After the sale, DiNatale said township officials quickly realized they had a different vision for the site. [8] Most malls they purchase are in markets considered B and C grade. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. 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. Namdar and Nassim make no pretense of catering to luxury consumers. Bloomberg News recently reported on legal issues stemming from the bottom feeder strategy, while pegging Namdars personal net worth at roughly $2 billion. They sold it in 2016 for US$25.5 million to ML Estate Holdings LLC, which sued two years later, contending the property had lower revenue and higher costs than represented. Finally, one place to get all the court documents we need. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. This case was filed in Suffolk County Courts, Supreme Court located in Washington, New York. Who's David Thomson? 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 three subsidiaries own the Regency Mall in Jacksonville, Florida. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ", "Namdar Realty Group Plows Forward as Mall Properties Decay", "Who is making money from struggling U.S. As Namdar rushes to acquire more properties, some worry that the ones it owns are being left behind. If you like this story sign up for FP Work Newsletter. 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. ; 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. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. He raised the possibility that another owner might not keep some of Namdars malls open at all. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. Namdar Realty Group LLC and Igal Namdar: Case Number: 2:2020cv05649: Filed: November 19, 2020: Court: US District Court for the Eastern District of New York: Presiding Judge: Edward R Korman: Referring Judge: Anne Y Shields: Nature of Suit: Labor: Fair Standards: Cause of Action: 29 U.S.C. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. 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. We are a very low leverage company. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. We ask you to keep your comments relevant and respectful. Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. Namdar and the subsidiaries denied all allegations in court filings. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. Case Details Parties Documents Dockets. 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. ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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. Subscribe now to read the latest news in your city and across Canada. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. 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. New York Times bestselling author David Levithan tells the based-on-true-events story of Harry and Craig, two 17-year-olds who are about to take part in a 32-hour marathon of kissing to set a new Guinness World Recordall of which is narrated by a Greek Chorus of the generation of gay men lost to AIDS. Sears closed in 2017 as the company shuttered hundreds of stores amid low sales. Even Simon Property, which has one of the best balance sheets in the business, saw its net income fall to $145.9 million in 2020s third quarter from $544.3 million in the same period a year earlier. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. and other major mall owners with a coast-to-coast reach. MarketWatch photo illustration/iStockphoto, 35% of U.S. shopping malls to shut permanently, Brookfield to hand back keys to three malls, potentially more, as it goes private in $6.5 billion deal, Green Street Commercial Property Price Index, The U.S. housing market is crumbling under the weight of higher mortgage rates and rock-bottom affordability: Prices fell the most in these U.S. states, Am I crazy? After my mother died, my cousin took her designer purse, and my aunt took 8 paintings from her home then things really escalated. ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. Namdar Realty Group is based in Great Neck, New York. The company that purchased the Acadiana Mall in January has a history of reported problems elsewhere and a track record of making little progress with properties they own. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Many once online-only retailers are moving into the suburban mall, finding value in the traditional store but offering experiences tailored to their customers. According to court records, problems at the Regency site allegedly included broken air conditioning, multiple roof leaks, minimal housekeeping and reduced security. Of course, not all may be worth saving. [16][17] Namdar was a partner in several New York City area property purchases in 2021. 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. RELATED:Court records show Acadiana Mall sought thousands from former tenants. Namdar Realty Group is based in Great Neck, New York. More Jersey City News -- Have something to add to this story? 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. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. [3] They will also split proprieties to sell off individual pieces. You go in and you dont know much, he noted. The price was more than half the US$13 million Namdar paid for the entire mall, which names 46 other tenants on its website. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; 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. Law360; Law360 UK . Namdar officials, both at the company's headquarters and in Connecticut have not responded to interview requests made by Hearst Connecticut Media. Roughly $3 billion shopping mall loans in commercial mortgage bond deals have been identified as at-risk of being handed back to lenders, according to research firm and data tracker Trepp.I think some mall owners will muddle through with the help of loan modifications and maybe some peripheral debt forgiveness, saidManusClancy, senior managing director and head of research at Trepp. 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. 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. Namdar Realty Group owns eight malls in Illinois, including the Ford City Mall in Chicago, according to its website. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Find Your Regional Office; FAQs; Contact Us; Espaol - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. If you don't see it, please check your junk folder. We earn $400,000 and spend beyond our means. 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. And it has to be all cash.. 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. 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. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. For Namdar, that smells like opportunity. Namdar had verbally agreed to lower rents for store owners, in some cases to as little as 25 percent of what was reported in leases, while others had been allowed to stay rent-free to prop up occupancy rates, according to the complaint. Those As get to be too crazy. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. The pandemic also isnt over yet, including in the U.S., where COVID hospitalizations have been climbing, despite widespread availability of vaccines for adults, raising concerns around the recovery. -0.17%
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