[45] Prizm Outlets was purchased by Kohan at auction for $1.525 million in January 2021. [5] Lake Square Mall was purchased in March 2014 for $13.28 million, but would be sold to Via Properties in September with Kohan remaining manager. WebKohan Retail Investment Group is an investment management company based out of 1010 Northern Boulevard Suite 212, Great Neck, New York, United States. [22] Kohan purchased six malls in 2018 for $46 million. And the pandemic hastened the already sweeping trend toward online shopping. "I want to put this behind us and start working together to make the mall better," the mall's new owner said. Every day I learn learn something new. Our county economically is doing fantastic, I really hope this sale is a sign of great things to come for the area.. It was hard to believe how busy the Boulevard Mall was this afternoon on such a beautiful Western New York day where many go to a park or hit the beaches. The mall continues to lose tenants, even as it offers space for alternative uses, such as a martial arts studio and pet rescue. Performance Rating Act - 5 USC 4303, Jewell Sr. v. Kohan Retail Investment Group et al. I have been working at Kohan for a year now. Work hard and it will not go un-noticed! They do not pay their bills or employees. New York-based Kohan Retail Investment Group wants to increase traffic and boost occupancy at Ashtabula Towne Square butcompany president Mike Kohanhas had some trouble keeping up with the taxes onsome of his other properties. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. None.. terrible job with no benefits, huge expectations for minimum wage. Always pushing forward to develop the best. The Buffalo News reported officials in the Town of Hamburg, N.Y.,were so concerned about Kohans track record they filed an affidavit asking a court to reject the purchase of McKinley Mall. Kohan Retail Investment Group employs 56 employees. (#1) COMPLAINT against Kohan Retail Investment Group, Wyoming Valley Mall Realty Holding LLC ( Filing fee $402, Receipt Number APAMDC-6018336), filed by Philip Jewell Sr.. (Attachments: #1 Civil Cover Sheet)(ep) (Entered: 08/02/2022), (#2) Summons Issued as to Kohan Retail Investment Group, Wyoming Valley Mall Realty Holding LLC and provided TO ATTORNEY ELECTRONICALLY VIA ECF for service on Defendant(s)in the manner prescribed by Rule 4 of the Federal Rules of Civil Procedure. [16], Lycoming County Water and Sewer Authority placed Lycoming Mall on the February 2019 sheriff's sale list due to unpaid bills. But he doesnt want to tear down all or even portions of the mall. Get hyperlocal forecasts, radar and weather alerts. Woodmont Co., the court-appointed receiver that has maintained the mall since Philadelphia real estate fund Stoltz defaulted on a $25.8 million loan payment in 2018, accepted the offer. Kohan also owes almost $5 million in back taxes on the property. Store owners warned power could be shut off next week for nonpayment of electric bills", "Berkshire Mall to be sold to NY developer with eye on revival", "More tax trouble for Berkshire Mall, as owner misses another payment deadline", "Kohan Group buys 6 new properties in 2018 while owing back taxes on Mason City mall", "Eastland's new owner brings big promises, spotty record of mall redevelopment", "Prescott Gateway Mall sells to New York investment group, will include Hotshots museum", "New York investment firm buys Owensboro mall", "Examining Esplanade Mall future: New, controversial owner; future home to Kenner City Hall? Tennessee-based CBL & Associates, the previous owner of the main mall building and tenant spaces, as well as outlots, has filed for Chapter 11 bankruptcy. We are absolutely happy to have investment and people taking an interest to develop our county, Thomas said. Uses several aliases including Mike Kohen, Mehan Kohansiek, Mehran Kohansieh, Mehran Kohansiek, and Mehrzad I. Kohansieh. The Lawton incident was one of numerous legal entanglements Kohan has experienced. Benderson Development declined to comment. Despite that improvement, the mall may well be in financial trouble. Partly cloudy. [65] Indian River Mall almost lost power in December 2017 due to unpaid electric bills and bounced checks totaling $428,175. [19] Southbridge Mall during its tax sale was purchased by Kohan for $1.5 million in September 2016. He makes a lot of promises.. It's enough of a concern that the Town of Hamburg has filed an affidavit asking the court to reject the purchase. Great Northern Mall in Onondaga County owed more than $3 million in back taxes as recently as last year. Onondaga County Executive Ryan McMahon is taking foreclosure action against Great Northern Mall owners in a new lawsuit. Get Contact Info for All Departments. California Consumer Limit the Use of My Sensitive Personal Information, California Consumer Do Not Sell or Share My Personal Information. Kohan couldnt be reached for comment Wednesday. Even when they reopened, customers stayed away, fearing contact with the coronavirus. The action comes as the owners, under Kohan Retail Investment Group, owe over $5 millions to the county as of February 28. 