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Namdar Realty Group - Just Another Bad Mall REIT - YouTube Last year, Namdar bought 12 more and Mason added eight. ; Filed: 02/20/2018; Received: 02/20/2018, NOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. And we are out there looking all the time for opportunities to purchase better assets than when we first started, Namdar told MarketWatch. 8012 W 14th Ct Hialeah, FL Investment Property | Real Estate Investing 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Trash cans placed in walkways to catch water in a nearly empty wing of Regency Square in 2019. Namdar Group has secured $195 million in financing for the land acquisition and the construction of Namdar Towers, a development located in downtown Miami. 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. Mall guy: Investor mints a fortune in retail scene ; 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. Working at Namdar Realty Group: 25 Reviews - Indeed [5] Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. The three anchor stores remain Macy's, Dillard's and JCPenney. Ypsilanti Township is suing New York-based Namdar Realty over 1,000 pages worth of code violations found during an inspection at the property just days before Namdar purchased it in December.. That wasnt their plan, DiNatale said. That kind of footprint puts them in league with Macerich Co. We still believe in [brick and mortar] retail, and we think theres a place for it, said Igal Namdar, Namdars president. None of this seems to faze Namdar and Mason executives, who say theyve survived downturns before. Why is this public record being published online? Los Angeles, CA 90071 Term Loan6 Pacific Investment Management Company LLC 650 Newport Center Drive Newport Beach, CA 92660 Namdar and three subsidiaries own the Regency Mall in Jacksonville, Florida. 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.. Namdar Realty Group Profile and History. ; Filed: 02/20/2018; Received: 02/20/2018, DocketAFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Cavalier, D.; Filed: 02/05/2018; Received: 02/05/2018, DocketSUMMONS + COMPLAINT; Filed By: Cavalier, D.; Filed: 01/24/2018; Received: 01/24/2018. 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. Despite some successes, Gabrovsek said, there has been a general sense from Namdar that their priority is keeping the mall open, rather than being aggressive about filling all available space. . ; Filed: 02/20/2018; Received: 02/20/2018, DocketANSWER; Filed By: Shein, J. What is the alternative for the retailers who rent from them?. 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. Declines have been fastest among B- and C-rated malls such as Namdars, where sales per square foot average a few hundred dollars. The mall looks abandoned, but isnt. This case was filed in Nassau County Courts, Supreme Court located in Washington, New York. Other stores have also closed, including the Gap, Gap Kids, Banana Republic and New York and Company. World Properties LLC et al - v. - Namdar Realty Group LLC Others will be handed back to lenders through an uncontested or confrontational foreclosure process.. They have been gobbling up properties even as the market for malls shrinks and other owners and operators pull back. Last year, Namdar and Mason paid US$12 million to buy cinema chain Goodrich Quality Theaters Inc. out of bankruptcy. Get the latest business insights from Dun & Bradstreet. And it has to be all cash.. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. ; Filed: 11/04/2019; Received: 11/04/2019, DocketDEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. 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. ; 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. 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. Namdar Realty Group Like billionaire Carl Icahn, McNamaras hedge fund has been betting on the debt of older malls going bad. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair. Visit our Community Guidelines for more information and details on how to adjust your email settings. Mason was founded more than 10 years later, as the country was coming out of the Great Recession. [2][3][6], Namdar and Mason primarily purchase malls for low prices, with various problems, but do not invest in improving them. Namdar Realty Group Reviews - Glassdoor And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries. Namdar Group | LinkedIn Staunton Mall was purchased from bankrupt First Republic Realty for $4.05 million in November 2010. [3] Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange. . Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas Westfield Trumbull mall sold as part of deal worth $196 million 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. West Village Apartment Building Sells for $23.5 Million - The Real Deal - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. [14] Lawsuits were ongoing in 2018 over Regency Square Mall's lack of maintenance by Namdar. With 86 million square feet across more than 400 properties combined, they now stack up against some of the industrys biggest players. Judge temporarily halts Regency Square Mall auction Namdar ultimately traded the property to ML Holdings for $25.5 million. Gated Community of The Moors in Miami Lakes. Email tips@jerseydigs.com. And now they're buying into the movie business. 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. A sinkhole at the Northland Mall in Sterling, Illinois. - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Bloomberg News recently reported on legal issues stemming from the bottom feeder strategy, while pegging Namdars personal net worth at roughly $2 billion. Manhattan's 345 Seventh Ave. Selling for $107Mln They primarily purchase shopping malls with partner Mason Asset Management. Lawsuits mount for Hazelwood mall owner after eviction notices [2] [3] [6] Strategy [ edit] Based in the upscale enclave of Great Neck, Long Island, Namdar and Mason are both family run. 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. The Long Island, New York-based real estate investment firm has about 54 million square feet across the country. For Sale Price: $609000 | 3 bed, 2 bath, 7875 Sq. Trumbull Economic and Development Director Rina Bakalar said the recent sale of the mall by Paris-based Unibail-Rodamco . - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. 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. 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. 201 : Jury Demanded By: Plaintiff 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. Thats when Morgan Stanleys team estimates that 50% of mall-based specialty leases, including those of American Eagle Outfitters Inc. News 12 has reached out to Namdar . New Acadiana Mall owner has reputation for little progress at other sites I would say that we probably bid on more malls than any other company, Namdar said. 