Case Number: 1:2023cv01044. Finally, one place to get all the court documents we need. Namdar Realty Group is based in Great Neck, New York. ; Filed: 03/23/2018; Received: 03/23/2018. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Case Details Parties Documents Dockets. A source with direct knowledge of Mason and Namdars strategy said the funds invest as little as possible on many of their properties, adding the aim is to hold the assets, not redevelop them, the Reuters story read. The price was half of the $50 million. At 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. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. No one doubts the best U.S. malls will survive and even thrive once the pandemic carnage plays out, said Daniel McNamara, a principal at MP Securitized Credit Partners. They primarily purchase troubled shopping malls with partner Mason Asset Management. 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. They primarily purchase troubled shopping malls with partner Mason Asset Management. 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 . 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.. 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). [1][20] Due to a fee issue, the attempt failed, and Bon-Ton liquidated. ; Filed: 03/12/2018; Received: 03/12/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. If the ultimate goal is to redevelop the property, criticism can occur. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. 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. That kind of footprint puts them in league with Macerich Co. 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. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. On August 27, 2018, Alexander S. Rusek filed an appearance as counsel for Holiday Park Realty and Igal Namdar and noted that Igal Namdar does not do business as "Igal Namdar d/b/a Namdar Realty Group." Rusek filed a motion to set aside the default judgment and the circuit court agreed that it lacked personal jurisdiction over Igal Namdar. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. Much has been written about the death of American mall, including recently by the New York Times in an article that notes the deep nostalgia many people have for local malls, even as many property owners have been struggling for years to keep the lights on. 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. 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. It's owned by Namdar Realty Group, known for aggressively acquiring dying malls and milking them for money while they keep dying. The Voorhees Township site has since been sold to another company. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. 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. 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? Is it where my wife would shop? Nassim said about their properties. 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. ; Filed: 01/24/2020; Received: 01/24/2020, DEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. 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. Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. Other stores have also closed, including the Gap, Gap Kids, Banana Republic and New York and Company. In another part of the mall, the leaky roof allegedly made it impossible for a tenant to move in. 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 . Namdar ultimately traded the property to ML Holdings for $25.5 million. Namdar and Nassim make no pretense of catering to luxury consumers. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Those As get to be too crazy. I would say its been more about maintaining, not enhancing, he said. 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. Copyright 2023 MarketWatch, Inc. All rights reserved. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. AEO, Mehdi Bolour faces 25 criminal charges over illegally rented Hollywood building. 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? Today, the family is a major investor and developer of mixed-use Buildings across the United States and the Caribbean Region with a focus on Transit Oriented Developments. Gorjian said some ideas included trampoline parks, skating rinks, call centers or technology storage companies. Their first purchase, in 2012, was the DeSoto Square Mall in . the proactive techniques for administration professionals by using a service quality lens to address administration and management concepts in all areas of the criminal ; 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. In the meantime, a judge assigned Spinoso Real Estate Group to manage the mall while the case proceeded. namdar realty group. Trumbull Economic and Development Director Rina Bakalar said the recent sale of the mall by Paris-based Unibail-Rodamco . 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. -1.26%, Namdar and Mason have been acquiring smaller, distressed, local retailers, including a Midwest movie theater chain that filed for bankruptcy last year. That time is vital now as they navigate the heavy turbulence of the pandemic. The former Sears space remains empty. Namdar Realty Group owns eight malls in Illinois, including the Ford City Mall in Chicago, according to its website. Curiously, Namdar and Mason continue to fly under the radar. View 17319 NW 63rd Ct, Hialeah, FL real estate investment calculator for traditional & Airbnb rental properties. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Most of the [malls] are built in prime locations, Igal said. Single Family Residential. In Mansfield, Ohio, Namdars Westpark Shopping Center looks ill. [9] Because of this low price/maintenance, they have a high return on investment. In the 2018 Reuters story, Namdar President Igal Namdar spoke broadly about how the company deals with problems. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. 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. They primarily purchase shopping malls with partner Mason Asset Management. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. ; Filed: 12/10/2019; Received: 12/10/2019, NOTICE OF DISCOVERY AND INSPECTION Supplemental Notice of Medical Exchange & Disclosure of Expert Witness; Filed By: Shein, J. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. While we cannot say much on the matters related to the Midtown DeSoto Square Mall, it has been made public that we sold the property in early 2017, Namdars spokesperson said. Despite carrying significant expenses for security, waste disposal, landscaping and parking lot repairs on its books, the mall was in poor condition, and its gross income was slashed from $6 million to $4 million, ML Holdings claimed. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Amazon Is Closing Its Cashierless Stores in NYC, San Francisco and Seattle, Amazon Pauses Construction on Second Headquarters in Virginia as It Cuts Jobs, Stock Traders Are Ignoring Blaring Bond Alarms, iPhone Maker Plans $700 Million India Plant in Shift From China, Russia Is Getting Around Sanctions to Secure Supply of Key Chips for War. The Posthaste newsletter has all the breaking business news and market signals you need, The Posthaste newsletter the business news you need, Igal Namdar: The billionaire bottom feeder who buys malls as others run away, Death of the balcony: Why an outdoor space of one's own may soon be a luxury in condoland, The CRA generally lets you claim family medical expenses not this time, Nordstrom joins the exodus of U.S. retailers from Canada: What you need to know, We are very clearly in an energy supply crisis Eric Nuttall sees return of triple-digit oil prices, 'Panic station at Fox News': How the Murdochs agonized over Trump's election loss. "When you own 100 retail properties, of course you're going to have people having complaints. Fifteen years later, the mall was sold in July 2016 to Namdar Realty Group along with The Lakes in Muskegon for an aggregate price of $66.5 million, including the assumption of a $38.2 . They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. I think they are doing what they can to fill the spaces, Gabrovsek said. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. Some may die a slow death as stores are shuttered one by one. They also invested in the furniture chain formerly known as Jennifer Convertibles. Amazing opportunity on this 3 bedrooms, 2-bathroom Home with lots of upgrades. Read More. Given that the property was slated for a redevelopment and ultimately would be demolished, this accelerated the plans for the building, the spokesperson noted. SPX, [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. 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. 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. What is the alternative for the retailers who rent from them?. Namdar and the subsidiaries said they would fix the air conditioning and leaking problems, but allegedly never did so. ; Filed: 10/23/2019; Received: 10/23/2019, DocketDEMAND FOR: Demand for Authorizations; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. +1.03%, Namdar was founded in 1999, the same year Time named Amazons Jeff Bezos Person of the Year. For Sale Price: $480000 | 3 bed, 2 bath, 4356 Sq. Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. 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. "We have a very high retention rate for our tenants, which shows us we are doing a good job.". 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. They primarily purchase shopping malls with partner Mason Asset Management. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR: Combined Demands; Filed By: Shein, J. Ft. LONG ISLAND'S FINEST LANDSCAPING AND CONSTRUCTION CORP. JEFFREY S SHEIN (0218-3640-RLI) FRANK A. POLACCO, RESPONSE TO DEMAND For Bill of Particulars; Filed By: Mccarthy, B.; Filed: 03/03/2020; Received: 03/03/2020, RESPONSE TO DEMAND Response to Notice for Discovery & Inspection (of Northeastern Flooring & Construction, Inc.); Filed By: Shein, J. Ft. Their strategy generally was to suck out as much money from a mall as possible, said Silber, and they try to just dump it.. He scoops up struggling centers at bargain-basement prices after their landlords lose faith, betting he can turn a profit before the last tenants turn out the lights. Find Your Regional Office; FAQs; Contact Us; Espaol Buyer Lawsuit. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Weve redirected our efforts at the St. Louis Outlet Mall and have since entered into a multiparty agreement to resolve outstanding taxes and assessments, Namdars spokesperson said in a statement. Namdar and the subsidiaries denied all allegations in court filings. ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. The loan was provided by SCALE. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. 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 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. They said it all sounded great but they had no interest in doing any of those things because it would require them to make a substantial investment, DiNatale said of Namdar. Namdar Realty Group LLC et. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdars bet is that he can pay a small enough price to outrun the decline. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. The center was 90 percent leased at . ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. ; Filed: 02/20/2018; Received: 02/20/2018, DocketANSWER; Filed By: Shein, J. Namdar closes fast as is, where it is, with no due diligence, Tenants and buyers have sued, saying centers are in disrepair. Case Details Parties Documents Dockets 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. 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. namdar. Namdar declined to discuss individual cases but said such complaints are rare. Location: People at location: North America: 187: Namdar Realty Group is based in Great Neck, New York. The mall looks abandoned, but isnt. KIM, Visit our Community Guidelines for more information and details on how to adjust your email settings. Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. Namdar and Empire bought the 13-story, 64-year-old 830 Third Ave. office building for $72M this month after acquiring 345 Seventh Ave., which is 24 stories high and more than 90 years old, for . Namdar Realty Group corporate office is located in 150 Great Neck Rd Ste 304, Great Neck, New York, 11021, United States and has 203 employees. Last year, Namdar and Mason paid US$12 million to buy cinema chain Goodrich Quality Theaters Inc. out of bankruptcy. 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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.
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