- filed by Law Offices of Jeffrey S. Shein & Associates, P.C. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. Create an account or sign in to continue with your reading experience. The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. 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. [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. The overflowing dumpster has become a public nuisance, according to a letter from the city to Namdar last September. You make a lot of mistakes, and you learn from every mistake on the way.. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. 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. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. Soon after the sale closed, tenants allegedly began to flee. +1.61% 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. 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. If the ultimate goal is to redevelop the property, criticism can occur. . - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. It's owned by Namdar Realty Group, known for aggressively acquiring dying malls and milking them for money while they keep dying. The case remains pending in a Florida circuit court. 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. Unauthorized distribution, transmission or republication strictly prohibited. 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. [2][5] Voorhees Town Center was having maintenance and security issues the same year. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Read: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal. But there have been new openings as well. Namdar ultimately traded the property to ML Holdings for $25.5 million. for the year as of Tuesday, while the Dow Jones Industrial Average ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. No court date has been set yet. Get the latest business insights from Dun & Bradstreet. 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. The former Sears space remains empty. Similar to Kohan, Namdar is another company that buys dead malls for cheap prices. The loan was provided by SCALE. Single Family Residential. Mr Namdar has also been sued by retailers: International Decor Outlet in 2017 accused the landlord of contract breaches like malfunctioning air-conditioning, substandard repairs and inadequate. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. 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. The company also owns the Meriden and Enfield malls. The financial issues tied to struggling U.S. malls already runs into the billions. Namdar declined to comment on the value of the properties his company owns, or his personal wealth, but said the figures Bloomberg is reporting are inaccurate. DiNatale said the township has several ideas for the mall, including adding arcade games, beer gardens, a bowling alley, rock-climbing walls and other amenities. That kind of footprint puts them in league with Macerich Co. Email tips@jerseydigs.com. Sticker shock: Ranking South Floridas priciest residential rentals, Here are Chicago's top 10 construction permits issued in May. 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. Others, like Macys and Gap, have decided to pull out of malls altogether. Visit our Community Guidelines for more information and details on how to adjust your email settings. The three anchor stores remain Macy's, Dillard's and JCPenney. Nassim handles leasing and asset management. ", "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? We earn $400,000 and spend beyond our means. Namdar's actions in New Jersey appear to be opposite of their statements that malls can remain viable. Namdar closes fast as is, where it is, with no due diligence, Tenants and buyers have sued, saying centers are in disrepair. Its not the first time the shopping center has been in trouble. Namdar Realty Group is based in Great Neck, New York. Although their malls have better ratings than Kohan's malls, most have 3 s. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. This advertisement has not loaded yet, but your article continues below. Representatives of the new owner of the Westfield Trumbull mall are set to meet in an effort to discuss both sides' respective visions for the shopping center. The companies were sued in 2017 by a tenant, International Dcor Outlet, who claimed the owners failed to properly maintain and repair the property. 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. Namdars bet is that he can pay a small enough price to outrun the decline. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. They say they charge affordable rents so stores such as Claires, Lids and Piercing Pagoda can fill vacancies. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. Namdar Realty Group insights Based on 25 survey responses Areas for improvement Overall satisfaction General feeling of work happiness Fair pay for job Poorly ran Housekeeping (Former Employee) - Westland, MI - October 12, 2022 Don't care about who works there as long as your a body your hired. 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. 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. We are specialized in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States Read More. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. The Long Island, New York-based real estate investment firm has about 54 million square feet across the country. A sinkhole at the Northland Mall in Sterling, Illinois. RELATED:Court records show Acadiana Mall sought thousands from former tenants. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". 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. 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. 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. Beautiful remodeled single family home in Palm Springs Lakes community with no association. Their joint operation began when Igal started buying small retail locations in Great Neck using money from his familys jewelry business; Nassim took up the leasing. Since 2000, the company has invested in over 2,000,000 square feet in commercial real estate in. For big names, revenue plummeted. 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. Looking for stock dividends of 9% to 11%? AEO, Filed: February 21, 2023. Sometimes, the ownership is in conjunction with Mason Asset Management and subsidiaries. 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. [16][17] Namdar was a partner in several New York City area property purchases in 2021. By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Because many properties remain in limbo, the worst of the crisis for mall mortgage bond investors likely has yet to come. Sears closed in 2017 as the company shuttered hundreds of stores amid low sales. 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. malls? 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. They primarily purchase shopping malls with partner Mason Asset Management. Finally, one place to get all the court documents we need. Photographer: Max Marbut/Jacksonville Daily Record. History. Of course, not all may be worth saving. Case Details Parties Documents Dockets. The group also included DW Partners LP and Washington Prime Group. More than 20 percent of U.S. malls will close by 2022, according to a 2017 report by Credit Suisse. 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. On 05/04/2017 World Properties LLC filed a Contract - Other Contract lawsuit against Namdar Realty Group LLC. 2020-02-15 14:18 Iranian banks' foreign assets up over 17% Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. In building an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities Namdar has accumulated a personal net worth of about US$2 billion, according to the Bloomberg Billionaires Index. The companies operate jointly: Namdar handles most of the finances, while Mason focuses on leasing. Those As get to be too crazy. Ft. [12][13], Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. Namdar Group is adding 26 Van Reipen Avenue and 626 Newark Avenue to a pipeline that includes a 20-story rental at 26 Cottage Street, and a combined six new towers designed by C3D Architecture. Companies that have increased sales while improving profit margins include Salesforce and Amazon. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. "When you own 100 retail properties, of course you're going to have people having complaints. Namdar and the subsidiaries denied all allegations in court filings. Namdar also recently hired a director of redevelopment with plans to repurpose some of the partnerships properties. New York-based Namdar Realty Group revealed Monday that it recently bought the Berkshire Mall in Wyomissing from Allied Retail Properties. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR: Combined Demands; Filed By: Shein, J. While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. There were factors that led to this, such as not having the rent to pay, he said. Richard Pelzer II. We encountered an issue signing you up. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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. +1.03%, The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to TRD. A rising variety of individuals will move via the doorways of the Bangor Mall within the coming weeks and months to get pleasure from theater, music, gaming and different leisure points of interest which can be beginning to rival retail facilities on the mall. 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. Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. -1.26%, Cancellation and Refund Policy, Privacy Policy, and 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. As Namdar rushes to acquire more properties, some worry that the ones it owns are being left behind. That was no accident, said Meyer Silber, ML Holdings lawyer in the case against Namdar, which is ongoing. 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. The development has an estimated cost of . And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular.