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; 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. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. 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. Its a different market.. Area real estate experts agree that the retail period for the property is . Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. So theres great value there.. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; Filed By: Shein, J. 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. You go in and you dont know much, he noted. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. 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. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. That time is vital now as they navigate the heavy turbulence of the pandemic. Thats what these ETF managers are aiming for with an AI-aided strategy. 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. The price was half of the $50 million. 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. Among the new businesses that have moved into the Acadiana Mall in recent years are Bain Amour, It'z Pop-A-Licious, White Barn, Torrid, Shi Shi Boutique and Coney Island Pizza Cones and Ice Cream. History. 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? Uncover why Namdar Realty Group is the best company for you. By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. Any seller of retail malls or open air any size of portfolio, were there, Namdar, 51, said in an interview from his headquarters in Great Neck, N.Y. We can close immediately, as is, where it is, with no due diligence., Any seller of retail malls or open air any size of portfolio, we're there. From the memories of get. ; Filed: 03/23/2018; Received: 03/23/2018, DocketNOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. Subscribe now to read the latest news in your city and across Canada. Los Angeles, CA 90071 Term Loan6 Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. Kohan purchased the Jamestown Mall in 2009 for $3.3 million. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. Comments may take up to an hour for moderation before appearing on the site. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 1 00 plus malls. Namdars bet is that he can pay a small enough price to outrun the decline. Compare pay for popular roles and read about the team's work-life balance. Instead, Namdar Realty Group, based in Great Neck, N.Y., is accused in a pair of lawsuits of failing to invest in Regency Square's most basic maintenance, resulting in leaky roofs, broken electrical systems, and a roach infestation that have kept tenants from moving in. Other stores have also closed, including the Gap, Gap Kids, Banana Republic and New York and Company. TEHRAN - Iranian Oil Minister Bijan Namdar Zanganeh said more than $30 billion is required to complete unfinished petrochemical projects across the country, IRNA reported. We see that a lot of these malls are being sold by lenders, said Igal Namdar, the companys president, in an interview with MarketWatch. The next issue of FP Investor will soon be in your inbox. ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. namdar inc. namdar llc. Finally, one place to get all the court documents we need. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Thats a question worth considering, said Kay, who argued that there isnt an obligation to revitalize every retail property., What is the alternative for consumers? he added. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. Others will be demolished by their owners. When the issue was raised, Namdar painted over the water stains and the problem got worse as mold grew and another leak developed, International Decor Outlet asserted in a 2017 suit. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. 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. Through extensive interviews with Namdar and Mason executives and examination of public filings and lawsuits, The Real Deal took a closer look at the two firms and their strategy at a time when many malls are in turmoil. June 21, 2021. in General News, Northeast. Filed: February 21, 2023. View 8012 W 14th Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. Namdar Realty Group Reviews Updated Jan 27, 2023 Find Reviews Clear All Full-time, Part-time English Filter Found 25 of over 26 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Most Recent Oldest First 2.4 28 % Recommend to a Friend 12 % Approve of CEO Igal Namdar 9 Ratings There are no pros to display at this time. 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. Last year, Namdar bought 12 more and Mason added eight. 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. Why is this public record being published online? New York-based Namdar Realty Group revealed Monday that it recently bought the Berkshire Mall in Wyomissing from Allied Retail Properties. There were factors that led to this, such as not having the rent to pay, he said. 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 by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. They primarily purchase shopping malls with partner Mason Asset Management. That comes on top of complaints against Namdar and its sister company, Mason Asset Management, from local officials and residents in several regions. But what really sets them. Those As get to be too crazy. The company eventually reached an agreement with its creditors. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. That is where we kind of make our money.. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. 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 . [3][5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Nassim is the cousin of Igals wife. Other companies Washington Prime Group Inc., CBL & Associates Properties Inc. and Pennsylvania Real Estate Investment Trust filed for bankruptcy, raising the potential for massive portfolios to come up for sale. Namdar and Nassim make no pretense of catering to luxury consumers.