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Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. ; 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. [3][7] The deals for these malls are done in cash. 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. +1.03%, Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. 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. Namdar ultimately traded the property to ML Holdings for $25.5 million. We have enabled email notificationsyou will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. After the company purchased the River Oaks Center near Chicago, Namdar executive Joel Gorjian told USA Today in 2017 that the company was open to "alternative uses or entertainment centers" for vacant mall space. Looking for stock dividends of 9% to 11%? Its a different market.. Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. From the memories of get. And then theres reality, said Alexander Goldfarb, managing director senior and REIT analyst for Piper Sandler, who declined to comment on Namdar in particular. That time is vital now as they navigate the heavy turbulence of the pandemic. Those As get to be too crazy. And it has to be all cash.. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. No court date has been set yet. [1][20] Due to a fee issue, the attempt failed, and Bon-Ton liquidated. Their first purchase, in 2012, was the DeSoto Square Mall in . Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. AEO, Who's David Thomson? namdar realty inc. Namdar Realty Group Global Presence. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. They primarily purchase troubled shopping malls with partner Mason Asset Management. 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. Visit our Community Guidelines for more information and details on how to adjust your email settings. Los Angeles, CA 90071 Term Loan6 Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. This case was filed in Nassau County Courts, Supreme Court located in Washington, New York. [2] [3] [6] Strategy [ edit] 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Because many properties remain in limbo, the worst of the crisis for mall mortgage bond investors likely has yet to come. Over time, ML Holdings fell into default on its loan. 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. 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.. [12][13], Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall. Since 2000, the company has invested in over 2,000,000 square feet in commercial real estate in. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. 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 proactive techniques for administration professionals by using a service quality lens to address administration and management concepts in all areas of the criminal Visit a quote page and your recently viewed tickers will be displayed here. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Of course, not all may be worth saving. The Judge overseeing this case is Sanford N. Berland. [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. Cancellation and Refund Policy, Privacy Policy, and 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. 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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. The two talk every day, brainstorming their next moves, and see each other on weekends. And now they're buying into the movie business. SPX, 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. They primarily purchase shopping malls with partner Mason Asset Management. Malls were at one point seen as the future places where people of all ages could gather and shop under a single roof. MAC, ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; Filed By: Shein, J. namdar realty group llc. The loan was provided by SCALE. namdar. Some may die a slow death as stores are shuttered one by one. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Namdar Realty Group Profile and History. That comes on top of complaints against Namdar and its sister company, Mason Asset Management, from local officials and residents in several regions. Namdar and Mason have been acquiring smaller, distressed, local retailers, including a Midwest movie theater chain that filed for bankruptcy last year. If youre buying to harvest cash and not reinvest, it will work.. RELATED:Police arrest suspect in Christmas Eve mall shooting. The price was more than half the US$13 million Namdar paid for the entire mall, which names 46 other tenants on its website. The damage may be causing water to infiltrate the citys sewer system, according to emails between town officials sent throughout 2020 provided to, Over time, you do become what youre perceived, Cushman and Wakefield Vice Chair Mark Gilbert said of Namdar in a, At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. -0.17% In addition to buying properties, the company has acquired potential tenants. And the surety of close is an important thing for them., We see that being able to close all-cash, often times gets you a discount from where the market it, he said. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Great Neck, NY. KIM, Law360; Law360 UK . 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. Why microchips could make or break the electric vehicle revolution, Medicare just crushed the hopes of 750,000 Alzheimers patients a year, These 24 tech stocks stand out now as the FAANGs fade, With the 10-year Treasury topping 4%, its time to start dipping your toes in, says Wamco. 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. al., No. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. And the best part of all, documents in their CrowdSourced Library are FREE. ", "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? We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. 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. Meyer Silber, an attorney for ML Estate, declined to comment. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. read more Prominent Tenants Find a property We are a very low leverage company. And the best part of all, documents in their CrowdSourced Library are FREE. Finally, one place to get all the court documents we need. +1.61% . [3][5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Its all about the cost basis, said Cedrik Lachance, director of research at Green Street. . Representatives of the new owner of the Westfield Trumbull mall are set to meet in an effort to discuss both sides' respective visions for the shopping center. Namdars approach to its real estate business generally is to purchase marginally performing properties, drain them of cash and operating funds, and then sell them, the lawsuit in New York Supreme Court in Brooklyn alleged. 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. Single Family Residential. At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. Why is this public record being published online? Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. Melrose set to keep tight grip on GKN spin-off,The demerger will be the latest move by Melrose after it snapped up engineering giant GKN for 8.1billion in a viciously fought takeover in 2018. 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. In New York City, malls lost half a year to the pandemic before being permitted to reopen in September. 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. Namdar declined to comment on that net worth estimate when asked by MarketWatch. 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 is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. We apologize, but this video has failed to load. The former Sears space remains empty. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. Court: US District Court for the Northern District of Illinois. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. A sinkhole at the Northland Mall in Sterling, Illinois. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Commercial Observer A venture of Empire Capital Holdings and Igal Namdar has agreed to pay $107 million, or $486.36/sf, for 345 Seventh Ave., a 220,000-square-foot office building in Manhattan. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [9] Because of this low price/maintenance, they have a high return on investment. In part, thats because financials could continue to head downhill for many lower-quality mall owners. 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. ; Filed: 02/20/2018; Received: 02/20/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Cavalier, D.; Filed: 02/05/2018; Received: 02/05/2018, SUMMONS + COMPLAINT; Filed By: Cavalier, D.; Filed: 01/24/2018; Received: 01/24/2018, DocketRESPONSE TO DEMAND For Bill of Particulars; Filed By: Mccarthy, B.; Filed: 03/03/2020; Received: 03/03/2020, DocketRESPONSE TO DEMAND Response to Notice for Discovery & Inspection (of Northeastern Flooring & Construction, Inc.); Filed By: Shein, J. Whats our next move? But the malls owner, Namdar Realty Group, did not disclose any of that to its tenants, a handful of retailers alleged. Six years in the past, when the mall had a Most of the [malls] are built in prime locations, Igal said. If the ultimate goal is to redevelop the property, criticism can occur. . Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group Click here to sign up for Jersey Digs' free emails and news alerts. A welcome email is on its way. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Igal Namdar, owner of Namdar Realty Group, paid $2.5 million Feb. 28 for the 26-year-old mall at the intersection of Jake Alexander and Statesville boulevards. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. 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. Mall employees and customers voiced concerns to the city, but outreach to Namdar went unanswered until the city threatened litigation, according to the emails. Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. -1.26%, Brad Schrader, Sterlings superintendent of public works, said he suspects the city is the victim of Namdar using the local mall for depreciation purposes., We get stuck holding the bag in the end, he said. Menu. The case status is Pending - Other Pending. In return, they want a discount. For over three generations, Namdar Group has grown into a premier, full-service commercial real estate development, construction and management company serving urban core markets throughout the United States and the Caribbean region. Buyer Lawsuit. Finally, one place to get all the court documents we need. He characterized the port authority's path to buying the property from an affiliate of Namdar Realty Group of Great Neck, New York, in the simplest terms: "Nothing was happening here.

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