Billionaire N.Y. ‘Bottom Feeder’ Buys Malls as Others Run Away
- Namdar closes fast ‘as is, where it is, with no due diligence’
- Tenants and buyers have sued, saying centers are in disrepair
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Igal Namdar has made a fortune buying shopping malls no one else wants.
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. So far, that strategy has netted big gains -- as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair.