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; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. 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. ; Filed: 03/23/2018; Received: 03/23/2018, DocketNOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. Other stores have also closed, including the Gap, Gap Kids, Banana Republic and New York and Company. That is where we kind of make our money.. Filed: February 21, 2023. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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"We have a very high retention rate for our tenants, which shows us we are doing a good job.". Namdars spokesperson blamed hastily completed contracting work that Sears had commissioned a number of years back, before the retailer shut its doors. The largely deserted mall is not a source of police complaints, Whitfield said. 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. Today, the family is a major investor and developer of mixed-use. 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. 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. Namdar officials, both at the company's headquarters and in Connecticut have not responded to interview requests made by Hearst Connecticut Media. [2][5] Voorhees Town Center was having maintenance and security issues the same year. 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. 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. Although their malls have better ratings than Kohan's malls, most have 3 s. The financial issues tied to struggling U.S. malls already runs into the billions. 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. Several market experts pointed to Nadmar and Nassim as among the sectors biggest cash mall buyers. 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. ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. The Long Island, New York-based real estate investment firm has about 54 million square feet across the country. Trillions of dollars worth of fiscal and monetary stimulus by the federal government and Federal Reserve helped staunch the carnage, with only 13 malls so far this year trading to new owners. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. In the 2018 Reuters story, Namdar President Igal Namdar spoke broadly about how the company deals with problems. It doesnt matter to us if people are selling, Igal said. Find out what works well at Namdar Realty Group from the people who know best. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. "When you own 100 retail properties, of course you're going to have people having complaints. 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. So theres great value there.. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. You make a lot of mistakes, and you learn from every mistake on the way.. Over time, ML Holdings fell into default on its loan. So the community may want one thing, but economically, its not feasible.. Visit our Community Guidelines for more information and details on how to adjust your email settings. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. 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. Its not the first time the shopping center has been in trouble. Last year, Namdar and Mason paid US$12 million to buy cinema chain Goodrich Quality Theaters Inc. out of bankruptcy. Cancellation and Refund Policy, Privacy Policy, and 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. ; Filed: 02/20/2018; Received: 02/20/2018, DocketSTATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. The Judge overseeing this case is Nassau Dcm-Tj. Others will be demolished by their owners. Over time, you do become what youre perceived, Cushman and Wakefield Vice Chair Mark Gilbert said of Namdar in a 2018 interview with Reuters. namdar realty group. Companies that have increased sales while improving profit margins include Salesforce and Amazon. 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. We earn $400,000 and spend beyond our means. The overflowing dumpster has become a public nuisance, according to a letter from the city to Namdar last September. both up more than 40% on the year so far. 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. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. Most of the [malls] are built in prime locations, Igal said. 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. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. Since 2000, the company has invested in over 2,000,000 square feet in commercial real estate in. 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. ; Filed: 12/11/2019; Received: 12/11/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Amazing opportunity on this 3 bedrooms, 2-bathroom Home with lots of upgrades. As Namdar rushes to acquire more properties, some worry that the ones it owns are being left behind. malls? 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. 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. In College Township, Pennsylvania, Namdar owns the Nittany Mall. Wed like to improve our quality but were not going to pay a crazy premium for an A-mall, Namdar said. He characterized the port authority's path to buying the property from an affiliate of Namdar Realty Group of Great Neck, New York, in the simplest terms: "Nothing was happening here. We are specialized in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States More Jersey City News -- Have something to add to this story? - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. . Namdar purchased the mall portion of theVoorhees Town Center there after the township put together a package of ideas to transform the mall into more of an entertainment hub. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Fifteen years later, the mall was sold in July 2016 to Namdar Realty Group along with The Lakes in Muskegon for an aggregate price of $66.5 million, including the assumption of a $38.2 . Thats what these ETF managers are aiming for with an AI-aided strategy. Single Family Residential. Soon after the sale closed, tenants allegedly began to flee. Its a different market.. 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. Given that the property was slated for a redevelopment and ultimately would be demolished, this accelerated the plans for the building, the spokesperson noted. The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to, Over time, you do become what youre perceived, Cushman and Wakefield Vice Chair Mark Gilbert said of Namdar in a, At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. The deed was recorded Dec. 30 at the Washington County Courthouse in Fayetteville. 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. The two talk every day, brainstorming their next moves, and see each other on weekends. The mall looks abandoned, but isnt. Last year, Namdar bought 12 more and Mason added eight.