The price was more than half the US$13 million Namdar paid for the entire mall, which names 46 other tenants on its website. 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. 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 two talk every day, brainstorming their next moves, and see each other on weekends. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. Others, like Macys and Gap, have decided to pull out of malls altogether. Nassim handles leasing and asset management. namdar realty group llc. 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. articles a month for anyone to read, even non-subscribers! Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. Mason president Elliot Nassim, 40, whose cousin married Namdar, focuses on leasing and redevelopment while Namdar oversees property management. SPX, -1.26%, and others, come up for renewal. A sinkhole at the Northland Mall in Sterling, Illinois. News 12 has reached out to Namdar . Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. Of course, not all may be worth saving. 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. RELATED:Court records show Acadiana Mall sought thousands from former tenants. Location: People at location: North America: 187: Nassim brought in the national tenants and managed to fill spaces that brokers couldnt, Igal said. ; Filed: 01/24/2020; Received: 01/24/2020, NOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Compare pay for popular roles and read about the team's work-life balance. But there have been new openings as well. Nassim is the cousin of Igals wife. ; Filed: 01/24/2020; Received: 01/24/2020, DEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. ; Filed: 10/01/2019; Received: 10/01/2019, DocketADJOURNMENT 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, DocketDEMAND FOR: Retainer Statement; Filed By: Shein, J. The price was half of the $50 million. 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. was up 15.4%. 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. 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. An REO property is one where a property is owned by a lenderbecause it failed to sell in a foreclosure auction after the borrower defaulted on the mortgage. 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. 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. That compares with a 18.4% gain for the S&P 500 Index Most of the [malls] are built in prime locations, Igal said. At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. Sometimes, the ownership is in conjunction with Mason Asset Management and subsidiaries. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. In return, they want a discount. Visit our Community Guidelines for more information and details on how to adjust your email settings. But when the new owner took a closer look after the sale, it found things were not as they appeared. Namdar ultimately traded the property to ML Holdings for $25.5 million. Get the latest business insights from Dun & Bradstreet. 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 . NLRB National Labor Relations Board. ; 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. The case remains pending in a Florida circuit court. He raised the possibility that another owner might not keep some of Namdars malls open at all. They primarily purchase shopping malls with partner Mason Asset Management. 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. So the community may want one thing, but economically, its not feasible.. 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. It doesnt matter to us if people are selling, Igal said. 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. [18][19], Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. 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. 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. Namdar officials, both at the company's headquarters and in Connecticut have not responded to interview requests made by Hearst Connecticut Media. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. We were looking for an owner who would be more proactive, trying to really fill the space and make it a destination. Curiously, Namdar and Mason continue to fly under the radar. ; Filed: 02/20/2018; Received: 02/20/2018, DocketDEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Namdar Realty Group said the transaction closed in late August. 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. ; Filed: 02/20/2018; Received: 02/20/2018, DocketSTATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. We are a very low leverage company. ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: Demand for Authorizations; Filed By: Shein, J. Case Details Parties Documents Dockets. Their business model doesnt really lend itself to managing malls the way you or I might think of it, in terms of finding tenants, said Mario DiNatale, the economic development director for Voorhees Township, New Jersey. Thats what these ETF managers are aiming for with an AI-aided strategy. Soon after the sale closed, tenants allegedly began to flee. One centre, the Eastdale Mall in Montgomery, Ala., is now 100-per-cent leased, up from 70 per cent when it was purchased in January 2020 for US$24 million. Copyright 2023 MarketWatch, Inc. All rights reserved. [3] [5] Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. 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. Landlord is an absentee landlord with a reputation as a slumlord,' the complaint in Duval County Circuit court alleged. Nassim handles leasing and asset management. Namdar Realty Group is a privately held investment and management firm owned by Igal Namdar. 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. 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. The group also included DW Partners LP and Washington Prime Group. Menu. If the ultimate goal is to redevelop the property, criticism can occur. [8] Most malls they purchase are in markets considered B and C grade. 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. We are specialized in the acquisition, management, disposition, and leasing of commercial real estate properties throughout the United States - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. Richard Pelzer II. History. Igal and Nassims strategy lately has been similar to that employed by Simon and Brookfield, which have been buying up bankrupt retailers including J.C. Penney and Brooks Brothers. Veritas $450M loan default: A sign of things to come? This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. [3] They will also split proprieties to sell off individual pieces. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Read more about cookies here. If you are a Home delivery print subscriber, unlimited online access is.