namdar realty group. +1.61% Regency Mall Realty LLC, a partnership of Namdar Realty Group and Masson Asset Management Inc., purchased the 1.6 million-square-foot enclosed mall in. [3] They will also split proprieties to sell off individual pieces. The canopy is peeling off the building, and its signage has fallen. 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. Those As get to be too crazy. Namdar has not returned phone calls and emails seeking comment on their plans for the Acadiana Mall. So far, that strategy has netted big gains as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. NLRB National Labor Relations Board. The company eventually reached an agreement with its creditors. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. both up more than 40% on the year so far. Namdar, who got his start in real estate using money from his family's jewelry business, said he clinched his first mall deal that year with Nassim by acquiring Desoto Square Mall for $24.6. 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. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. Looking for stock dividends of 9% to 11%? Companies that have increased sales while improving profit margins include Salesforce and Amazon. 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. If the ultimate goal is to redevelop the property, criticism can occur. 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. 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. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. 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. 2020-02-15 14:18 Iranian banks' foreign assets up over 17% Six years in the past, when the mall had a ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; Filed By: Shein, J. ; 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. Law360; Law360 UK . ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Mehdi Bolour faces 25 criminal charges over illegally rented Hollywood building. Despite being hit with allegations of neglect at several of their malls, Namdar and Mason are rapidly growing. Mall employees and customers voiced concerns to the city, but outreach to Namdar went unanswered until the city threatened litigation, according to the emails. Find company research, competitor information, contact details & financial data for Namdar Realty Group LLC of Great Neck, NY. You make a lot of mistakes, and you learn from every mistake on the way.. I would say its been more about maintaining, not enhancing, he said. Namdar and Mason, which co-owns and co-manages the Regency Mall and others, declined to comment on specific lawsuits but denied the accusations. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Group has secured $195 million in financing for the land acquisition and the construction of Namdar Towers, a development located in downtown Miami. I think that in many respects if they dont define what theyre going to do with these malls in general, then they may get defined by the bad ones.. While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. A local mall representative could not comment on Namdars plans. He raised the possibility that another owner might not keep some of Namdars malls open at all. 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. It would have required a substantial investment, and I think their model is the opposite of that.. ; 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. Namdars bet is that he can pay a small enough price to outrun the decline. Last year, Namdar and Mason paid US$12 million to buy cinema chain Goodrich Quality Theaters Inc. out of bankruptcy. Most of the [malls] are built in prime locations, Igal said. As a result, a build-up of moisture caused the chiller pipes to rip through the ceiling, destroying the tiles, dry wall and floor, according to the church. The governments release Tuesday of July U.S. retail sales showed a sharp 1.1% drop on a monthly basis, underscoring anxieties tied to the delta variant of the coronavirus, but also a shift in priorities from goods to services, James Knightley, INGs chief international economist, wrote in emailed comments. DiNatale said the township has several ideas for the mall, including adding arcade games, beer gardens, a bowling alley, rock-climbing walls and other amenities. Dozens of retailers have filed for Chapter 11 in the past year, including mall staples such as J.C. Penney and Ascena Retail Group. Namdar Realty Group LLC et. 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. Lifting of pandemic restrictions in recent months has been a boon for shares of top mall operators like Simon Property Group 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. al., No. Defendant also challenges the entry of a default judgment against "Igal Namdar, d/b/a Namdar Realty Group" and Igal Namdar in his individual capacity . Uncover why Namdar Realty Group is the best company for you. They've been a bottom feeder, historically, buying on the cheap, for pennies on the dollar and making a go of it. After soaking Floridas 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 2018. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. +1.00% namdar. Bakalar said the timing of Namdar's acquisition comes as the town prepares to embark on a market study worth up to $350,000. Email tips@jerseydigs.com. In part, thats because financials could continue to head downhill for many lower-quality mall owners. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. And when the electricity went out in one part of the mall in June 2017, it took Namdar four months to restore power, a local church claimed in a third lawsuit. Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. Who's David Thomson? This restaurant has followed ALL county guidelines for outdoor dining and is being told (sight unseen) by these landlords to stop. Namdar Realty Group and Gorjian Acquisitions have taken a roughly 50% equity stake in the borough's Fordham Landing megaproject, according to Dynamic Star. They primarily purchase troubled shopping malls with partner Mason Asset Management. 