The Rotterdam Square Mall has since been sold again, and redeveloped as VIA Port Rotterdam. [23] Fort Steuben Mall was purchased for $10.75 million in December 2018. Nobody bid, so the local parish now owns the mall. With the closing of many large anchor stores around the country in the past decade, those large spaces offer unique opportunities for venues of all different types:galas, expos, concerts, arcades, miniature golf, and others have found their homes at some of these spaces at our malls. Douglas Development has similar plans for Boulevard Mall. [101], In February 2022, the Aroostook Centre Mall in Presque Isle, Maine was closed after Kohan's local employee advised tenant's that Kohan had not been paying utility bills and he was unable to get in contact with the corporate office. No company is perfect. Last May, The Akron Beacon Journal reported Kohan had financial troubles at another property the Berkshire Mall in Massachusetts. 2021-12-30, Riverside County Superior Courts | Personal Injury | An unpaid gas bill left the mall without heat, prompting tenants to use space heaters in violation of fire codes. When the Kohan group purchased Valle Vista, the vacancy rate was around 25 percent. Email notifications are only sent once a day, and only if there are new matching items. Having problems? "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. The Akron Beacon Journal reported the City of Akron foreclosed on Chapel Hill Mall after Kohan failed to pay $166,000 in unpaid back taxes. I have had a great time in the company and am very grateful to the company. Always pushing forward to develop the best. "Now, in fairness, they buy distressed properties and those properties are challenging," Fink said. During Jefferson Parish, Louisiana 's investigation, it was discovered that additional taxes from 1992 were But the New York-based firm doesn't plan on keeping the whole thing. That information was not received through National Grid. Hes trying, he says, to fill malls with locally owned stores. If you do not agree with these terms, then do not use our website and/or services. [13] Tiffin Mall, purchased in 2012, was later sold to Key Hotel and Property Management in 2016 for $2.2 million. A vacant storefront in the McKinley Mall. [3] Also in September 2016, Kohan purchased Berkshire Mall for $3.5 million. In Richmond, Ohio, developer DealPoint Merrill purchased an old Sears and 22 acres of parking lot at the Richmond Town Center Mall last year. [95] It was later condemned in June 2020 due to numerous serious issues. [47] Chapel Hill Mall was sold by Kohan to Industrial Commercial Properties in March 2021. New York-based shopping mall investment company Kohan Retail Investment Group has purchased the Wyoming Valley Mall in Wilkes-Barre Twp. The Kohan group, specialists in buying and improving distressed mall properties, bought the ailing mall property for $12.5 million. I have nothing but GREAT things to say about this employer. Its a regional priority, too, with the Berkshires chronically short of jobs. Rick Kelley, Valley Morning Star, Harlingen, Texas, Lori Lightfoot becomes the first Chicago mayor in 40 years to lose re-election, Fiery Greece train collision kills 32, injures at least 85, A condition called POTS rose after covid, but patients can't find care, Drones fly deep inside Russia; Putin orders border tightened, Rep. Lauren Boebert Gets Absolutely Schooled By Jamie Raskin Using Trump's Own Words, SoCal storm timeline: More snow, heavier rain expected Wednesday, While California wearies of snowstorms, Northeast greets one, These 2 Summit County homes sold for $500,000 or more the week of Dec. 27, Jefferson Parish issues boil water advisory. [6] Kohan purchased the Jamestown Mall in 2009 for $3.3 million. Mike Harrington: His team looks good, even without Alex Tuch. News Staff Reporter Stephen T. Watson contributed to this report. The Kohan Retail Investment Group is the new owner of the Lansing Mall. The tenants had received letters from the city warning of the pending disconnection. Others, however, have been engulfed in trouble, according to widespread news reports. 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. [18] The malls outstanding taxes were paid off in October 2018 for $1.1 million. 