Namdar Realty Group is a privately held investment and management firm owned by Igal Namdar. namdar realty inc. Namdar Realty Group Global Presence. GPS, Since 2000, the company has invested in over 2,000,000 square feet in commercial real estate in. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Law360; Law360 UK . ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. 2020-02-15 14:18 Iranian banks' foreign assets up over 17% Public Records Policy. TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said more than $30 billion is required to complete unfinished petrochemical projects across the country, IRNA reported. They primarily purchase troubled shopping malls with partner Mason Asset Management. The pandemic has made it even tougher for mall property owners already struggling to keep up on mortgage payments, resulting in several major players throwing in the towel on distressed properties and with more likely. Why is this public record being published online? But what really sets them apart is a steady stream of all-cash offers to sellers who want out. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. The former Sears space remains empty. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. That is where we kind of make our money.. [2][5] Voorhees Town Center was having maintenance and security issues the same year. The center was 90 percent leased at . Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010. 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. Menu. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. In the meantime, a judge assigned Spinoso Real Estate Group to manage the mall while the case proceeded. Like dozens of other traditional malls, the Acadiana Mall has seen its share of struggles in recent years. Beautiful remodeled single family home in Palm Springs Lakes community with no association. With 86 million square feet across more than 400 properties combined, they now stack up against some of the industrys biggest players. In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. Many once online-only retailers are moving into the suburban mall, finding value in the traditional store but offering experiences tailored to their customers. The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to TRD. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. That time is vital now as they navigate the heavy turbulence of the pandemic. This advertisement has not loaded yet, but your article continues below. SPX, Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. [9] Because of this low price/maintenance, they have a high return on investment. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. Namdar has not returned phone calls and emails seeking comment on their plans for the Acadiana Mall. 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. On 05/04/2017 World Properties LLC filed a Contract - Other Contract lawsuit against Namdar Realty Group LLC. After the company purchased the River Oaks Center near Chicago, Namdar executive Joel Gorjian told USA Today in 2017 that the company was open to "alternative uses or entertainment centers" for vacant mall space. Today, the family is a major investor and developer of mixed-use. In part, thats because financials could continue to head downhill for many lower-quality mall owners. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. 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. 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. The Berkshire Mall . 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. Are these the brands that might save the mall? Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. Malls were at one point seen as the future places where people of all ages could gather and shop under a single roof. 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. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. The pandemic accelerated Americans years-long shift to e-commerce, forcing many already-ailing department stores and apparel shops to go dark. Single Family Residential. In Los Angeles, malls got the green light that October after reopening and closing again in mid-July. ; 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. The lawsuit was later voluntarily dismissed. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. They say they charge affordable rents so stores such as Claires, Lids and Piercing Pagoda can fill vacancies. Curiously, Namdar and Mason continue to fly under the radar. From media and technology to finance and real estate, leagues and teams across the globe have matured into far more than just back page entertainment. There was an error, please provide a valid email address. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 02/20/2018; Received: 02/20/2018, DocketSTATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, He said he sees value in the properties as malls, where other investors in the market are more interested in redeveloping them for other uses. Nassim brought in the national tenants and managed to fill spaces that brokers couldnt, Igal said. MALCOLM et al. It is always our goal to add value to our properties, and we are diligent in our efforts to remedy any maintenance or management issue that is brought to our attention.. 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 . Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. A peek into the mysterious, 'reluctant' head of Canada's richest family, Jeff Bezos just lost $13.5-billion thanks to Amazon's disappointing earnings, Who's Pan Dong? The two talk every day, brainstorming their next moves, and see each other on weekends. "When you own 100 retail properties, of course you're going to have people having complaints. The price was more than half the US$13 million Namdar paid for the entire mall, which names 46 other tenants on its website. Namdar and Nassim make no pretense of catering to luxury consumers. Area real estate experts agree that the retail period for the property is . Photographer: Max Marbut/Jacksonville Daily Record. Our goal is to stick to those B and B-plus assets. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. They also invested in the furniture chain formerly known as Jennifer Convertibles. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. The loan was provided by SCALE. Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. 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.. 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. You go in and you dont know much, he noted. Namdar officials, both at the company's headquarters and in Connecticut have not responded to interview requests made by Hearst Connecticut Media. 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. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". Namdars bet is that he can pay a small enough price to outrun the decline. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. 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. During the pandemic, there have been less deals out there, Namdar said, adding that most lenders have been working with their borrowers, but also that many have been unwilling to take a big write off yet.. June 21, 2021. in General News, Northeast. The price was half of the $50 million. Public Records Policy. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. RELATED:Court records show Acadiana Mall sought thousands from former tenants. 