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.. Namdar Realty Group LLC and Mason Asset Management Inc., frequent partners in real estate acquisitions, are behind the purchase, along with CH Capital Group. Two Towers from Namdar Group Rise in Jersey City as New Plaza Emerges 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. ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: Demand for Authorizations; Filed By: Shein, J. 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. ; Filed: 02/20/2018; Received: 02/20/2018, NOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. the Gap Inc In the 2018 Reuters story, Namdar President Igal Namdar spoke broadly about how the company deals with problems. Because many properties remain in limbo, the worst of the crisis for mall mortgage bond investors likely has yet to come. The Bangor Mall is popping into an leisure vacation spot 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.. Comments may take up to an hour for moderation before appearing on the site. 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. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. Finally, one place to get all the court documents we need. In the United States Bankruptcy Court for The Southern District of Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. ; Filed: 12/11/2019; Received: 12/11/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Ypsilanti Township is suing New York-based Namdar Realty over 1,000 pages worth of code violations found during an inspection at the property just days before Namdar purchased it in December.. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. 201 : Jury Demanded By: Plaintiff Weve redirected our efforts at the St. Louis Outlet Mall and have since entered into a multiparty agreement to resolve outstanding taxes and assessments, Namdars spokesperson said in a statement. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The companies operate jointly: Namdar handles most of the finances, while Mason focuses on leasing. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. About $4.6 billion of U.S. shopping center debt has been pegged to likely deed-in-lieu of foreclosure events, liquidations or real estate owned (REO) properties, according to a list compiled by Bill Petersen, co-founder of CREDiQ, a commercial real estate analytics firm. At the same property, Impact Church of Jacksonville accused managers of avoiding upkeep, making the building look abandoned. Impact paid US$7.4 million in 2016 to buy a former Belk department store on the site, where it now runs a school as well as a church. RELATED:Police arrest suspect in Christmas Eve mall shooting. Like dozens of other traditional malls, the Acadiana Mall has seen its share of struggles in recent years. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. 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. 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. 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. New owner of Trumbull mall makes good first impression - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Many of those properties have been beset by allegations of shoddy maintenance, including claims of leaky roofs, broken electrical systems, and a roach infestation at . 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. Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. ; Filed: 03/23/2018; Received: 03/23/2018. Dallas congressional hopeful Namdar suspended from anti-trafficking They say they charge affordable rents so stores such as Claires, Lids and Piercing Pagoda can fill vacancies. In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 1 00 plus malls. It would have required a substantial investment, and I think their model is the opposite of that.. Namdar ultimately traded the property to ML Holdings for $25.5 million. If you like this story sign up for FP Work Newsletter. From the memories of get. namdar realty group llc. Why is this public record being published online? Namdar Realty Group corporate office is located in 150 Great Neck Rd Ste 304, Great Neck, New York, 11021, United States and has 203 employees. 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N.Y. real estate developer gets Salisbury Mall for $2.5 million Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [16][17] Namdar was a partner in several New York City area property purchases in 2021. Joanne Mistrulli - v. - Namdar Realty Group LLC et al - UniCourt Namdar Realty Group Sells 283,553 SF Shopping Center in Pottsville 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 . Case Number: 1:2023cv01044. The development has an estimated cost of . 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. ; Filed: 10/23/2019; Received: 10/23/2019, DocketDEMAND FOR: Demand for Authorizations; Filed By: Shein, J. 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. namdar realty group. 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. Upset communities allege that Namdar and Mason are looking to turn a profit by not investing in their malls. And the best part of all, documents in their CrowdSourced Library are FREE. 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.. View 8012 W 14th Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. On 05/04/2017 World Properties LLC filed a Contract - Other Contract lawsuit against Namdar Realty Group LLC. Over time, ML Holdings fell into default on its loan. [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. ; Filed: 12/10/2019; Received: 12/10/2019, DocketNOTICE OF DISCOVERY AND INSPECTION Supplemental Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. Fernandez v. Namdar Realty Group LLC et. al. 2:2020cv05649 | US Who is making money from struggling U.S. malls? | Reuters Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. The formula for Namdar Realty Group and partner firm Mason Asset Management is to recruit down-market retailers to fill vacancies while holding down costs by limiting debt and capital-improvement spending. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; Filed By: Shein, J. We ask you to keep your comments relevant and respectful. He raised the possibility that another owner might not keep some of Namdars malls open at all. Lawsuits mount for Hazelwood mall owner after eviction notices - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR: Combined Demands; Filed By: Shein, J. 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. