Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. But what really sets them apart is a steady stream of all-cash offers to sellers who want out. 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 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. namdar. When the pandemic hit, those issues were only exacerbated. No court date has been set yet. Namdar Realty Group owns eight malls in Illinois, including the Ford City Mall in Chicago, according to its website. A welcome email is on its way. Case Number: 1:2023cv01044. Searching articles in Namdar Realty Group Llc x Sign In | | | Close. I think they are doing what they can to fill the spaces, Gabrovsek said. Ft. The Green Street Commercial Property Price Index has mall values down 18% since before the pandemic. But what really sets them. and Kimco Realty Corp. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. They have been gobbling up properties even as the market for malls shrinks and other owners and operators pull back. Menu. More Jersey City News -- Have something to add to this story? Namdar and Nassim make no pretense of catering to luxury consumers. 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After the sale, DiNatale said township officials quickly realized they had a different vision for the site. Igal Namdar has made a fortune buying shopping malls no one else wants. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. 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. 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. 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.. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. 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. If you do not agree with these terms, then do not use our website and/or services. They say they charge affordable rents so stores such as Claires, Lids and Piercing Pagoda can fill vacancies. Over time, ML Holdings fell into default on its loan. ; 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. It's owned by Namdar Realty Group, known for aggressively acquiring dying malls and milking them for money while they keep dying. 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. 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. -0.17% None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S. Namdar has not returned phone calls and emails seeking comment on their plans for the Acadiana Mall. Others, like Macys and Gap, have decided to pull out of malls altogether. ; 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. 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.. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. View 17319 NW 63rd Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. When the issue was raised, Namdar painted over the water stains and the problem got worse as mold grew and another leak developed, International Decor Outlet asserted in a 2017 suit. Its all about the cost basis, said Cedrik Lachance, director of research at Green Street. 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. The company also owns the Meriden and Enfield malls. Companies that have increased sales while improving profit margins include Salesforce and Amazon. ; 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. 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. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. 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. Defendant also challenges the entry of a default judgment against "Igal Namdar, d/b/a Namdar Realty Group" and Igal Namdar in his individual capacity . The Berkshire Mall . ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR: Combined Demands; Filed By: Shein, J. If there are issues, we deal with them," Namdar told Reuters. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. [16][17] Namdar was a partner in several New York City area property purchases in 2021. Filed: February 21, 2023. [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. ; Filed: 01/24/2020; Received: 01/24/2020, NOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. I would say its been more about maintaining, not enhancing, he said. 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. Looking for stock dividends of 9% to 11%? The former Sears space remains empty. +1.03%, Those As get to be too crazy. 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. and others, come up for renewal. Namdar and the subsidiaries said they would fix the air conditioning and leaking problems, but allegedly never did so. 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. Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. 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. 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. Joy Wiltermuth is a news editor and senior markets reporter based in San Francisco. 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. MAC, - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. - 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. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. Will His AI Plans Be Any Different? And we are out there looking all the time for opportunities to purchase better assets than when we first started, Namdar told MarketWatch. They're being sued by International Dcor Outlet, which was supposed to bring life to an entirely-empty corridor of the mall but is claiming the mall's owners lied about its condition. A purchase price was not disclosed. Over time, you do become what youre perceived, Cushman and Wakefield Vice Chair Mark Gilbert said of Namdar in a 2018 interview with Reuters. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. Namdar and the subsidiaries denied all allegations in court filings. And the best part of all, documents in their CrowdSourced Library are FREE. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. Comments may take up to an hour for moderation before appearing on the site. That mall now includes a senior center, Planet Fitness and large sporting goods store, Gabrovsek said. The company eventually reached an agreement with its creditors. 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. ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. We encountered an issue signing you up. On August 27, 2018, Alexander S. Rusek filed an appearance as counsel for Holiday Park Realty and Igal Namdar and noted that Igal Namdar does not do business as "Igal Namdar d/b/a Namdar Realty Group." Rusek filed a motion to set aside the default judgment and the circuit court agreed that it lacked personal jurisdiction over Igal Namdar. