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2020-02-15 14:18 Iranian banks' foreign assets up over 17% 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. Landlord is an absentee landlord with a reputation as a slumlord,' the complaint in Duval County Circuit court alleged. Morgan Stanleys retail team of analysts forecast last October that the pandemic could force 35% of U.S. shopping malls to shut permanently. and Kimco Realty Corp. Our goal is to stick to those B and B-plus assets. Visit a quote page and your recently viewed tickers will be displayed here. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Single Family Residential. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. After soaking Floridas DeSoto Square Mall for management fees, Namdar attempted to sell the property for $30 million, according to a lawsuit filed by the financial services firm ML Holdings in 2018. All are headquartered in Great Neck. 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.. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. for the year as of Tuesday, while the Dow Jones Industrial Average After the sale, DiNatale said township officials quickly realized they had a different vision for the site. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. ; 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. 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 . Beautiful remodeled single family home in Palm Springs Lakes community with no association. RELATED:Court records show Acadiana Mall sought thousands from former tenants. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [2][3][6], Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. The properties Namdar and Nassim began scooping up after the 2008 financial crisis were C or D malls, categories, like exam grades, that point to room for improvement or near failure. Nassim is the cousin of Igals wife. Others will be handed back to lenders through an uncontested or confrontational foreclosure process.. Namdar closes fast as is, where it is, with no due diligence, Tenants and buyers have sued, saying centers are in disrepair. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. The price was more than half the US$13 million Namdar paid for the entire mall, which names 46 other tenants on its website. We are specialized in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States Public Records Policy. 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. Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. 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. By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. As a result, a build-up of moisture caused the chiller pipes to rip through the ceiling, destroying the tiles, dry wall and floor, according to the church. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. Namdar Realty Group LLC et. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. The companies operate jointly: Namdar handles most of the finances, while Mason focuses on leasing. Meet the publicity-shy Chinese-Canadian soap tycoon, tap here to see other videos from our team, Unlimited online access to articles from across Canada with one account, Get exclusive access to the National Post ePaper, an electronic replica of the print edition that you can share, download and comment on, Enjoy insights and behind-the-scenes analysis from our award-winning journalists, Support local journalists and the next generation of journalists, Daily puzzles including the New York Times Crossword, Access articles from across Canada with one account, Share your thoughts and join the conversation in the comments, Get email updates from your favourite authors. Namdar ultimately traded the property to ML Holdings for $25.5 million. Case Summary. Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. The Long Island, New York-based real estate investment firm has about 54 million square feet across the country. 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. He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits. The former Sears space remains empty. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. Wed like to improve our quality but were not going to pay a crazy premium for an A-mall, Namdar said. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. 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.. The mall looks abandoned, but isnt. Searching articles in Namdar Realty Group Llc x Sign In | | | Close. The financial issues tied to struggling U.S. malls already runs into the billions. 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. [15] Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. If you like this story sign up for FP Work Newsletter. The Judge overseeing this case is Sanford N. Berland. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. They primarily purchase shopping malls with partner Mason Asset Management. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. and others, come up for renewal. 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's actions in New Jersey appear to be opposite of their statements that malls can remain viable. 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. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . 2:2020cv05649 - Document 32 (E.D.N.Y. [10][11] CH Capital Group has become a partner in several acquisitions. ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 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. ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; 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. Namdar and the subsidiaries said they would fix the air conditioning and leaking problems, but allegedly never did so. At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. Location: People at location: North America: 187: [3][7] The deals for these malls are done in cash. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. Based in the upscale enclave of Great Neck, Long Island, Namdar and Mason are both family run. 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. And it has to be all cash.. [2] [3] [6] Strategy [ edit] "When you own 100 retail properties, of course you're going to have people having complaints. But the malls owner, Namdar Realty Group, did not disclose any of that to its tenants, a handful of retailers alleged. In building an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities Namdar has accumulated a personal net worth of about US$2 billion, according to the Bloomberg Billionaires Index. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. And the best part of all, documents in their CrowdSourced Library are FREE. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Others will be demolished by their owners. Companies that have increased sales while improving profit margins include Salesforce and Amazon. After soaking Florida's DeSoto Square Mall for management fees, Namdar attempted to sell the property for $30 million, according to a lawsuit filed by the financial services firm ML Holdings in. Visit our Community Guidelines for more information and details on how to adjust your email settings. ; Filed: 02/20/2018; Received: 02/20/2018, DocketANSWER; Filed By: Shein, J. