They primarily purchase shopping malls with partner Mason Asset Management. I would say its been more about maintaining, not enhancing, he said. DJIA, 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. [3] They will also split proprieties to sell off individual pieces. KIM, 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. 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. +1.61% More than 20 percent of U.S. malls will close by 2022, according to a 2017 report by Credit Suisse. Regency Mall Realty LLC, a partnership of Namdar Realty Group and Masson Asset Management Inc., purchased the 1.6 million-square-foot enclosed mall in. Its a different market.. Visit our Community Guidelines for more information and details on how to adjust your email settings. In addition to buying properties, the company has acquired potential tenants. Find out what works well at Namdar Realty Group from the people who know best. 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. Communities often want the world. Today, the family is a major investor and developer of mixed-use Buildings across the United States and the Caribbean Region with a focus on Transit Oriented Developments. The former Sears space remains empty. 2:2020cv05649 - Document 32 (E.D.N.Y. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. The governments release Tuesday of July U.S. retail sales showed a sharp 1.1% drop on a monthly basis, underscoring anxieties tied to the delta variant of the coronavirus, but also a shift in priorities from goods to services, James Knightley, INGs chief international economist, wrote in emailed comments. The case status is Pending - Other Pending. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. . This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. The company also owns the Meriden and Enfield malls. We earn $400,000 and spend beyond our means. 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. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. In return, they want a discount. ; Filed: 02/20/2018; Received: 02/20/2018, DocketANSWER; Filed By: Shein, J. . It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. 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. But what really sets them. 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. Nassim is the cousin of Igals wife. DeSoto Square closed permanently in April, according to local news reports. ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. +1.03%, ; Filed: 02/20/2018; Received: 02/20/2018, NOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. View 8012 W 14th Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. 2020-02-15 14:18 Iranian banks' foreign assets up over 17% - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The company that purchased the Acadiana Mall in January has a history of reported problems elsewhere and a track record of making little progress with properties they own. Finally, one place to get all the court documents we need. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. 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. 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. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. An REO property is one where a property is owned by a lenderbecause it failed to sell in a foreclosure auction after the borrower defaulted on the mortgage. The pandemic accelerated Americans years-long shift to e-commerce, forcing many already-ailing department stores and apparel shops to go dark. Click here to sign up for Jersey Digs' free emails and news alerts. There were factors that led to this, such as not having the rent to pay, he said. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. NOTICE OF WITHDRAWAL OF MOTION / ORDER TO SHOW CAUSE, AFFIDAVIT OR AFFIRMATION IN OPPOSITION TO ORDER TO SHOW CAUSE, RJI -RE: REQUEST FOR PRELIMINARY CONFERENCE, Cases involving other agreements or torts not classified elsewhere, 190, 1190, 2190, 3190, 4190, 4194, 5190, 5196, World Properties LLC et al - v. - Namdar Realty Group LLC, NOTICE 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, NOTICE 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, EXHIBIT(S) - D (Motion #3) Complaint; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, EXHIBIT(S) - C (Motion #3) 190124 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, EXHIBIT(S) - B (Motion #3) 190103 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, EXHIBIT(S) - A (Motion #3) 181205 Letter; Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, AFFIDAVIT OR AFFIRMATION IN REPLY (Motion #3); Filed By: Schimek, M.; Filed: 02/26/2019; Received: 02/26/2019, AFFIDAVIT 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, EXHIBIT(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, EXHIBIT(S) - D (Motion #3) Mold Intrusion Report; Filed By: Gomberg, T.; Filed: 01/24/2019; Received: 01/24/2019, NOTE OF ISSUE:WITH JURY *Corrected* Note of Issue (with Jury); Filed By: Hirschel, D.; Filed: 08/30/2018; Received: 09/03/2018, STIPULATION - SO ORDERED; Filed By: Court User; Filed: 06/12/2018; Received: 06/12/2018, ORDER - CERTIFICATION; Filed By: Court User; Filed: 06/11/2018; Received: 06/11/2018, NOTICE OF DISCOVERY AND INSPECTION Notice of Discovery and Inspection; Filed By: Hirschel, D.; Filed: 09/29/2017; Received: 09/29/2017, ORDER - PRELIMINARY CONFERENCE; Filed By: Court User; Filed: 09/21/2017; Received: 09/21/2017, ADDENDUM - GENERAL (840A); Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, RJI -RE: REQUEST FOR PRELIMINARY CONFERENCE; Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, PRELIMINARY CONFERENCE REQUEST Request for Preliminary Conference; Filed By: Hirschel, D.; Filed: 07/26/2017; Received: 07/26/2017, ANSWER; Filed By: Emouna, M.; Filed: 07/26/2017; Received: 07/26/2017, SUMMONS + COMPLAINT Summons and Complaint; Filed By: Hirschel, D.; Filed: 05/04/2017; Received: 05/04/2017. 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. Bloomberg News recently reported on legal issues stemming from the bottom feeder strategy, while pegging Namdars personal net worth at roughly $2 billion. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Nassim handles leasing and asset management. GPS, In the 2018 Reuters story, Namdar President Igal Namdar spoke broadly about how the company deals with problems.