Owners Keep Zombie Malls Alive Even When Towns Want to Pull the Plug
That’s when Namdar Realty and Mason like to swoop in. The New York-based real-estate partners are among the most prolific purchasers of U.S. malls. They make money by buying malls cheap and keeping them going, even as town officials beg them to pull the plug.
Their business model is outlined below:
Malls typically sit on large parcels of prime real estate—which often include nearby buildings such as restaurants as well as large parking lots—that can be subdivided and sold in parts, sometimes at a value exceeding the purchase price of the mall. The partners keep the malls open, but cut costs by appealing their property-tax bills and reducing expenses such as staffing and maintenance.
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