- filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; 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. They primarily purchase shopping malls with partner Mason Asset Management. Igal Namdar has made a fortune buying shopping malls no one else wants. This case was filed in Nassau County Courts, Supreme Court located in Washington, New York. 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. Cancellation and Refund Policy, Privacy Policy, and Many once online-only retailers are moving into the suburban mall, finding value in the traditional store but offering experiences tailored to their customers. Over time, you do become what youre perceived, Cushman and Wakefield Vice Chair Mark Gilbert said of Namdar in a 2018 interview with Reuters. Because many properties remain in limbo, the worst of the crisis for mall mortgage bond investors likely has yet to come. A sinkhole at the Northland Mall in Sterling, Illinois. -1.26%, At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. 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. The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. But there have been new openings as well. Namdar Realty Group owns eight malls in Illinois, including the Ford City Mall in Chicago, according to its website. This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. Regional malls watched same-store net operating income plunge on average by minus 26.1% in the first quarter from a year ago, according to Morgan Stanley. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Company profile page for Namdar Realty Group LLC including stock price, company news, press releases, executives, board members, and contact information We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. [3] Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange. Amazing opportunity on this 3 bedrooms, 2-bathroom Home with lots of upgrades. 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. Dozens of retailers have filed for Chapter 11 in the past year, including mall staples such as J.C. Penney and Ascena Retail Group. Over time, ML Holdings fell into default on its loan. That wasnt their plan, DiNatale said. Thats what these ETF managers are aiming for with an AI-aided strategy. Nassim handles leasing and asset management. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. ; 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. We encountered an issue signing you up. and Kimco Realty Corp. 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. DJIA, ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; Filed By: Shein, J. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. In the 2018 Reuters story, Namdar President Igal Namdar spoke broadly about how the company deals with problems. Malls were at one point seen as the future places where people of all ages could gather and shop under a single roof. Namdar Realty Group 150 Great Neck Road, Suite 304 Great Neck, NY 11021 Series D Preferred Stock4: 125,731 shares Series E Preferred Stock5: 280,074 shares Oaktree Capital Management, L.P. 333 South Grand Ave., 28th Fl. 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Namdar declined to comment on that net worth estimate when asked by MarketWatch. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. 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. ; Filed: 02/20/2018; Received: 02/20/2018, DocketANSWER; Filed By: Shein, J. 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. Nassim is the cousin of Igals wife. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. 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. [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. Their first purchase, in 2012, was the DeSoto Square Mall in . He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. You make a lot of mistakes, and you learn from every mistake on the way.. namdar realty group llc. Brad Schrader, Sterlings superintendent of public works, said he suspects the city is the victim of Namdar using the local mall for depreciation purposes., We get stuck holding the bag in the end, he said. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. Namdar and Empire bought the 13-story, 64-year-old 830 Third Ave. office building for $72M this month after acquiring 345 Seventh Ave., which is 24 stories high and more than 90 years old, for . Last year, Namdar bought 12 more and Mason added eight. 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. the Gap Inc - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. They primarily purchase troubled shopping malls with partner Mason Asset Management. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Namdar and the subsidiaries denied all allegations in court filings. Namdar Group's projects, being built by AJD Construction and financed by Scale Lending, will yield a combined 16,000 square feet of office space and 4,000 square feet of ground floor retail along the emerging Homestead Place Pedestrian Plaza. Regency Mall Realty LLC, a partnership of Namdar Realty Group and Masson Asset Management Inc., purchased the 1.6 million-square-foot enclosed mall in. "When you own 100 retail properties, of course you're going to have people having complaints. 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. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Roughly $3 billion shopping mall loans in commercial mortgage bond deals have been identified as at-risk of being handed back to lenders, according to research firm and data tracker Trepp.I think some mall owners will muddle through with the help of loan modifications and maybe some peripheral debt forgiveness, saidManusClancy, senior managing director and head of research at Trepp. Photographer: Max Marbut/Jacksonville Daily Record. Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. . Case Summary. 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. Meyer Silber, an attorney for ML Estate, declined to comment. The Berkshire Mall . 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. Instead of U.S. stockholders and quarterly reports, the team keeps things simple: Namdar focuses on management side of the properties. Igal Namdar has made a fortune buying shopping malls no one else wants. TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said more than $30 billion is required to complete unfinished petrochemical projects across the country, IRNA reported. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. SPG, A purchase price was not disclosed. al., No. Most of the [malls] are built in prime locations, Igal 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. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. and other major mall owners with a coast-to-coast reach. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar declined to discuss individual cases but said such complaints are rare. Namdar Realty Group is a privately held investment and management firm owned by Igal Namdar. 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. ; Filed: 03/12/2018; Received: 03/12/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The two talk every day, brainstorming their next moves, and see each other on weekends. The Acadiana Mall was owned by CBL Properties for several years. 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. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. When the pandemic hit, those issues were only exacerbated. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Cancellation and Refund Policy, Privacy Policy, and Defendant, Namdar Realty Group, LLC1, appeals as of right the stipulated order dismissing Igal Namdar, in his personal capacity, as a defendant, and closing this case under MCR 2.602(A)(3). Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. The center was 90 percent leased at . namdar. While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Whats our next move? The company that purchased the Acadiana Mall in January has a history of reported problems elsewhere and a track record of making little progress with properties they own. A spokesperson for Namdar said it is actively working to fix the property. Menu. So theres great value there.. Namdars bet is that he can pay a small enough price to outrun the decline. Gorjian said some ideas included trampoline parks, skating rinks, call centers or technology storage companies. Find out what works well at Namdar Realty Group from the people who know best. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. 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. According to court records, problems at the Regency site allegedly included broken air conditioning, multiple roof leaks, minimal housekeeping and reduced security. Read: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal. [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. Please try again. The loan was provided by SCALE. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. Real Capital tracks 134 of the Namdar Realty Groups properties and estimates that portfolio is worth about US$2.7 billion.

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