Namdar declined to comment on that net worth estimate when asked by MarketWatch. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR: Combined Demands; Filed By: Shein, J. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. 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. Despite carrying significant expenses for security, waste disposal, landscaping and parking lot repairs on its books, the mall was in poor condition, and its gross income was slashed from $6 million to $4 million, ML Holdings claimed. 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. Igal Namdar has made a fortune buying shopping malls no one else wants. Notice of withdrawal of Order to Show Cause without prejudice, Notice of withdrawal of motion without prejudice, Affirmation in Opposition to Proposed Intervenor's OSC, DocketNOTICE OF WITHDRAWAL OF MOTION / ORDER TO SHOW CAUSE (Motion #3) Notice of withdrawal of Order to Show Cause without prejudice; Filed By: Gomberg, T.; Filed: 03/27/2019; Received: 03/27/2019, DocketNOTICE OF WITHDRAWAL OF MOTION / ORDER TO SHOW CAUSE (Motion #002) Notice of withdrawal of motion without prejudice; Filed By: Gomberg, T.; Filed: 03/27/2019; Received: 03/27/2019, DocketEXHIBIT(S) - D (Motion #3) Complaint; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, DocketEXHIBIT(S) - C (Motion #3) 190124 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, DocketEXHIBIT(S) - B (Motion #3) 190103 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, DocketEXHIBIT(S) - A (Motion #3) 181205 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, DocketAFFIDAVIT OR AFFIRMATION IN REPLY (Motion #3); Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, DocketAFFIDAVIT OR AFFIRMATION IN OPPOSITION TO ORDER TO SHOW CAUSE (Motion #3) Affirmation in Opposition to Proposed Intervenor's OSC; Filed By: Hirschel, D.; Filed: 02/20/2019; Received: 02/20/2019, DocketEXHIBIT(S) - E (Motion #3) Medical Record Redacted per 22 NYCRR 202.5(e); Filed By: Gomberg, T.; Filed: 01/24/2019; Received: 01/24/2019, DocketEXHIBIT(S) - D (Motion #3) Mold Intrusion Report; Filed By: Gomberg, T.; Filed: 01/24/2019; Received: 01/24/2019, DocketNOTE OF ISSUE:WITH JURY *Corrected* Note of Issue (with Jury); Filed By: Hirschel, D.; Filed: 08/30/2018; Received: 09/03/2018, DocketSTIPULATION - SO ORDERED; Filed By: Court User; Filed: 06/12/2018; Received: 06/12/2018, DocketORDER - CERTIFICATION; Filed By: Court User; Filed: 06/11/2018; Received: 06/11/2018, DocketNOTICE OF DISCOVERY AND INSPECTION Notice of Discovery and Inspection; Filed By: Hirschel, D.; Filed: 09/29/2017; Received: 09/29/2017, DocketORDER - PRELIMINARY CONFERENCE; Filed By: Court User; Filed: 09/21/2017; Received: 09/21/2017, DocketADDENDUM - GENERAL (840A); Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, DocketRJI -RE: REQUEST FOR PRELIMINARY CONFERENCE; Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, DocketPRELIMINARY CONFERENCE REQUEST Request for Preliminary Conference; Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, DocketANSWER; Filed By: Emouna, M.; Filed: 07/26/2017; Received: 07/26/2017, DocketSUMMONS + COMPLAINT Summons and Complaint; Filed By: Hirschel, D.; Filed: 05/04/2017; Received: 05/04/2017. 2020-02-15 14:18 Iranian banks' foreign assets up over 17% 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. 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. We are a very low leverage company. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. [10][11] CH Capital Group has become a partner in several acquisitions. Our goal is to stick to those B and B-plus assets. 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. Court: US District Court for the Northern District of Illinois. Namdar closes fast as is, where it is, with no due diligence, Tenants and buyers have sued, saying centers are in disrepair. - 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. The group also included DW Partners LP and Washington Prime Group. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. But there have been new openings as well. read more Prominent Tenants Find a property - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Now they rank among the biggest all-cash buyers of the nations hard-luck malls. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. So the community may want one thing, but economically, its not feasible.. Plaintiff: SHONAUGH MALCOLM, NAMDAR REALTY GROUP LLC, MASON ASSET MANAGEMENT INC. and PLACEWISE LLC. Please try again. We see that a lot of these malls are being sold by lenders, said Igal Namdar, the companys president, in an interview with MarketWatch. Law360; Law360 UK . 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. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. Lately, the team has been moving up in quality. Who's David Thomson? SPG, DJIA, The case remains pending in a Florida circuit court. Its a different market.. [3] They will also split proprieties to sell off individual pieces. Beautiful remodeled single family home in Palm Springs Lakes community with no association. Curiously, Namdar and Mason continue to fly under the radar. The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. Namdar Group has secured $195 million in financing for the land acquisition and the construction of Namdar Towers, a development located in downtown Miami. Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group (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. - 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. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . Read More. A sinkhole at the Northland Mall in Sterling, Illinois. [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 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. [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. Why is this public record being published online? The case status is Pending - Other Pending. New York Times bestselling author David Levithan tells the based-on-true-events story of Harry and Craig, two 17-year-olds who are about to take part in a 32-hour marathon of kissing to set a new Guinness World Recordall of which is narrated by a Greek Chorus of the generation of gay men lost to AIDS. 