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group said the transaction closed in late August. The mall looks abandoned, but isnt. . . We ask you to keep your comments relevant and respectful. For big names, revenue plummeted. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. I would say that we probably bid on more malls than any other company, Namdar said. Our goal is to stick to those B and B-plus assets. Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. They primarily purchase shopping malls with partner Mason Asset Management. Real Capital tracks 134 of the Namdar Realty Groups properties and estimates that portfolio is worth about US$2.7 billion. Whats our next move? ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. That wasnt their plan, DiNatale said. Instead of U.S. stockholders and quarterly reports, the team keeps things simple: Namdar focuses on management side of the properties. 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. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. An REO property is one where a property is owned by a lenderbecause it failed to sell in a foreclosure auction after the borrower defaulted on the mortgage. for the year as of Tuesday, while the Dow Jones Industrial Average Namdar was founded in 1999, the same year Time named Amazons Jeff Bezos Person of the Year. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: Demand for Authorizations; Filed By: Shein, J. RESPONSE TO DEMAND For Bill of Particulars, RESPONSE TO DEMAND Response to Notice for Discovery & Inspection (of Northeastern Flooring & Construction, Inc.), NOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant, DEMAND FOR: Supplemental Demand fro Authorizations, DEMAND FOR: Further Demand for Authorizations, NOTICE OF DISCOVERY AND INSPECTION Supplemental Notice of Medical Exchange & Disclosure of Expert Witness, NOTICE OF DISCOVERY AND INSPECTION Notice of Medical Exchange & Disclosure of Expert Witness, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING, NOTICE OF DEPOSITION UPON ORAL EXAMINATION, Cases involving other personal injury not classified elsewhere, 360, 1360, 2360, 2367, 3360, 3367, 4360, 4367, 5360, 5367, Joanne Mistrulli - v. - Namdar Realty Group LLC et al, ADJOURNMENT 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, DEMAND FOR: Retainer Statement; Filed By: Shein, J. He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. With 86 million square feet across more than 400 properties combined, they now stack up against some of the industrys biggest players. 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. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. Since 2000, the company has invested in over 2,000,000 square feet in commercial real estate in. Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. Several market experts pointed to Nadmar and Nassim as among the sectors biggest cash mall buyers. Curiously, Namdar and Mason continue to fly under the radar. Last year, Namdar bought 12 more and Mason added eight. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. There were factors that led to this, such as not having the rent to pay, he said. Cancellation and Refund Policy, Privacy Policy, and Case Details Parties Documents Dockets. Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Tweet. That time is vital now as they navigate the heavy turbulence of the pandemic. Today, the family is a major investor and developer of mixed-use. The case remains pending in a Florida circuit court. ; Filed: 03/12/2018; Received: 03/12/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. As we build our portfolio, we want to constantly improve the quality by having better assets.. Thats what these ETF managers are aiming for with an AI-aided strategy. We feel that were doing very good for the communities and the properties that we own within those communities, said Masons president, Elliot Nassim. In part, thats because financials could continue to head downhill for many lower-quality mall owners. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. They also invested in the furniture chain formerly known as Jennifer Convertibles. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdars bet is that he can pay a small enough price to outrun the decline. 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. This home features 3 bedrooms 2 bathrooms with 1 car garage. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. For Sale Price: $609000 | 3 bed, 2 bath, 7875 Sq. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. The Class A operators are doing great, McNamara told MarketWatch. 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. The Namdar team hopes more, higher quality malls will keep shaking loose. The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. Now they rank among the biggest all-cash buyers of the nations hard-luck malls. New York-based Namdar Realty Group revealed Monday that it recently bought the Berkshire Mall in Wyomissing from Allied Retail Properties. MALCOLM et al. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. And it may be natural to have issues at some mall locations, especially if theres not enough capital to make changes, industry sources say. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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.. What is the alternative for the retailers who rent from them?. They primarily purchase troubled shopping malls with partner Mason Asset Management. The Judge overseeing this case is Sanford N. Berland. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. Public Records Policy. Gorjian said some ideas included trampoline parks, skating rinks, call centers or technology storage companies. Weve redirected our efforts at the St. Louis Outlet Mall and have since entered into a multiparty agreement to resolve outstanding taxes and assessments, Namdars spokesperson said in a statement. And now they're buying into the movie business. Dozens of retailers have filed for Chapter 11 in the past year, including mall staples such as J.C. Penney and Ascena Retail Group. 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.. In Los Angeles, malls got the green light that October after reopening and closing again in mid-July.