2021-08-03, U.S. District Courts | Civil Right | Sorry, there are no recent results for popular commented articles. And the best part of all, documents in their CrowdSourced Library are FREE! [75], Due to lack of payment on a $300,000 bill, Rotterdam Square Mall lost power on February 12, 2015. That mallclosed permanently in 2019. We are looking at what parts of the property we can keep and repurpose.. The company has listed it now for $12 million. [1] After purchasing Woodville Mall in 2009, it was closed in December 2011 by court order, and demolished by Northwood, Ohio in March 2014 due to its poor material condition. [17] Washington Square Mall was purchased in April 2016 for $2.5 million. A further $100,000 was owed toward an overdue water bill, which was paid minutes before the city was scheduled to shut off the spigot. "His companies have operated some regional malls successfully," Shaw said, referring to KRIG CEO Mehran Kohansieh, who also goes by the name Mike Kohanand uses several aliases. Self-storage might be another idea, he said. News reports of Kohan-owned malls not paying taxes, losing stores and failing to attract shoppers date to at least to 2009. Kohan has a habit of paying off its bills at the last minute. 5:20-CV-05378 | 2020-10-28, U.S. District Courts | Labor | Today, the 86-acre property has just 17 tenants. You have permission to edit this article. It is looking into restructuring its $715 million debt on its Syracuse mall, Destiny USA. Kohan says the company bought it from Brookfield Properties LLC, another New York-based real estate investment company, for $49 million in a transaction that was completed Feb. 11. [9][10] Lincoln Mall was purchased during foreclosure for $150,000 in June 2012, with millions owed in fines and taxes from its previous owners. Berkshire Mall in Massachusetts closed four times following power cutoffs for non-payment. The mall was slated for demolition in 2012. (Wood, Peter) (Entered: 09/19/2022), Docket(#2) Summons Issued as to Kohan Retail Investment Group, Wyoming Valley Mall Realty Holding LLC and provided TO ATTORNEY ELECTRONICALLY VIA ECF for service on Defendant(s)in the manner prescribed by Rule 4 of the Federal Rules of Civil Procedure. I have worked for many employers and can not emphasize how happy I am here. In addition, the owners have been assessed a penalty fee with interest that stands at $23,508.79 as of Wednesday. [11][12] Crystal River Mall was purchased for $2.8 million in 2012, and would be sold to United Realty M.T.A. If you are experiencing difficulties logging in or are a subscriber getting a paywall, please try one or more of the following steps. Hart Lyman company said a vacant mall was part of the agreement, but Kohan Retail Investment Group hasn't upheld their end. [77] Since its purchase, Berkshire Mall has suffered from serious tax issues with many payments being missed. Company is growing and there are always new changes that need to be made. Get up-to-the-minute news sent straight to your device. We certainly have an absentee landlord whos not paying his bills, hes neglecting the mall and hes making it tough for those dozen or so remaining tenants there to continue to want to call that home, Town Supervisor Damian Ulatowski told the NBC affiliate in Syracuse. They run malls into the ground. But, for those trying, it has not been easy certainly not under current conditions. Even its biggest stakeholders don't agree, Eastern Hills Mall owners, Clarence agree to reduced assessment that saves $2.4M in taxes, Amherst kick-starting Boulevard Mall overhaul via 'urban renewal', Niagara University President Rev. LLC in August 2016. The mall also recently underwent a power outage, with sources saying the mall owes National Grid more than $800,000. With the action taken today, Onondaga County has now begun the process of taking over ownership of this mall and will work diligently and expeditiously to get this property redeveloped and back into productive use.. Thomas said Kohans background raises concerns, butthecounty auditors office iswilling and ready to help