp. Area real estate experts agree that the retail period for the property is . 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. ; Filed: 02/20/2018; Received: 02/20/2018, DocketANSWER; 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. Public Records Policy. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. NLRB National Labor Relations Board. New York-based Namdar Realty Group revealed Monday that it recently bought the Berkshire Mall in Wyomissing from Allied Retail Properties. 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. More Jersey City News -- Have something to add to this story? Namdar purchased the mall portion of theVoorhees Town Center there after the township put together a package of ideas to transform the mall into more of an entertainment hub. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. At the same property, Impact Church of Jacksonville accused managers of avoiding upkeep, making the building look abandoned. Impact paid US$7.4 million in 2016 to buy a former Belk department store on the site, where it now runs a school as well as a church. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. 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. articles a month for anyone to read, even non-subscribers! And it may be natural to have issues at some mall locations, especially if theres not enough capital to make changes, industry sources say. We ask you to keep your comments relevant and respectful. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The financial issues tied to struggling U.S. malls already runs into the billions. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. They primarily purchase troubled shopping malls with partner Mason Asset Management. No one doubts the best U.S. malls will survive and even thrive once the pandemic carnage plays out, said Daniel McNamara, a principal at MP Securitized Credit Partners. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. Richard Pelzer II. al., No. . Photographer: Max Marbut/Jacksonville Daily Record. In New York City, malls lost half a year to the pandemic before being permitted to reopen in September. The governments release Tuesday of July U.S. retail sales showed a sharp 1.1% drop on a monthly basis, underscoring anxieties tied to the delta variant of the coronavirus, but also a shift in priorities from goods to services, James Knightley, INGs chief international economist, wrote in emailed comments. namdar inc. namdar llc. We are specialized in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States Why microchips could make or break the electric vehicle revolution, Medicare just crushed the hopes of 750,000 Alzheimers patients a year, These 24 tech stocks stand out now as the FAANGs fade, With the 10-year Treasury topping 4%, its time to start dipping your toes in, says Wamco. TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said more than $30 billion is required to complete unfinished petrochemical projects across the country, IRNA reported. Over time, you do become what youre perceived, Cushman and Wakefield Vice Chair Mark Gilbert said of Namdar in a 2018 interview with Reuters. Mehdi Bolour faces 25 criminal charges over illegally rented Hollywood building. About $4.6 billion of U.S. shopping center debt has been pegged to likely deed-in-lieu of foreclosure events, liquidations or real estate owned (REO) properties, according to a list compiled by Bill Petersen, co-founder of CREDiQ, a commercial real estate analytics firm. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. [2][3][6], Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. 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. RELATED:Police arrest suspect in Christmas Eve mall shooting. The company also owns the Meriden and Enfield malls. And now they're buying into the movie business. ; 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. ; Filed: 02/20/2018; Received: 02/20/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Cavalier, D.; Filed: 02/05/2018; Received: 02/05/2018, DocketSUMMONS + COMPLAINT; Filed By: Cavalier, D.; Filed: 01/24/2018; Received: 01/24/2018. +1.00% A welcome email is on its way. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. Namdar Realty Group LLC and Mason Asset Management Inc., frequent partners in real estate acquisitions, are behind the purchase, along with CH Capital Group. 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. ; Filed: 03/12/2018; Received: 03/12/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. for the year as of Tuesday, while the Dow Jones Industrial Average ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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.. Sometimes, the. ; 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. Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. I think they are doing what they can to fill the spaces, Gabrovsek said. Namdars spokesperson blamed hastily completed contracting work that Sears had commissioned a number of years back, before the retailer shut its doors. Buyer Lawsuit. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. Namdars spokesperson said the company has worked diligently to repair the storm drain and any remaining issues surrounding the collapse. 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. Namdar had verbally agreed to lower rents for store owners, in some cases to as little as 25 percent of what was reported in leases, while others had been allowed to stay rent-free to prop up occupancy rates, according to the complaint. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. 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. ; 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. +1.17% The price was more than half the US$13 million Namdar paid for the entire mall, which names 46 other tenants on its website. [16][17] Namdar was a partner in several New York City area property purchases in 2021. In 2019, Namdar bought 30 properties and Mason acquired 23. Read: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal. In the meantime, a judge assigned Spinoso Real Estate Group to manage the mall while the case proceeded. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The case status is Disposed - Dismissed. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. 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.
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