Namdar Realty Group

Namdar Realty Group
TypePrivate
IndustryRetail, real estate
Founded1999; 27 years ago (1999)
FounderIgal Namdar
Headquarters
Great Neck, New York
,
United States
ProductsShopping malls
Websitenamdarrealtygroup.com

Namdar Realty Group is a private, family-owned real estate investment trust based in Great Neck, New York. As of 2021, the company owns over 400 properties.

Namdar's mall portfolio largely consists of "class B" and "class C" malls in small-to-midsize markets, many of which have been classified as dead or dying.

Strategy

Namdar's business strategy focuses on acquiring pre-built "class B" and "class C" malls in smaller markets. Because of their locations and current states, the malls are typically purchased in cash for around $5.3 million. Once acquired, properties' maintenance spending is substantially reduced (up to 67% less than other malls), and store rents are lowered to avoid low vacancy rates. The company will also often sell its malls' outparcels.

Namdar's purchases are typically made with a partner firm, Mason Asset Management. Uber Capital Group, Gorjian Acquisitions, and CH Capital Group have also been Namdar partners. Namdar's primary source of investment capital comes from bonds on the Tel Aviv Stock Exchange.

History

Igor Namdar established Namdar Realty Group in 1999. Namdar and Mason partnered to begin purchasing malls in 2012, with the first mall purchased being Desoto Square Mall in Bradenton, Florida. Phillipsburg Mall in Warren County, New Jersey, was purchased from PREIT in 2013 for $11.5 million, with numerous subdivisions and sales later occurring including the anchor building housing Kohl's. The roof at the former Sears at the Phillipsburg Mall would later collapse. Lawsuits were ongoing in 2018 over lack of maintenance by Namdar of Regency Square Mall in Jacksonville, Florida. Voorhees Town Center in Voorhees Township, New Jersey, was having maintenance and security issues the same year. Jennifer Furniture was purchased in June 2020 by John Garg and Namdar. Namdar and Mason purchased most of the bankrupt Goodrich Quality Theaters chain in July 2020. Namdar was a partner in several New York City area property purchases in 2021.

Failed Bon-Ton purchase

Namdar was part of a group of investors who attempted to purchase The Bon-Ton from liquidation. The group also included DW Partners LP and Washington Prime Group. Due to a fee issue, the attempt failed, and Bon-Ton liquidated.

List of properties

Mall properties owned or managed by Namdar Realty Group as of 2026 include: (Note: This list is incomplete. You can help by adding more properties.)

See also

References

  1. 1 2 Harris, Jon (April 10, 2018). "Who is the 'investor group' trying to save Bon-Ton from liquidation?". The Morning Call. Retrieved July 23, 2020.
  2. 1 2 3 Jones, Sasha (January 17, 2021). "Namdar Realty Group Plows Forward as Mall Properties Decay". The Real Deal New York. Retrieved February 10, 2021.
  3. ↑ "Company Overview of Namdar Realty Group LLC". Bloomberg. Bloomberg. Retrieved July 22, 2020.
  4. ↑ Duhart, Bill (July 22, 2019). "N.J. mall sold for half price to company that already owns a dying mall". NJ.com. Advance Local Media. Retrieved July 23, 2020.
  5. ↑ Urbanski, Al (June 9, 2020). "Namdar acquires Connecticut mall, its seventh this year". Chain Store Age. Retrieved July 23, 2020.
  6. ↑ Wiltermuth, Joy (August 17, 2021). "Meet the Long Island guys who love unloved shopping malls". MarketWatch. Retrieved September 20, 2021.
  7. 1 2 3 4 Naidu, Richa; O'Donnell, Carl (June 26, 2018). "Who is making money from struggling U.S. malls?". Reuters. Retrieved July 23, 2020.
  8. 1 2 3 4 Harris, Jon (March 15, 2019). "What happened to the Phillipsburg Mall? Behind the vacancies and decay: A tough retail climate and low-investment owners". The Morning Call. Retrieved July 23, 2020.
  9. 1 2 3 4 5 Adelman, Jacob (May 13, 2018). "Owner of former Echelon Mall, called 'slumlord' in Fla., taps overseas cash to become nation's biggest mall buyer". The Philadelphia Inquirer. Retrieved July 23, 2020.
  10. ↑ Ocasio, Victor (February 8, 2017). "24-year-old's firm arranges $7.8M in financing". Newsday. Archived from the original on February 8, 2017. Retrieved July 23, 2020.
  11. ↑ "Executive of the Month: Joel Gorjian of Gorjian Acquisitions and Namdar Realty Group acquires 18 retail properties nationwide". New York Real Estate Journal. November 15, 2016. Retrieved July 23, 2020.
  12. ↑ Parton, Mitchell (February 25, 2020). "New York investors buy San Antonio mall worth $102M". San Antonio Business Journal. Retrieved October 12, 2020.
  13. ↑ Valigra, Lori (April 19, 2019). "Bangor Mall sells for $12.6 million, well below assessed value". Bangor Daily News. Retrieved October 12, 2020.
  14. ↑ "2025 Power 25 Real Estate: Igal Namdar". Hartford Business Journal. June 26, 2025. Retrieved November 3, 2026.
  15. ↑ Novak, Steve (October 23, 2019). "Bon-Ton gone: Another Phillipsburg Mall anchor is torn down (and ownership is silent)". Lehigh Valley Live. Retrieved July 23, 2020.
  16. ↑ Parrish, Tory N. (March 1, 2021). "Jennifer Furniture comes back to its LI roots". Newsday. Archived from the original on March 2, 2021. Retrieved April 9, 2021.
  17. ↑ Moore, Lindsay (July 17, 2020). "Goodrich Quality Theaters will reopen after being bought out of bankruptcy". mlive. Advance Local Media. Retrieved July 23, 2020.
  18. ↑ "Goodrich Theaters purchased, reopening plans announced". 1450 99.7 WHTC. July 20, 2020. Retrieved July 23, 2020.
  19. ↑ White, Alexandra (June 24, 2021). "West Village Apartment Building Sells for $23.5 Million". The Real Deal New York. Retrieved September 20, 2021.
  20. ↑ "Klosed, Namdar buy five-building Hell's Kitchen portfolio for $26M". Real Estate Weekly. June 25, 2021. Retrieved September 20, 2021.
  21. 1 2 Lawder, Melanie (April 11, 2018). "Bon-Ton bankruptcy court ruling makes liquidation more likely". Milwaukee Business Journal. American City Business Journals. Retrieved July 23, 2020.
  22. ↑ Wilson, Marianne (April 18, 2018). "Bon-Ton Stores headed for liquidation". Chain Store Age. Retrieved July 23, 2020.
  23. ↑ "Namdar Realty Group Properties". Namdar Realty Group. Retrieved July 23, 2020.