Tweet. Read More. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The companies were sued in 2017 by a tenant, International Dcor Outlet, who claimed the owners failed to properly maintain and repair the property. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. There were factors that led to this, such as not having the rent to pay, he said. Upset communities allege that Namdar and Mason are looking to turn a profit by not investing in their malls. 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. Last year, Namdar bought 12 more and Mason added eight. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Igal Namdar has made a fortune buying shopping malls no one else wants. [2][5] Voorhees Town Center was having maintenance and security issues the same year. It would have required a substantial investment, and I think their model is the opposite of that.. From the memories of get. Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Great Neck, NY. They primarily purchase troubled shopping malls with partner Mason Asset Management. 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. That kind of footprint puts them in league with Macerich Co. Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. Why is this public record being published online? articles a month for anyone to read, even non-subscribers! 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. DeSoto Square closed permanently in April, according to local news reports. Namdar has not returned phone calls and emails seeking comment on their plans for the Acadiana Mall. 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. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. Others will be handed back to lenders through an uncontested or confrontational foreclosure process.. 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.. t 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. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. Their strategy generally was to suck out as much money from a mall as possible, said Silber, and they try to just dump it.. Namdar Realty Group is based in Great Neck, New York. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. 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. So the community may want one thing, but economically, its not feasible.. A purchase price was not disclosed. Area real estate experts agree that the retail period for the property is . Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. 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. RELATED:Police arrest suspect in Christmas Eve mall shooting. Namdar Realty Group LLC et. Hope Baptist Church and Midwest Clearance Centers filed separate lawsuits in St. Louis County Circuit Court against Namdar Realty Group and St. Louis Retail Outlet LLC, an entity affiliated. AEO, Public Records Policy. 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. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Oil Investors Get $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Create an account or sign in to continue with your reading experience. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. ; Filed: 12/11/2019; Received: 12/11/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Trumbull Economic and Development Director Rina Bakalar said the recent sale of the mall by Paris-based Unibail-Rodamco . [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. If you don't see it, please check your junk folder. 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. Today, the family is a major investor and developer of mixed-use. Their first purchase, in 2012, was the DeSoto Square Mall in . ; Filed: 03/12/2018; Received: 03/12/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. namdar inc. namdar llc. Among recent mall deals was the US$10.3-million purchase in April of Marketplace at Brown Deer outside Milwaukee, valued at US$45 million in 2005, according to loan documents and an announcement by the seller, Retail Value. In return, they want a discount. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. A sinkhole at the Northland Mall in Sterling, Illinois. 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. If the ultimate goal is to redevelop the property, criticism can occur. The price was half of the $50 million. Like dozens of other traditional malls, the Acadiana Mall has seen its share of struggles in recent years. Public Records Policy. We live in purgatory: My wife has a multimillion-dollar trust fund, but my mother-in-law controls it. Namdar declined to discuss individual cases but said such complaints are rare. In 2019, Namdar bought 30 properties and Mason acquired 23. Now they rank among the biggest all-cash buyers of the nations hard-luck malls. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. They also invested in the furniture chain formerly known as Jennifer Convertibles. Namdar Group has secured $195 million in financing for the land acquisition and the construction of Namdar Towers, a development located in downtown Miami. Mall employees and customers voiced concerns to the city, but outreach to Namdar went unanswered until the city threatened litigation, according to the emails. Updated at at 11:28 p.m. on Feb. 18, 2022 with Brad Namdar's response to the Secretary of State.. Dallas congressional candidate Brad Namdar's business has been suspended from a state anti . - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar's actions in New Jersey appear to be opposite of their statements that malls can remain viable. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. They're being sued by International Dcor Outlet, which was supposed to bring life to an entirely-empty corridor of the mall but is claiming the mall's owners lied about its condition. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. [12][13], Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall. Namdar Realty Group LLC and Mason Asset Management Inc., frequent partners in real estate acquisitions, are behind the purchase, along with CH Capital Group. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. +1.61% More Jersey City News -- Have something to add to this story? Finally, one place to get all the court documents we need. DJIA, Gated Community of The Moors in Miami Lakes. SPG, This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. Sometimes, the. We apologize, but this video has failed to load. Namdar Realty Group is a privately held, commercial real estate investment firm, owning and managing over 57 million square feet of commercial real estate throughout the United States. Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. That was no accident, said Meyer Silber, ML Holdings lawyer in the case against Namdar, which is ongoing. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar declined to comment on that net worth estimate when asked by MarketWatch. 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. [5][7] The companies also work with Uber Capital Group LLC and Gorjian Acquisitions to acquire properties. Read: Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. The pandemic accelerated Americans years-long shift to e-commerce, forcing many already-ailing department stores and apparel shops to go dark. 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. read more Prominent Tenants Find a property Namdar Group is adding 26 Van Reipen Avenue and 626 Newark Avenue to a pipeline that includes a 20-story rental at 26 Cottage Street, and a combined six new towers designed by C3D Architecture.