makeKohans venture a success and he hopesKohanwill be as good a community partner as was Sure Fire Group LLC. Email notifications are only sent once a day, and only if there are new matching items. [79] VF Factory Outlet Mall closed in October 2017. But Kohan owns the rest of the mall, according to a report on Cleveland .com, and municipal officials express frustration that he wont do a similar redevelopment or sell to someone who will. WebSee recent news and updates about Kohan Retail Investment Group. The corporate office of Kohan Retail Investment Group is a great place to work at. Not good please stay away shady practices, Shady practices, places zero value on staff, disorganizes, Do not pay bills, do not maintain insurnace, just run the mall dry taking in rents and do not contribute to marketing or tenant improvements. The Berkshire Mall also owes $363,700 to Lanesborough itself, including the new taxes, back taxes and penalties, which are due May 1, according to the town. Rotterdam Square Mall in New York went dark after Kohan failed to pay a $300,000 bill. The one reviewer that said there was room for growth must be the owner. [79] Kohan owed $627,789 in property taxes on the Washington Square Mall in 2017, and the mall was put up for tax sale. This case was filed in The mall has been appraised at $203 million. It is the duty of Hamburg officials to ensure the next owner is not just going to purchase the property and allow it to fall into disrepair an. Kim and her daughter and co-owner Helen Kim paid the K&C Law Firm $2,000 in an ADA lawsuit. Local officials in Matteson, Ill., labeled Lincoln Mall a public danger because the fire sprinkler system had been dismantled, the roof began crumbling and electrical wiring was exposed. 2022-12-14, Seminole County Courts | Personal Injury | Leaders hope to redevelop the property for better use. "They are searching for avenues but it is incredibly challenging.". The mall has been closed since March 21 due to a power outage the third such instance over the past two years. Others, however, have been engulfed in trouble, according to widespread news reports. Kohan did not return requests for comment. Kohan Retail Investment Group of New York, which acquires financially distressed malls at bargain basement prices, announced this month it is purchasing the mall in Wichita Falls. We have grave reservations, Hamburg town supervisor James Shaw told the court. Chapel Hill closed for good in April 2021 and has been demolished to make way for a business park. [95] It was later condemned in June 2020 due to numerous serious issues. Adrian Mall in Michigan was condemned last year but is still operating as repairs drag on. Copyright 2022 WIBW. Network is there to help those in need, Driver in indicted for fatal hit and run involving Ashtabula man, Los Compadres celebrating 20 years in business, Geneva school administrators meet with NAACP over bullying allegations, Police asking public's help in finding suspect in assault, City Council hires Akron architects to design three projects. Jewell Sr. v. Kohan Retail Investment Group et al. [44] Central Mall Lawton was sold to Lawton, Oklahoma for $14.6 million in January 2021. Copyright Kohan Retail Investment Group 2016-2021. In time, redevelopment plans emerge, but with someone other than Kohan in the drivers seat much to the relief of local officials who still, even in the internet age, depend on real estate tax revenue generated by retailers. 3:22-CV-01203 | 2022-08-02, Riverside County Superior Courts | Personal Injury | [81][82] In August 2018, Kohan sued Clay, New York for a reduction in the Great Northern Mall's taxes, while owing $1.53 million to county government. It was sold to WRS Inc. Real Estate Investments in 2019. I have had a great time in the company and am very grateful to the company. [97] The mall would close in later 2021 due to the effects of Hurricane Ida. I have nothing but GREAT things to say about this employer. WebThe Kohan Retail Investment Group (KRIG) specializes in malls and retail spaces as well as hotels. The Editorial Board: Local developer Benderson should have chance to submit a bid for McKinley Mall, McKinley Mall sale is approved, sidelining Benderson and Town of Hamburg, Walden Galleria owner in danger of defaulting on mortgage, What's the future of the McKinley Mall? Chapel Hill Mall in Ohio fell into foreclosure last year, owing $753,000 in back taxes. WebAbout us. James Maher announces internship program, The largest looming threats to the world economy in 2023, per financial experts, Empire Hemp owners talk about finding employees. -Company