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 . Beyond leaks in one unit, the lawsuit alleges that common areas in the mall are often filled with buckets and garbage cans to catch the water dripping from the ceiling.. POTTSVILLE, PA. Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. Ft. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. But as online shopping grew and consumer habits changed, many malls found themselves plagued by dwindling foot traffic and rising bankruptcies. [3][7] The deals for these malls are done in cash. Trillions of dollars worth of fiscal and monetary stimulus by the federal government and Federal Reserve helped staunch the carnage, with only 13 malls so far this year trading to new owners. The Camden County property is among 43 malls acquired by Great Neck, N.Y.-based Namdar Realty Group since 2012, making it the biggest buyer of the retail centers during the period. ; Filed: 02/20/2018; Received: 02/20/2018, STATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. was up 15.4%. . 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. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [5][7], Namdar and Mason often charge lower rent to keep mall vacancies low. 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. 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. MALCOLM et al. (Dec. 6), Police arrest suspect in Christmas Eve mall shooting, Court records show Acadiana Mall sought thousands from former tenants, Your California Privacy Rights/Privacy Policy. 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. Founded in 1999, Namdar started with a single acquisition of a small retail storefront in Long Island, NY. If you don't see it, please check your junk folder. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. Namdar has not returned phone calls and emails seeking comment on their plans for the Acadiana Mall. 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. The Judge overseeing this case is Sanford N. Berland. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. And the best part of all, documents in their CrowdSourced Library are FREE. Nassim handles leasing and asset management. Veritas $450M loan default: A sign of things to come? But in the meantime, according to retail strategist Marshall Kay, malls serve a purpose for the communities that theyre in, regardless of the backlash they may face over their condition. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. URW confirmed that the malls were sold to Mason Asset Management and Namdar Realty Group, a privately held commercial real estate investment and management firm. Location: People at location: North America: 187: Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. New York-based Namdar Realty Group revealed Monday that it recently bought the Berkshire Mall in Wyomissing from Allied Retail Properties. Nassim is the cousin of Igals wife. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. According to a June 2018 Reuters story, Namdar has emerged as one of the nations top 20 mall landlordsthrough an aggressive strategy that focuses largely on malls that have struggled with slowing sales and foot traffic. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. A purchase price was not disclosed. Headquartered in NY and family-owned and operated, Namdar is dedicated to the development of large-scale transit . Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. 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. 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. Court: US District Court for the Northern District of Illinois. +1.17% 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. Unauthorized distribution, transmission or republication strictly prohibited. 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. Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. MAC, Photographer: Max Marbut/Jacksonville Daily Record. So theres great value there.. 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. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. It doesnt matter to us if people are selling, Igal said. Searching articles in Namdar Realty Group Llc x Sign In | | | Close. 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. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. In return, they want a discount. 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. They say they charge affordable rents so stores such as Claires, Lids and Piercing Pagoda can fill vacancies. View 8012 W 14th Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. Bloomberg News recently reported on legal issues stemming from the bottom feeder strategy, while pegging Namdars personal net worth at roughly $2 billion. History. . If you are a Home delivery print subscriber, unlimited online access is. If you do not agree with these terms, then do not use our website and/or services. ; Filed: 11/12/2019; Received: 11/12/2019, NOTICE OF DISCOVERY AND INSPECTION Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Great Neck, NY. If Namdar wasnt the owner of these properties, would it mean that certain areas would be underserved? Lately, the team has been moving up in quality. Sometimes, the. Igal Namdar has made a fortune buying shopping malls no one else wants. both up more than 40% on the year so far. Some may die a slow death as stores are shuttered one by one. Musk Made a Mess at Twitter. In College Township, Pennsylvania, Namdar owns the Nittany Mall. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. 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. ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: Demand for Authorizations; Filed By: Shein, J. NAMDAR REALTY GROUP 150 GREAT NECK ROAD SUITE 304 GREAT NECK, NY 11021 Tel: 516.773.0010 Fax: 516.773.0030 OFFICE HOURS MONDAY - FRIDAY 9:00AM - 6:00PM EST [email protected] Namdar owns and operates retail property throughout the United States. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Communities often want the world. We are a very low leverage company. Get the latest business insights from Dun & Bradstreet.
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