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. 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 . "We have a very high retention rate for our tenants, which shows us we are doing a good job.". Namdar Realty Group is based in Great Neck, New York. 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. Click here to sign up for Jersey Digs' free emails and news alerts. Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010. Buyer Lawsuit. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. was up 15.4%. 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. The pandemic accelerated Americans years-long shift to e-commerce, forcing many already-ailing department stores and apparel shops to go dark. Communities often want the world. The canopy is peeling off the building, and its signage has fallen. That is where we kind of make our money.. and other major mall owners with a coast-to-coast reach. GPS, [8] Most malls they purchase are in markets considered B and C grade. Read more about cookies here. The lawsuit was later voluntarily dismissed. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. POTTSVILLE, PA. Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. ; 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 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. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. Namdar Realty Group is the new owner of the 1-million-square-foot shopping center which has lost two of its three anchor stores over the past year. 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. A spokesperson for Namdar said it is actively working to fix the property. There were factors that led to this, such as not having the rent to pay, he said. Those As get to be too crazy. 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. The Judge overseeing this case is Nassau Dcm-Tj. Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR: Combined Demands; Filed By: Shein, J. ; Filed: 03/12/2018; Received: 03/12/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. In Los Angeles, malls got the green light that October after reopening and closing again in mid-July. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. The pandemic also isnt over yet, including in the U.S., where COVID hospitalizations have been climbing, despite widespread availability of vaccines for adults, raising concerns around the recovery. Nassim handles leasing and asset management. ; Filed: 03/23/2018; Received: 03/23/2018. 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. Instead of U.S. stockholders and quarterly reports, the team keeps things simple: Namdar focuses on management side of the properties. Are these the brands that might save the mall? Meyer Silber, an attorney for ML Estate, declined to comment. Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. 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.. Several market experts pointed to Nadmar and Nassim as among the sectors biggest cash mall buyers. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. They say they charge affordable rents so stores such as Claires, Lids and Piercing Pagoda can fill vacancies. Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. 201 : Jury Demanded By: Plaintiff 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. Why is this public record being published online? Finally, one place to get all the court documents we need. 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. Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. Today, the family is a major investor and developer of mixed-use. Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. Dozens of retailers have filed for Chapter 11 in the past year, including mall staples such as J.C. Penney and Ascena Retail Group. 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. We apologize, but this video has failed to load. Case Details Parties Documents Dockets. More than 20 percent of U.S. malls will close by 2022, according to a 2017 report by Credit Suisse. But there have been new openings as well. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. That was no accident, said Meyer Silber, ML Holdings lawyer in the case against Namdar, which is ongoing. From the memories of get. We feel that were doing very good for the communities and the properties that we own within those communities, said Masons president, Elliot Nassim. That time is vital now as they navigate the heavy turbulence of the pandemic. Area real estate experts agree that the retail period for the property is . Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Great Neck, NY. The development has an estimated cost of . That comes on top of complaints against Namdar and its sister company, Mason Asset Management, from local officials and residents in several regions. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. If you are a Home delivery print subscriber, unlimited online access is. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. Some of the properties are owned by one and managed by the other, and some are owned by both. (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. But he still sees the problem as too much debt on lower quality properties financed years ago, when mall valuations were pegged at much higher levels. 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.. Namdar also recently hired a director of redevelopment with plans to repurpose some of the partnerships properties. Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. As we build our portfolio, we want to constantly improve the quality by having better assets.. 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. 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. In College Township, Pennsylvania, Namdar owns the Nittany Mall. Last year, federal court proceedings began after CBL defaulted on more than $125 million in loans. NLRB National Labor Relations Board. Namdar declined to comment on that net worth estimate when asked by MarketWatch. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. We see that a lot of these malls are being sold by lenders, said Igal Namdar, the companys president, in an interview with MarketWatch. Case Number: 1:2023cv01044. 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. They primarily purchase shopping malls with partner Mason Asset Management. But in the meantime, according to retail strategist Marshall Kay, malls serve a purpose for the communities that theyre in, regardless of the backlash they may face over their condition. ; Filed: 02/20/2018; Received: 02/20/2018, DocketNOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. 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. Namdar Realty Group said the transaction closed in late August. Namdar was founded in 1999, the same year Time named Amazons Jeff Bezos Person of the Year. Brad Schrader, Sterlings superintendent of public works, said he suspects the city is the victim of Namdar using the local mall for depreciation purposes., We get stuck holding the bag in the end, he said.

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