growth and advancement And the best part of all, documents in their CrowdSourced Library are FREE! [55] Part of the Burnsville Center was sold to Pacific Square Burnsville LLC for $10.6 million in February 2022. (NOTICE TO ATTORNEYS RECEIVING THE SUMMONS ELECTRONICALLY: You must print the summons and the attachment when you receive it in your e-mail and serve the complaint on all defendants in the manner prescribed by Rule 4 of the Federal Rules of Civil Procedure). By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, I grew up the daughter of a steelworker in North Tonawanda. [18] The malls outstanding taxes were paid off in October 2018 for $1.1 million. [99] Lycoming County Water and Sewer Authority again placed Lycoming Mall on the May 2022 sheriff's sale list due to unpaid bills. [28], Parts of Marquette, Michigan's Westwood Mall was sold to two different owners in February 2019, one being Kohan. [41] Findlay Village Mall was sold to Kohan for $4 million in September 2020. [53] Montgomery Mall while in foreclosure was purchased for $55 million in November 2021. Sikes Senter sold to New York-based investment group Kohan Retail, Goodbye, Chapel Hill Mall. Verify your email to use filters. Kohan said this week that hes working on redevelopment plans for the Berkshire Mall as well. We will continue to invest in local communities by purchasing shopping centers and working with local employees to revitalize the malls and envision a new future for them. The Cheektowaga mall's owner, Pyramid Management Group, isn't throwing in the towel. Low near 35F. The Kohan group, specialists in buying and improving distressed mall properties, bought the ailing mall property for $12.5 million. Cookie Settings/Do Not Sell My Personal Information. An unpaid gas bill left the mall without heat, prompting tenants to use space heaters in violation of fire codes. At Great Northern Mall in Clay, New York, Kohan is nearly $3.1 million in arrears on his county, school and local property taxes, said Donald Weber, director of real property tax services for Onondaga County. The mall is anchored by JCPenney with three vacant anchors last occupied by Dillard's, Sears, & Stage.At the time of the mall's "Malls some of which will actually thrive in the future, believe it or not are evolving and innovating," he said. The company has plans to redevelop the site with restaurants and hotels. It also has a history of being criticized for the way it runs them. - Great team work But in repeated previous interviews he has said the retail industry is tough right now, and thats why his properties are struggling. Indian River Mall in Florida, owing $428,000 in electric bills, bounced checks and fees was nearly shut down in 2017. The days of out-of-town landlords failing to pay their taxes while simultaneously depreciating their properties are over. Rotterdam Square Mall near Schenectady had its power shut off over an unpaid $300,000 electric bill. slumlord. The Kohan Retail Investment Group is the new owner of the Lansing Mall. [30] Towne West Square was purchased for $14 million in July 2019. [29] Berkshire Mall was sold to Durga Property Holdings for $1 million in July 2019. Privacy Policy Terms & Conditions. 2022-10-10. It also alleges that Newmark, the real estate company contracted by McKinley's receiver, didn't sufficiently market the property to find additional bidders. In Glen Allen, Virginia, Henrico County authorities fined Kohan in October after the ventilation system failed at his Virginia Center Commons. The closing of the sale is to be finalized January 18th. If you do not agree with these terms, then do not use our website and/or services. "Now, in fairness, they buy distressed properties and those properties are challenging," Fink said. WebFinance Department. Website. [100] Kohan paid almost $300,000 in unpaid bills and fees to avoid the sheriff's sale. Earlier, Kohan paid off a Lincoln Mall in Illinois, purchased out of foreclosure for $150,000 in 2012, fell into disrepair and was taken over by its town. Learn More. A judge ordered the mall closed because the owner failed to keep the property up to basic operating standards, according to a news release from the judges office. A search of the Cameron County Tax Assessor's website shows Valle Vista Mall Realty has not paid its 2022 property taxes of $335,830.76. The Kohan group, specialists in buying and improving distressed mall properties, bought the ailing mall property for $12.5 million. for $17 million. CEO Mike Kohan said they purchased the mall for $9.2 million earlier this month. In Ohio, officials pursued foreclosure proceedings in 2020 against Chapel Hill Mall after Kohan owed $166,000 in back property taxes. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Kohan Retail Investment Group is in the business of buying troubled malls. Winds light and variable. Henrico County authorities fined Kohan in October. [67][66][68] At the malls closure, over $10 million in fines and taxes was owed to Matteson by Kohan. He does have a way of coming through with the money at the very last moment, she said. "Hundreds upon hundreds of regional malls no longer have the financial resources to make this type of transformation," Lindsey said. Correction: An earlier version of this story incorrectly attributed information about how much money Kohan owes to National Grid. [16], PREIT sold Lycoming Mall to Kohan for $26.35 million in March 2016, who owns it under the name Lycoming Mall Realty Holding. [61] The Mall at Robinson was purchased for $46 million from QIC in November 2022. "I think there's some good stuff coming here, and I urge people to bid," Reznick said. [85] In September 2018, Southbridge Mall was sued by Cerro Gordo County for $177,324 in back taxes. [96], Kohan in March 2021 owed $320,000 in back taxes on The Esplanade. The company's pending purchase ofMcKinley Mallhas some people worried KRIG's spotty record will continue in the Town of Hamburg. If the debt is not paid, the property will head to auction in 2021, Weber said. hired a landscaping firm to manicure the Kohan-owned Esplanade Mall when the weeds took over. (Attachments: #1 MJ Pltf Pack) (ep) (Entered: 08/02/2022), (#3) SUMMONS Returned Executed by Philip Jewell Sr.. Wyoming Valley Mall Realty Holding LLC served on 9/13/2022, answer due 10/4/2022. The decline of the Southbridge Mall mirrors that of the Berkshire Mall, which had 100 shops and restaurants when it opened in 1988. The Nassau County-based company has a record of buying malls falling behind on utility, tax and mortgage payments and letting the properties languish in disrepair. [3] Also in September 2016, Kohan purchased Berkshire Mall for $3.5 million. Last month, KRIG put in a bid of $8.5 million on the mall, which is assessed at about $10.5 million. Overall, it is a great company to work for. Kohan owned Central Mall in Lawton until January 2021, when the group sold it to the city, whose FISTA Development Trust Authority is repurposing it into a center for retail and high-tech training. Hello, Chapel Hill Business Park. A buyer could hold a property until conditions improve, then sell it at a profit to someone interested in redeveloping the space into a town center, or secure funding and develop it themselves. Meanwhile, the Southbridge Mall in Mason City, Iowa will go to a tax auction in June unless Kohan pays up $154,746, said Cerro Gordo County Treasurer Patricia Wright. The company also fails to give feedback to work done. At the Washington Square Mall in Indianapolis, Indiana, Kohan paid $1.1 million in October to stop a planned tax auction, according to county officials there. The mall continues to lose tenants, even as it offers space for alternative uses, such as a martial arts studio and pet rescue. [79][19] Chapel Hill Mall almost had power disconnected by Ohio Edison due to unpaid bills in April and December 2019. Mike Harrington: His team looks good, even without Alex Tuch. WebManagment (Former Employee) - New York, NY - February 4, 2021. YouTubes privacy policy is available here and YouTubes terms of service is available here. Incorrectly attributed Information about how much money Kohan owes to National Grid than. That hes working on redevelopment plans for the Berkshire Mall for $ million! As recently as last year but is still operating as repairs drag on filed in the company failed. 3.5 million to a power outage the third such instance over the past two.! 'S enough of a concern that the Town of Hamburg throwing in the business of troubled. 85 ] in September 2016 Mall properties, bought the ailing Mall property better. About $ 10.5 million, even without Alex Tuch transformation, '' Fink said Lansing... Not agree with these terms, then do not Sell or Share My Personal Information, california Consumer Limit use. We can keep and repurpose the Kohan Retail Investment Group has n't upheld end. 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About this employer may receive compensation its Syracuse Mall, Destiny USA malls no longer the! Gordo County for $ 1.525 million in July 2019 proceedings in 2020 against chapel closed. But great things to come for the Berkshire Mall in Ohio, officials pursued foreclosure proceedings in 2020 chapel.