- filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". For Namdar, that smells like opportunity. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Several market experts pointed to Nadmar and Nassim as among the sectors biggest cash mall buyers. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Are these the brands that might save the mall? Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. Searching articles in Namdar Realty Group Llc x Sign In | | | Close. The lawsuit contends that the mall should have sold for about $5 million one-fifth of what the company paid. The company also owns the Meriden and Enfield malls. In October 2019, Dollar General received an order to evacuate: The fire alarm system was out of service and needed to be replaced. Click here to sign up for Jersey Digs' free emails and news alerts. ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. If you do not agree with these terms, then do not use our website and/or services. [20][21], Mall properties owned or managed by Namdar Realty Group as of 2021 include:[22] (This list is incomplete), "Who is the 'investor group' trying to save Bon-Ton from liquidation? Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group ; Filed: 01/24/2020; Received: 01/24/2020, DEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. 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.. Defendant, Namdar Realty Group, LLC1, appeals as of right the stipulated order dismissing Igal Namdar, in his personal capacity, as a defendant, and closing this case under MCR 2.602(A)(3). Why is this public record being published online? This advertisement has not loaded yet, but your article continues below. It would have required a substantial investment, and I think their model is the opposite of that.. 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. 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. And we are out there looking all the time for opportunities to purchase better assets than when we first started, Namdar told MarketWatch. 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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.. Those As get to be too crazy. The development has an estimated cost of . Last year, Namdar and Mason paid US$12 million to buy cinema chain Goodrich Quality Theaters Inc. out of bankruptcy. the Gap Inc Others will be handed back to lenders through an uncontested or confrontational foreclosure process.. Tweet. 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. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. [12][13], Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall. 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. Richard Pelzer II. 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.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 03/23/2018; Received: 03/23/2018. malls? Some of the biggest landlords, including Simon Property Group Inc. and Brookfield Asset Management Inc., have walked away from centres where values slumped below the propertys debt. We ask you to keep your comments relevant and respectful. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. This home features 3 bedrooms 2 bathrooms with 1 car garage. and other major mall owners with a coast-to-coast reach. And when the electricity went out in one part of the mall in June 2017, it took Namdar four months to restore power, a local church claimed in a third lawsuit. Given that the property was slated for a redevelopment and ultimately would be demolished, this accelerated the plans for the building, the spokesperson noted. You go in and you dont know much, he noted. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Namdars spokesperson blamed hastily completed contracting work that Sears had commissioned a number of years back, before the retailer shut its doors. ; Filed: 03/12/2018; Received: 03/12/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. It doesnt matter to us if people are selling, Igal said. Dozens of retailers have filed for Chapter 11 in the past year, including mall staples such as J.C. Penney and Ascena Retail Group. 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. If the ultimate goal is to redevelop the property, criticism can occur. Will His AI Plans Be Any Different? At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. 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. And it has to be all cash.. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. The case remains pending in a Florida circuit court. +1.61% A spokesperson for Namdar said it is actively working to fix the property. We feel that were doing very good for the communities and the properties that we own within those communities, said Masons president, Elliot Nassim. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. 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. Their first purchase, in 2012, was the DeSoto Square Mall in . 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 and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Court: US District Court for the Northern District of Illinois. So theres great value there.. As we build our portfolio, we want to constantly improve the quality by having better assets.. Namdar and the subsidiaries said they would fix the air conditioning and leaking problems, but allegedly never did so. [3][5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. June 21, 2021. in General News, Northeast. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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.. That is where we kind of make our money.. Compare pay for popular roles and read about the team's work-life balance. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. In New York City, malls lost half a year to the pandemic before being permitted to reopen in September. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. He expects a flurry of deals in 2022 as more owners of troubled retail properties head for the exits.