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. Malls were at one point seen as the future places where people of all ages could gather and shop under a single roof. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdars spokesperson blamed hastily completed contracting work that Sears had commissioned a number of years back, before the retailer shut its doors. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. al., No. 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. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. If the ultimate goal is to redevelop the property, criticism can occur. Namdar Realty Group said the transaction closed in late August. After the sale, DiNatale said township officials quickly realized they had a different vision for the site. This advertisement has not loaded yet, but your article continues below. A spokesperson for Namdar said it is actively working to fix the property. and other major mall owners with a coast-to-coast reach. That mall now includes a senior center, Planet Fitness and large sporting goods store, Gabrovsek said. 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. Its not the first time the shopping center has been in trouble. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 1 00 plus malls. In part, thats because financials could continue to head downhill for many lower-quality mall owners. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. 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. And the best part of all, documents in their CrowdSourced Library are FREE. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Some may die a slow death as stores are shuttered one by one. ; 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. 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. 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. Namdar Realty Group is a privately held, commercial real estate investment firm, owning and managing over 57 million square feet of commercial real estate throughout the United States. It doesnt matter to us if people are selling, Igal 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. Area real estate experts agree that the retail period for the property is . Over time, ML Holdings fell into default on its loan. Properties that are marked for redevelopment are few and far between, so we maintain our assets.. 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. I would say that we probably bid on more malls than any other company, Namdar said. [2] [3] [6] Strategy [ edit] ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S. Major shopping mall owners, including Simon Property, Starwood Capital, Brookfield Asset Management and others have reacted to the upheaval by handing back the keys to lenders on some properties, rather than throw good money after bad. Based in the upscale enclave of Great Neck, Long Island, Namdar and Mason are both family run. 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 three anchor stores remain Macy's, Dillard's and JCPenney. All are headquartered in Great Neck. "When you own 100 retail properties, of course you're going to have people having complaints. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. The company eventually reached an agreement with its creditors. Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. POTTSVILLE, PA. Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. The largely deserted mall is not a source of police complaints, Whitfield said. Namdar Realty Group is based in Great Neck, New York. 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. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. It's owned by Namdar Realty Group, known for aggressively acquiring dying malls and milking them for money while they keep dying. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. Sears closed in 2017 as the company shuttered hundreds of stores amid low sales. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Like dozens of other traditional malls, the Acadiana Mall has seen its share of struggles in recent years. Visit a quote page and your recently viewed tickers will be displayed here. The Judge overseeing this case is Nassau Dcm-Tj. 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. He raised the possibility that another owner might not keep some of Namdars malls open at all. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. They have been gobbling up properties even as the market for malls shrinks and other owners and operators pull back. This home features 3 bedrooms 2 bathrooms with 1 car garage. 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.. +1.61% Over time, you do become what youre perceived, Cushman and Wakefield Vice Chair Mark Gilbert said of Namdar in a 2018 interview with Reuters. Read more about cookies here. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. Thats what these ETF managers are aiming for with an AI-aided strategy. 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. Namdars bet is that he can pay a small enough price to outrun the decline. The Camden County property is among 43 malls acquired by Great Neck, N.Y.-based Namdar Realty Group since 2012, making it the biggest buyer of the retail centers during the period. 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 . The canopy is peeling off the building, and its signage has fallen. [1][20] Due to a fee issue, the attempt failed, and Bon-Ton liquidated. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. The overflowing dumpster has become a public nuisance, according to a letter from the city to Namdar last September. On 05/04/2017 World Properties LLC filed a Contract - Other Contract lawsuit against Namdar Realty Group LLC. The Class A operators are doing great, McNamara told MarketWatch. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. Veritas $450M loan default: A sign of things to come? Mason was founded more than 10 years later, as the country was coming out of the Great Recession. and others, come up for renewal.