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. Low near 35F. Both have lost anchors and other important stores, have high vacancy rates and have seen a steep drop in traffic. [38] Virginia Center Commons was sold to VCC Partners LLC and Shamin VCC LLC in early 2020 for $8.3 million. Advancement is based on merits and management encourages outside the box, forward-thinking, and appreciates a good work ethic. We held Moonbeam responsible when it came to Shoppingtown Mall and today, we are doing the same with the owners of Great Northern Mall. McMahon said in a statement Wednesday. An individual is expected to work independently and adhere to a code of ethical conduct. Every day I learn learn something new. Great Northern Mall in Onondaga County owed more than $3 million in back taxes as recently as last year. [18] Chapel Hill Mall was purchased in July 2016 by Kohan for $8.6 million. 5:21-CV-00706 | 2021-02-16, U.S. District Courts | Civil Right | 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. Henrico County authorities fined Kohan in October. WebKohan Retail Investment Group is excited to announce we have expanded our portfolio to include two stunning hotels in New York City. Parts of the property later went up for tax sale, were not sold, and the assets transferred to Jefferson Parish. Last month, KRIG put in a bid of $8.5 million on the mall, which is assessed at about $10.5 million. This is a great time for businesses to consider large spaces that can be transformed into localized shops or venues at affordable prices. Lincoln Mall in Illinois, purchased out of foreclosure for $150,000 in 2012, fell into disrepair and was taken over by its town. Self-storage might be another idea, he said. [93] The mall also had electric and water payment issues the same month. As tenants empty that shopping center, the first step would be to lay new roads and sewers that would serve the residential and commercial properties. [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. He said hes in talks with a marijuana entrepreneur. Ste. 2023 Advance Local Media LLC. 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. Like other malls, Sikes Senter has struggled in recent years with vacant storefronts. Even when they reopened, customers stayed away, fearing contact with the coronavirus. Email notifications are only sent once a day, and only if there are new matching items. Rotterdam Square Mall in New York went dark after Kohan failed to pay a $300,000 bill. To learn more contact us at (516) 708-9208 or visit our property portfolio page.. Northland Mall in Minnesota, riddled with mold and roof damage, owed more than $140,000 in back taxes before the mall was sold in 2015. Slight chance of a rain shower. Copyright Kohan Retail Investment Group 2016-2021. Kohan Retail is extending a hand in this transformation by offering spaces to grow new businesses. [70][71] The mall had serious material condition issues in April 2014 that Worthington, Minnesota took action on. I grew up the daughter of a steelworker in North Tonawanda. The City of Lawton threatened to sue Kohan, claiming the company continued to collect rent from stores after the sale closed and the mall was owned by the city. [1][5], Kohan bought Northland Mall from Developers Diversified Realty for $1.8 million in late December 2008. So what does Sabres GM Kevyn Adams do this week? The closed Canadian border cut off a flow of customers that malls like the Walden Galleria and the Fashion Outlets relied upon. [26] The Esplanade in June 2018 was purchased by Kohan for $9.25 million. 2021-08-03, U.S. District Courts | Civil Right | The worries about McKinley Mall's future cut a stark contrast to hopes about ambitious town center projects planned at the Eastern Hills and Boulevard malls. Tulsa Promenade in Oklahoma went into receivership in 2019 for missed mortgage payment and maintenance issues. Kohan couldnt be reached for comment Wednesday. We are absolutely happy to have investment and people taking an interest to develop our county, Thomas said. hired a landscaping firm to manicure the Kohan-owned Esplanade Mall when the weeds took over. 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. Friendly workplace, hardworking staff, great support from management. All rights reserved. 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. Malls were forced by the state to shut down for several months and invest in expensive air filtration upgrades. Berkshire Mall reopens, owner says hes working on redevelopment plans. It was sold to WRS Inc. Real Estate Investments in 2019. [36][37] Ownership of the Seminole Towne Center was transferred to Kohan in March 2020. The company's pending purchase ofMcKinley Mallhas some people worried KRIG's spotty record will continue in the Town of Hamburg. Customers and employees become unhappy once they realize nothing will improve. LANESBOROUGH Look at the 27 malls owned by Mike Kohan and his Kohan Retail Investment Group and a pattern quickly emerges. The company is a good place to work and is growing. Kohan said this week that hes working on redevelopment plans for the Berkshire Mall as well. Kohan said he will address complaints current tenants have about lease rates upon closing. It now stands at 15 percent. "Malls some of which will actually thrive in the future, believe it or not are evolving and innovating," he said. Kohan Retail Investment Group of Great Neck, New York, has purchased Montgomery Mall in a foreclosure sale for $55 million. Lycoming Mall in Pennsylvania lost power over late electric bills in 2018 and was almost sold at auction in 2019 over unpaid water and sewer bills. 