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 companies operate jointly: Namdar handles most of the finances, while Mason focuses on leasing. 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. So the community may want one thing, but economically, its not feasible.. This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. 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. Morgan Stanleys retail team of analysts forecast last October that the pandemic could force 35% of U.S. shopping malls to shut permanently. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Sticker shock: Ranking South Floridas priciest residential rentals, Here are Chicago's top 10 construction permits issued in May. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. If we see that our business idea works, and we can run these models, and we can fix them up, and we can manage them, and we can bring value, well keep on buying.. ; Filed: 02/20/2018; Received: 02/20/2018, DocketNOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. If you do not agree with these terms, then do not use our website and/or services. Whats our next move? The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. 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. Amazing opportunity on this 3 bedrooms, 2-bathroom Home with lots of upgrades. If the ultimate goal is to redevelop the property, criticism can occur. In New York City, malls lost half a year to the pandemic before being permitted to reopen in September. Namdar, who got his start in real estate using money from his family's jewelry business, said he clinched his first mall deal that year with Nassim by acquiring Desoto Square Mall for $24.6. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. West Village Apartment Building Sells for $23.5 Million Witnick, Namdar, Gorjian buy 30 East 14th Street for $23.5M West Village apartment building was at the center of two lawsuits New York. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group is based in Great Neck, New York. In October 2019, Dollar General received an order to evacuate: The fire alarm system was out of service and needed to be replaced. and Kimco Realty Corp. 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. The Voorhees Township site has since been sold to another company. 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. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. 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. [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. DiNatale said the township has several ideas for the mall, including adding arcade games, beer gardens, a bowling alley, rock-climbing walls and other amenities. -1.26%, Namdars spokesperson blamed hastily completed contracting work that Sears had commissioned a number of years back, before the retailer shut its doors. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. [16][17] Namdar was a partner in several New York City area property purchases in 2021. 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 police reports. malls? both up more than 40% on the year so far. Uncover why Namdar Realty Group is the best company for you. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. It doesnt matter to us if people are selling, Igal said. 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. If Namdar wasnt the owner of these properties, would it mean that certain areas would be underserved? ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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. namdar inc. namdar llc. If you don't see it, please check your junk folder. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Once in a while you come across someone who doesnt necessarily agree with what youre doing.. Los Angeles, CA 90071 Term Loan6 Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Other stores have also closed, including the Gap, Gap Kids, Banana Republic and New York and Company. Sears closed in 2017 as the company shuttered hundreds of stores amid low sales. In return, they want a discount. Get the latest business insights from Dun & Bradstreet. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. The deed was recorded Dec. 30 at the Washington County Courthouse in Fayetteville. They primarily purchase troubled shopping malls with partner Mason Asset Management. Single Family Residential. Most of the [malls] are built in prime locations, Igal said. The companies were sued in 2017 by a tenant, International Dcor Outlet, who claimed the owners failed to properly maintain and repair the property. A local mall representative could not comment on Namdars plans. Lately, the team has been moving up in quality. Their first purchase, in 2012, was the DeSoto Square Mall in . Gated Community of The Moors in Miami Lakes. 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. And we are out there looking all the time for opportunities to purchase better assets than when we first started, Namdar told MarketWatch. 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. Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. Sometimes, the ownership is in conjunction with Mason Asset Management and subsidiaries. ; Filed: 03/12/2018; Received: 03/12/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. ", "Company Overview of Namdar Realty Group LLC", "Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas cash to become nation's biggest mall buyer", "N.J. mall sold for half price to company that already owns a dying mall", "What happened to the Phillipsburg Mall? Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Please try again. Is it where my wife would shop? Nassim said about their properties. ; Filed: 03/23/2018; Received: 03/23/2018, DocketNOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. Comments may take up to an hour for moderation before appearing on the site. 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.. 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. Their joint operation began when Igal started buying small retail locations in Great Neck using money from his familys jewelry business; Nassim took up the leasing. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. The case status is Pending - Other Pending. Finally, one place to get all the court documents we need. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. Others will be handed back to lenders through an uncontested or confrontational foreclosure process.. This case was filed in Nassau County Courts, Supreme Court located in Washington, New York. The Long Island, New York-based real estate investment firm has about 54 million square feet across the country. The duo, through Namdar Realty Group and Mason Asset Management out of Great Neck, Long Island, currently owns about 60 million square feet of shopping center space, including roughly of 100 open-air properties are 65 enclosed malls. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. [3] They will also split proprieties to sell off individual pieces. The group also included DW Partners LP and Washington Prime Group. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. 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 . 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. That wasnt their plan, DiNatale said. Cancellation and Refund Policy, Privacy Policy, and Tweet. More Jersey City News -- Have something to add to this story? Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. That mall now includes a senior center, Planet Fitness and large sporting goods store, Gabrovsek said.