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 by Law Offices of Jeffrey S. Shein & Associates, P.C. Namdar Realty Group is based in Great Neck, New York. Acquisitions Archives - Mason Asset Management Namdar Realty Group: Employee Directory | ZoomInfo.com New owner of Trumbull mall makes good first impression For over three generations, Namdar Group has grown into a premier, full-service commercial real estate development, construction and management company serving urban core markets throughout the United States and the Caribbean region. (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. On 01/24/2018 Joanne Mistrulli filed a Personal Injury - Other Personal Injury lawsuit against Namdar Realty Group LLC. The deed was recorded Dec. 30 at the Washington County Courthouse in Fayetteville. 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. Single Family Residential. Their first purchase, in 2012, was the DeSoto Square Mall in Bradenton, Fla., after Simon defaulted on the debt. Click here to sign up for Jersey Digs' free emails and news alerts. Copyright 2023 MarketWatch, Inc. All rights reserved. Nassim is the cousin of Igals wife. Soon after the sale closed, tenants allegedly began to flee. New York firm buys Hickory Point Mall | Local - Herald-Review ; Filed: 03/12/2018; Received: 03/12/2018, AFFIRMATION/AFFIDAVIT OF SERVICE; Filed By: Shein, J. The lawsuit was later voluntarily dismissed. Sometimes, the ownership is in conjunction with Mason Asset Management and subsidiaries. Kohan purchased the Jamestown Mall in 2009 for $3.3 million. For Namdar, that smells like opportunity. Namdar Realty Group - Beaver Valley Mall - National Labor Relations Board Namdar Realty Group is a shopping mall investment company based in Great Neck, New York. The Acadiana Mall was owned by CBL Properties for several years. Unauthorized distribution, transmission or republication strictly prohibited. June 21, 2021. in General News, Northeast. The two talk every day, brainstorming their next moves, and see each other on weekends. Namdar and Mason have averaged 20 acquisitions annually over the past decade, but could swallow 100 at a time if the right deal came along, Namdar said, declining to provide details on how much money they plan to spend. Read More. 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. But what really sets them. New Trumbull mall owners set to meet with local officials Igal Namdar has made a fortune buying shopping malls no one else wants. 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. Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas -1.26%, For sale after foreclosure, Fashion Square Mall's future is up in the Namdar declined to discuss individual cases but said such complaints are rare. Like dozens of other traditional malls, the Acadiana Mall has seen its share of struggles in recent years. But we are told in the next year or 18 months, there will be a lot of deals coming to the market, he said. Their first purchase, in 2012, was the DeSoto Square Mall in . 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. Find out what works well at Namdar Realty Group from the people who know best. Area real estate experts agree that the retail period for the property is . was up 15.4%. +1.61% 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. Igal Namdar and Elliot Nassim first teamed up a decade ago to buy problem U.S. shopping malls. Case Number: 1:2023cv01044. 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. Fernandez v. Namdar Realty Group LLC et. al., No. 2:2020cv05649 ; Filed: 12/11/2019; Received: 12/11/2019, DEMAND FOR: Further Demand for Authorizations; Filed By: Shein, J. After the sale, DiNatale said township officials quickly realized they had a different vision for the site. Namdar Realty Group Plows Forward as Mall Properties Decay 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. [20][21], Mall properties owned or managed by Namdar Realty Group as of 2021 include:[22] (This list is incomplete), "Who is the 'investor group' trying to save Bon-Ton from liquidation? AEO, 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. We encountered an issue signing you up. New York-based investment firm buys Berkshire Mall namdar realty inc. Namdar Realty Group Global Presence. Case Details Parties Documents Dockets 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. ; Filed: 10/23/2019; Received: 10/23/2019, DEMAND FOR: 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. 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: 02/20/2018; Received: 02/20/2018, DEMAND FOR: Combined Demands; Filed By: Shein, J. Properties that are marked for redevelopment are few and far between, so we maintain our assets.. Namdars bet is that he can pay a small enough price to outrun the decline. 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. Beautiful remodeled single family home in Palm Springs Lakes community with no association. Troubled Elyria mall's next moves are in government hands | Crain's Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. While we cannot comment on matters of active litigation, we do take any lawsuits against our team very seriously, the team told MarketWatch. ; Filed: 02/20/2018; Received: 02/20/2018, DocketNOTICE OF DEPOSITION UPON ORAL EXAMINATION; Filed By: Shein, J. If youre buying to harvest cash and not reinvest, it will work.. Compare pay for popular roles and read about the team's work-life balance. Namdar is an absentee landlord with a reputation as a slumlord, the home furnishings stores complaint reads. The Class A operators are doing great, McNamara told MarketWatch. the Gap Inc Since 2000, the company has invested in over 2,000,000 square feet in commercial real estate in. 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. 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. The Westfield Trumbull mall, in Trumbull, Conn. May 21, 2021. So theres great value there.. 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 Realty Group LLC - Company Profile and News - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. From New York, NAMDAR is trying to control how a local business (Coltons Social House) in Clovis CA is operating a restaurant. Namdar Realty Group - Overview, News & Competitors - ZoomInfo At a Namdar property in Sterling, Illinois, photographs show a sinkhole that formed after a storm drainage tube collapsed. 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Their joint operation began when Igal started buying small retail locations in Great Neck using money from his familys jewelry business; Nassim took up the leasing. Veritas $450M loan default: A sign of things to come? 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. Sears closed in 2017 as the company shuttered hundreds of stores amid low sales. Some of the properties are owned by one and managed by the other, and some are owned by both. 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 . +1.00% - filed by Law Offices of Jeffrey S. Shein & Associates, P.C. Case Summary. Uncover why Namdar Realty Group is the best company for you.