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. SPG, In College Township, Pennsylvania, Namdar owns the Nittany Mall. Read more about cookies here. They primarily purchase shopping malls with partner Mason Asset Management. 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. Namdar's actions in New Jersey appear to be opposite of their statements that malls can remain viable. [7] The roof at the former Sears at the Phillipsburg Mall would later collapse. Area real estate experts agree that the retail period for the property is . Veritas $450M loan default: A sign of things to come? - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. 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. 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. Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. The group also included DW Partners LP and Washington Prime Group. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, [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 Namdar Group is a family owned and operated real estate investment and development firm headquartered in New York, since 1979. And the best part of all, documents in their CrowdSourced Library are FREE. Bloomberg News recently reported on legal issues stemming from the bottom feeder strategy, while pegging Namdars personal net worth at roughly $2 billion. 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). The two talk every day, brainstorming their next moves, and see each other on weekends. And it has to be all cash.. Filed: February 21, 2023. Meyer Silber, an attorney for ML Estate, declined to comment. ; Filed: 02/20/2018; Received: 02/20/2018, DocketSTATEMENT OF AUTHORIZATION FOR ELECTRONIC FILING; Filed By: Shein, J. Namdar, through Namco Realty Ltd, also a few years ago raised millions in Israel by selling bonds tied to his properties. In the meantime, a judge assigned Spinoso Real Estate Group to manage the mall while the case proceeded. The price was half of the $50 million. Wed like to improve our quality but were not going to pay a crazy premium for an A-mall, Namdar said. namdar inc. namdar llc. The financial issues tied to struggling U.S. malls already runs into the billions. Instead of U.S. stockholders and quarterly reports, the team keeps things simple: Namdar focuses on management side of the properties. 2:2020cv05649 - Document 32 (E.D.N.Y. 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. 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. 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. 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. By comparison, Macerich owns 51 million square feet across 47 malls, and Simon Property Group owns 186 million square feet across 250 properties. ; Filed: 02/20/2018; Received: 02/20/2018, ANSWER; Filed By: Shein, J. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Menu. Namdar also recently hired a director of redevelopment with plans to repurpose some of the partnerships properties. Namdar closes fast as is, where it is, with no due diligence, Tenants and buyers have sued, saying centers are in disrepair. If Namdar wasnt the owner of these properties, would it mean that certain areas would be underserved? Since 2000, the company has invested in over 2,000,000 square feet in commercial real estate in. They primarily purchase shopping malls with partner Mason Asset Management. Case Number: 1:2023cv01044. Namdar and the subsidiaries said they would fix the air conditioning and leaking problems, but allegedly never did so. Public Records Policy. 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. Namdar and Nassim might help to unclog the debt backlog of underwater mall properties. - 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. Nassim handles leasing and asset management. Properties that are marked for redevelopment are few and far between, so we maintain our assets.. 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. 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? SPX, Namdar Group has submitted an application for the 35 Cottage Street property to Jersey City's planning board, but a hearing date for the proposal has yet to emerge. ; Filed: 11/04/2019; Received: 11/04/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls. ; Filed: 10/01/2019; Received: 10/01/2019, NOTICE OF DISCOVERY AND INSPECTION; Filed By: Shein, J. Finally, one place to get all the court documents we need. ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. If you do not agree with these terms, then do not use our website and/or services. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. ; Filed: 01/24/2020; Received: 01/24/2020, DocketNOTICE OF DISCOVERY AND INSPECTION to Second Third-Party Defendant; Filed By: Shein, J. Namdar and the subsidiaries denied all allegations in court filings. But almost anything below Class A, there really has been no bid for, except for the Namdars of the world. At the same time, many tenants have simply stopped paying rent, as countless malls struggle to regain their footing. Igal Namdar has built an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities. 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. They primarily purchase troubled shopping malls with partner Mason Asset Management. Mark Gabrovsek, the townships zoning officer, said the mall's local management team has worked to bring innovative ideas to the site. Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. Namdar and Mason have been acquiring smaller, distressed, local retailers, including a Midwest movie theater chain that filed for bankruptcy last year. Case Summary. For big names, revenue plummeted. 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. With 86 million square feet across more than 400 properties combined, they now stack up against some of the industrys biggest players. Soon after the sale closed, tenants allegedly began to flee. 