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. ; Filed: 11/12/2019; Received: 11/12/2019, DocketNOTICE OF DISCOVERY AND INSPECTION Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. namdar. Gorjian said some ideas included trampoline parks, skating rinks, call centers or technology storage companies. Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group Namdar and Mason have been acquiring smaller, distressed, local retailers, including a Midwest movie theater chain that filed for bankruptcy last year. They primarily purchase shopping malls with partner Mason Asset Management. Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. Namdar Realty Group Company Profile | Management and - Datanyze Visit a quote page and your recently viewed tickers will be displayed here. Menu. +1.00% Public Records Policy. Fayetteville Mall Sells For $39.5M to New York Investors 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. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. The largely deserted mall is not a source of police complaints, Whitfield said. 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, You make a lot of mistakes, and you learn from every mistake on the way.. Namdars spokesperson said the company has worked diligently to repair the storm drain and any remaining issues surrounding the collapse. The Long Island, New York-based real estate investment firm has about 54 million square feet across the country. Last year, Namdar and Mason paid US$12 million to buy cinema chain Goodrich Quality Theaters Inc. out of bankruptcy. But what really sets them. They also invested in the furniture chain formerly known as Jennifer Convertibles. 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.. Sticker shock: Ranking South Floridas priciest residential rentals, Here are Chicago's top 10 construction permits issued in May. Company profile page for Namdar Realty Group LLC including stock price, company news, press releases, executives, board members, and contact information New York-based Namdar Realty Group revealed Monday that it recently bought the Berkshire Mall in Wyomissing from Allied Retail Properties. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. Mall employees and customers voiced concerns to the city, but outreach to Namdar went unanswered until the city threatened litigation, according to the emails. 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. After the sale, DiNatale said township officials quickly realized they had a different vision for the site. 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. Today, the family is a major investor and developer of mixed-use. Namdar Realty Group - Just Another Bad Mall REIT - YouTube That compares with a 18.4% gain for the S&P 500 Index Namdar had verbally agreed to lower rents for store owners, in some cases to as little as 25 percent of what was reported in leases, while others had been allowed to stay rent-free to prop up occupancy rates, according to the complaint. The group also included DW Partners LP and Washington Prime Group. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. Acquisitions Archives - Mason Asset Management Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. namdar realty inc. Namdar Realty Group Global Presence. Namdar also recently hired a director of redevelopment with plans to repurpose some of the partnerships properties. Meyer Silber, an attorney for ML Estate, declined to comment. Is it where my wife would shop? Nassim said about their properties. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Namdar Realty Group Wikipedia Republished // WIKI 2 They primarily purchase troubled shopping malls with partner Mason Asset Management. For big names, revenue plummeted. Their business model doesnt really lend itself to managing malls the way you or I might think of it, in terms of finding tenants, said Mario DiNatale, the economic development director for Voorhees Township, New Jersey. 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. 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. 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. 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. ", "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? In the meantime, a judge assigned Spinoso Real Estate Group to manage the mall while the case proceeded. - 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. ; 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. Westfield Trumbull mall sold as part of deal worth $196 million SPX, DJIA, - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. Namdar Realty Group LLC Company Profile - Dun & Bradstreet Read Online Educational Planning And Management In Small States 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, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. And it has to be all cash.. Amazing opportunity on this 3 bedrooms, 2-bathroom Home with lots of upgrades. Namdar Group Scores $195M for 1,354-Unit Miami Project ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Namdar secures $96M in loans for new Jersey City towers 2020-02-15 14:18 Iranian banks' foreign assets up over 17% 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. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. Create an account or sign in to continue with your reading experience. The price was half of the $50 million. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. According to court records, problems at the Regency site allegedly included broken air conditioning, multiple roof leaks, minimal housekeeping and reduced security. 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 lawsuit was later voluntarily dismissed. The mall looks abandoned, but isnt. Fernandez v. Namdar Realty Group LLC et. al., No. 2:2020cv05649 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. 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. Nassim handles leasing and asset management. For Namdar, that smells like opportunity. And the best part of all, documents in their CrowdSourced Library are FREE. The case status is Disposed - Dismissed. Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Great Neck, NY. That is where we kind of make our money.. Others will be handed back to lenders through an uncontested or confrontational foreclosure process.. Get the latest business insights from Dun & Bradstreet. ; 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. For Sale Price: $609000 | 3 bed, 2 bath, 7875 Sq. The former Sears space remains empty. There were factors that led to this, such as not having the rent to pay, he said.
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