Submitted by jaydecay123 t3_102dtiu in Connecticut
F__kCustomers t1_j2uk93h wrote
That Mall is done.
Namdar and Mason are slumlords that let the Mall decay and extract wealth then sell it off for more than they bought it.
johnsonutah t1_j2uxpkz wrote
How do they sell it off for more?
jeveret t1_j2wj68e wrote
Could be some kinda tax scam, basically say they would have to normally pay 100 million in taxes, so instead they buy a crappy mall/investment say they lost 100million. Now they pay $0 in taxes and own a crappy mall they can do something with down the line, or next year say they somehow lost another $100 millions on it and not pay taxes that year also. Basically whatever they should pay in taxes they can just spend on any crazy/crappy investment and always end up ahead.
DanHassler0 t1_j3232cu wrote
Interesting. I've always wondered how this company could possibly make any money. All of their assets will only drop in value as they become emptier and even abandoned. I always knew they were up to no good with money, this kinda makes sense.
jeveret t1_j32u7gt wrote
It’s exactly what trump did. You use purchases of property like this to show how much wealth you have in order to convince other people or banks you are rich, so they will invest or lend you even more billions, then you turn around and use the exact same property/purchases to cry poor when you have to pay taxes or the investors back. This mall purchase can be used to say look it’s actually worth 400 million or to say look I’ve actually lost 400 million and all they did was use 200 million they borrowed from some bank or investor. And then off of that “investment” they borrow 600 million next time and just repeat forever. Eventually some of the purchases will pay off and you can claim genuine success on those. If they don’t you just pass the burden off to others.
spmahn t1_j2vcg16 wrote
Most likely they let it decay to the point where most of the tenants leave and then they sell the property to someone who will retrofit it into alternative use, either apartments, medical buildings, office space, etc.
srddave t1_j2vedzc wrote
Yeah Namdar means the mall is done or is well on its way to being done. I guess the SoNo collection is attracting people away. This never really struck me as a great mall anyway. When I lived in Fairfield, we would always go to the CT Post Mall.
johnsonutah t1_j2wm5ic wrote
I just don’t understand how a dilapidated building would sell for more later down the line than it would today. The investor who would buy to retrofit could’ve bought it today…why would they buy it later for more
DanHassler0 t1_j323ioj wrote
It won't. Someone else suggested they use some sketchy financials and tax schemes to make some money.
They also buy these dirt cheap. When the mall owners want out quick that's where Namdar and others jump in. This land is somewhat valuable so they won't lose tons of money when they sell it anyways.
F__kCustomers t1_j2v35sa wrote
No clue. But I told my wife to just start finding another place to shop at.
Also, the parking lot near Target has structural issues. It’s been like that for 2+ years. I know it’s going to collapse. So I never park there. These guys are not going to fix it.
I see people parking there all the time.
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