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. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. 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. The case remains pending in a Florida circuit court. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. ; 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. 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. At a shuttered mall in Hazelwood, Missouri, near St. Louis, the local newspaper published images of burned-out light bulbs and waist-high grass. That kind of footprint puts them in league with Macerich Co. ; Filed: 01/24/2020; Received: 01/24/2020, DocketDEMAND FOR: Supplemental Demand fro Authorizations; Filed By: Shein, J. Others will be demolished by their owners. Our goal is to stick to those B and B-plus assets. Malls were at one point seen as the future places where people of all ages could gather and shop under a single roof. There were factors that led to this, such as not having the rent to pay, he said. If you don't see it, please check your junk folder. In building an empire of 268 properties in 35 U.S. states most prominently aging malls in small cities Namdar has accumulated a personal net worth of about US$2 billion, according to the Bloomberg Billionaires Index. Ft. The Judge overseeing this case is Nassau Dcm-Tj. Kohan purchased the Jamestown Mall in 2009 for $3.3 million. And we are out there looking all the time for opportunities to purchase better assets than when we first started, Namdar told MarketWatch. China Seeks Peaceful Reunification With Taiwan in Key Report, Second Norfolk Southern Train Derails in Ohio in a Month, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, China E-Commerce Giant JD Set for $1.4 Billion Discount Spree, Rivian Tells Staff EV Output May Be 24% More Than Forecast, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Trump Vows to Finish Mission, Cements Dominance Over CPAC, Bolsonaro Says Mission Isnt Over as US Conservatives Fete Him, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61. It owns more than 200 retail properties across the country, although the Acadiana Mall marks its first Louisiana property. Like dozens of other traditional malls, the Acadiana Mall has seen its share of struggles in recent years. Its all about the cost basis, said Cedrik Lachance, director of research at Green Street. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Several market experts pointed to Nadmar and Nassim as among the sectors biggest cash mall buyers. DJIA, The Berkshire Mall . Namdar Realty Group insights Based on 25 survey responses Areas for improvement Overall satisfaction General feeling of work happiness Fair pay for job Poorly ran Housekeeping (Former Employee) - Westland, MI - October 12, 2022 Don't care about who works there as long as your a body your hired. -0.16%. +1.03%, Case Details Parties Documents Dockets The case status is Pending - Other Pending. U.S. mall values have plunged 46 per cent from their 2017 peak, including an 18 per cent drop since the COVID-19 pandemic started, according to real estate information service Green Street. Similar to Kohan, Namdar is another company that buys dead malls for cheap prices. West Village Apartment Building Sells for $23.5 Million Witnick, Namdar, Gorjian buy 30 East 14th Street for $23.5M West Village apartment building was at the center of two lawsuits New York. In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. Namdar ultimately traded the property to ML Holdings for $25.5 million. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Its a different market.. 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. 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. Visit a quote page and your recently viewed tickers will be displayed here. Location: People at location: North America: 187: The Ferraris of the world thats not the kind of car were looking for., _____________________________________________________________. Their first purchase, in 2012, was the DeSoto Square Mall in . - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Buyer Lawsuit. I think they are doing what they can to fill the spaces, Gabrovsek said. On 05/04/2017 World Properties LLC filed a Contract - Other Contract lawsuit against Namdar Realty Group LLC. A spokesperson for Namdar said it is actively working to fix the property. The largely deserted mall is not a source of police complaints, Whitfield said. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Trumbull Economic and Development Director Rina Bakalar said the recent sale of the mall by Paris-based Unibail-Rodamco . June 21, 2021. in General News, Northeast. From New York, NAMDAR is trying to control how a local business (Coltons Social House) in Clovis CA is operating a restaurant. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. But when the new owner took a closer look after the sale, it found things were not as they appeared. 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. Nassim is the cousin of Igals wife. ; Filed: 02/20/2018; Received: 02/20/2018, DEMAND FOR BILL OF PARTICULARS; Filed By: Shein, J. Photographer: Max Marbut/Jacksonville Daily Record. At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. 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. Get the latest business insights from Dun & Bradstreet. 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. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch. Thats what these ETF managers are aiming for with an AI-aided strategy. MALCOLM et al. RELATED:Police arrest suspect in Christmas Eve mall shooting. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group owns eight malls in Illinois, including the Ford City Mall in Chicago, according to its website. Today, the family is a major investor and developer of mixed-use.