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. [100] Kohan paid almost $300,000 in unpaid bills and fees to avoid the sheriff's sale. The closing of the sale is to be finalized January 18th. We have grave reservations, Hamburg town supervisor James Shaw told the court. Get up-to-the-minute news sent straight to your device. [89][90] Tulsa Promenade was placed into receivership in July 2019 due to missed mortgage payments and maintenance issues. The mall is anchored by JCPenney with three vacant anchors last occupied by Dillard's, Sears, & Stage.At the time of the mall's Cali Uses several aliases including Mike Kohen, Mehan Kohansiek, Mehran Kohansieh, Mehran Kohansiek, and Mehrzad I. Kohansieh. Kohan has been taken to court several times over these issues and has narrowly avoided Berkshire's seizure. That total includes the tax, accrued interest and costs. [8] In April 2011, Warren Mall was sold by Zamias for $720,000, and in April 2016 was under the ownership of Cocca Development. (#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. Kim and her daughter and co-owner Helen Kim paid the K&C Law Firm $2,000 in an ADA lawsuit. It also alleges that Newmark, the real estate company contracted by McKinley's receiver, didn't sufficiently market the property to find additional bidders. (I am putting it politely) Website. WebAbout us. They just take from the property without any investment back into it. Kohan has a habit of paying off its bills at the last minute. If you purchase a product or register for an account through one of the links on our site, we may receive compensation. ), Age Discrimination in Employment Act (ADEA) - 29 USC 621-634 [72][73] Worthington won a court decision about the former Kmart in June 2014, and demolition began in February 2015. 2021-08-03, Alachua County - Eighth Judicial Circuit Court | Personal Injury | He owes $753,733 indelinquenttaxes to Summit County, said Mike Migden, chief deputy fiscal officer. (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. Overall, it is a great company to work for. [83] Due to the roofs poor condition, Effingham City declared Village Square Mall unsafe in August 2018. Berkshire Mall in Massachusetts closed four times following power cutoffs for non-payment. Hes done it before. - Great team work (renews at {{format_dollars}}{{start_price}}{{format_cents}}/month + tax). The bill was paid the day electric was to be shutoff. The Onondaga County Executive Ryan McMahon is taking foreclosure action against Great Northern Mall owners in a new lawsuit. [61] The Mall at Robinson was purchased for $46 million from QIC in November 2022. Figures from the Wichita Appraisal District show the malls value has declined over the years from a high of $66.6 million in 2018 to $44.5 million in 2021. Kohan finalized the purchase from Sure Fire Group LLC, a group of local investors, for $10.2 million on Tuesday, paying $4 million of the total price with cash, said Performance Rating Act - 5 USC 4303, Jewell Sr. v. Kohan Retail Investment Group et al. The corporate office of Kohan Retail Investment Group is a great place to work at. [31] Towne Square Mall was sold for $5.15 million to Towne Square Mall Holdings LLC in December 2019. They primarily purchase endangered/troubled shopping malls. [2][76] The mall was later sold to ViaPort USA for $9.25 million. We have always worked to accommodate the needs of our guests at our retail destinations, and now we are working to accommodate the needs of our guests at our new hotels. [16], PREIT sold Lycoming Mall to Kohan for $26.35 million in March 2016, who owns it under the name Lycoming Mall Realty Holding. 5:20-CV-04906 | 2020-10-05. The decline of the Southbridge Mall mirrors that of the Berkshire Mall, which had 100 shops and restaurants when it opened in 1988. But he doesnt want to tear down all or even portions of the mall. "Hundreds upon hundreds of regional malls no longer have the financial resources to make this type of transformation," Lindsey said. 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