Mehdi Bolour faces 25 criminal charges over illegally rented Hollywood building. A welcome email is on its way. Mason Asset Management - Properties 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. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. hard Pelzer II. From the memorie No court date has been set yet. Please try again. namdar realty group. The financial issues tied to struggling U.S. malls already runs into the billions. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. 8012 W 14th Ct Hialeah, FL Investment Property | Real Estate Investing For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. Read More. Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010. KIM, There was an error, please provide a valid email address. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. Read more about cookies here. Nassim brought in the national tenants and managed to fill spaces that brokers couldnt, Igal said. The largely deserted mall is not a source of police complaints, Whitfield said. 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. ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Dallas congressional hopeful Namdar suspended from anti-trafficking - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; 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. Namdar Group has submitted an application for the 35 Cottage Street property to Jersey City's planning board, but a hearing date for the proposal has yet to emerge. 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. Sometimes, the ownership is in conjunction with Mason Asset Management and subsidiaries. The Bangor Mall is popping into an leisure vacation spot The company eventually reached an agreement with its creditors. the proactive techniques for administration professionals by using a service quality lens to address administration and management concepts in all areas of the criminal Namdar Group Mall guy: Investor mints a fortune in retail scene None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. Manhattan's 345 Seventh Ave. Selling for $107Mln Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. In part, thats because financials could continue to head downhill for many lower-quality mall owners. But almost anything below Class A, there really has been no bid for, except for the Namdars of the world. Bloomberg News recently reported on legal issues stemming from the bottom feeder strategy, while pegging Namdars personal net worth at roughly $2 billion. This case was filed in Nassau County Courts, Supreme Court located in Washington, New York. 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 . 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. Lawsuits mount for Hazelwood mall owner after eviction notices Westfield Trumbull mall sold as part of deal worth $196 million Get the inside scoop on jobs, salaries, top office locations, and CEO insights. - 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. ; Filed: 03/23/2018; Received: 03/23/2018, DocketNOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. That kind of footprint puts them in league with Macerich Co. 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. Meet the Long Island guys who love unloved shopping malls In the 2018 Reuters story, Namdar President Igal Namdar spoke broadly about how the company deals with problems. Plaintiff: SHONAUGH MALCOLM, NAMDAR REALTY GROUP LLC, MASON ASSET MANAGEMENT INC. and PLACEWISE LLC. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. Find Your Regional Office; FAQs; Contact Us; Espaol If you do not agree with these terms, then do not use our website and/or services. But what really sets them. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. But there have been new openings as well. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Of course, not all may be worth saving. Is it where my wife would shop? Nassim said about their properties. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. They primarily purchase troubled shopping malls with partner Mason Asset Management. 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. So theres great value there.. 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. The three anchor stores remain Macy's, Dillard's and JCPenney. 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.. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". was up 15.4%. More than 20 percent of U.S. malls will close by 2022, according to a 2017 report by Credit Suisse. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [8] Most malls they purchase are in markets considered B and C grade. 2020-02-15 14:18 Iranian banks' foreign assets up over 17% Area real estate experts agree that the retail period for the property is . They primarily purchase shopping malls with partner Mason Asset Management. 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. GPS, 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. Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. The company also owns the Meriden and Enfield malls. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. 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. -0.17% Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. That was no accident, said Meyer Silber, ML Holdings lawyer in the case against Namdar, which is ongoing. Lately, the team has been moving up in quality. Case Summary. Its a different market.. Finally, one place to get all the court documents we need. If some old malls can be used in new, creative ways, such as the mini-casino plan for an old Macys store at Namdar-owned Nittany Mall in State College, Penn, all the better. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. Landlords that own lower-end malls with high proportions of tenants that have fallen behind on rents or shuttered stores have been hit especially hard. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. 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. Owner of deteriorating Gault Village plaza agrees to clean up - MLive ; Filed: 03/12/2018; Received: 03/12/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. ; Filed: 10/23/2019; Received: 10/23/2019, DocketDEMAND FOR: Demand for Authorizations; Filed By: Shein, J. So the community may want one thing, but economically, its not feasible.. Nassim handles leasing and asset management. Given that the property was slated for a redevelopment and ultimately would be demolished, this accelerated the plans for the building, the spokesperson noted. Namdar declined to discuss individual cases but said such complaints are rare. 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. Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019.