Submitted by jaydecay123 t3_102dtiu in Connecticut
MALL DEAL: Westfield Trumbull mall sold to a commercial real estate investment firm as part of a deal worth $196 million. https://connecticut.news12.com/westfield-trumbull-mall-sold-as-part-of-deal-worth-usd196-million Full Story.
Unfortunately, the new owners are known to leave their malls to rot. They're the same people who own Enfield Square & Meriden Mall.
But what if I really want to try some Vkusno & Tochka?!
Gotta make your way to Moscow.
Moscow, Idaho? I'll have to shoot my way up there.
With all them potatoes, you're sure to get some decent vodka.
Maine potatoes > Idaho.
Hell, MA potatoes are really good as well. Szawlowski Farms in Hatfield, MA supplies much of the Big E every year.
Thanks for the info, товарищ!
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.
How do they sell it off for more?
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.
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.
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.
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.
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.
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
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.
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.
I live 5 minutes from it and only go for Target. Lord and Taylor was the only clothing store there I really liked and that left soo….
Lmao Namdar is the same group that owns my towns mall and that place is empty every single day of the year no matter what.
hgravesc t1_j2tfn9g wrote
Let's hope they do something with it because that place is a shithole. If it didn't target and the food court it would be closed in a month. And even the food court is shitty. McDonalds closed and now we get all these weird off brand versions of national franchises.