[87] Kohan owed around $550,000 on The Orchards Mall in various taxes before its sale in late 2018. [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. Earlier, Kohan paid off a $100,000 water bill just minutes before the city cut off the water. There was a problem saving your notification. Kohan Retail Investment Group is excited to announce we have expanded our portfolio to include two stunning hotels in New York City. (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). He makes a lot of promises.. Lincoln Mall in Illinois, purchased out of foreclosure for $150,000 in 2012, fell into disrepair and was taken over by its town. The Kohan group, specialists in buying and improving distressed mall properties, bought the ailing mall property for $12.5 million. Friendly workplace, hardworking staff, great support from management. The mall was slated for demolition in 2012. And the pandemic hastened the already sweeping trend toward online shopping. The Kohan Retail Investment Group management team includes Mike Kohan (Founder and CEO), Denis Nezaj (CFO), and Marni Sawicki (General Manager) . [26] The Esplanade in June 2018 was purchased by Kohan for $9.25 million. 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. Even when they reopened, customers stayed away, fearing contact with the coronavirus. Thomas Matuszko, executive director of the regional planning agency, said the town and the district need the property just off busy Route 8 to be economical viable and generating revenue. "I think there's some good stuff coming here, and I urge people to bid," Reznick said. I cant be penalized for a problem with one or two malls,Kohan said when contacted by phone Friday. [66] Lincoln Mall was demolished starting in May 2017. The closed Canadian border cut off a flow of customers that malls like the Walden Galleria and the Fashion Outlets relied upon. 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. A vacant storefront in the McKinley Mall. LANESBOROUGH Look at the 27 malls owned by Mike Kohan and his Kohan Retail Investment Group and a pattern quickly emerges. ", "Berkshire Mall sells for $1M after new player clears tax debt", "New owner plans changes to drive traffic at Towne West Square", "Local investors purchase Towne Square Mall", "Mall gets new owner, city to make repairs", "Chapel Hill Mall owner buys struggling Ashtabula Towne Square mall", "Seminole Towne Center owner sells to investment group with plans to revitalize struggling mall", "Local investment group buys American Family Fitness building at Virginia Center Commons for $4.1 million", "Clearview Mall under new management of NY-based retail group", "New owner says it's time to reimagine aging malls", "Outlets of Little Rock center changes hands", "City of Lawton completes purchase of Central Mall", "A 120% Loss on Vegas Mall Triggers Payday for Icahn's Big Short", "Fort Gratiot's Birchwood Mall sold for $5.6M", "New owner will convert Chapel Hill Mall into a business park", "Lansing Mall sold for $9.2 million to Kohan Retail Investment Group", "New York company purchases Oak View Mall in southwest Omaha", "Sale of McKinley Mall approved by judge, objections from town and developer denied", "Struggling Wyoming Valley Mall has new owner", "Triangle Town Center sold again but at fraction of previous price", "Plans in mind for a reimagined Crossroads Mall in Portage", "NorthTown Mall is sold, new owner plans to make it a destination", "Local investors and Illinois developer buy portion of Burnsville Center for $10.6M", "Waterbury mall and neighboring shopping center sells for $44.9M", "Fashion Square Mall in Saginaw Township purchased by Midland Mall owners", "Cumberland Mall is sold as PREIT sheds assets", "Mall at Robinson sold to New York firm in $46M deal", "Santa Fe Place mall sold to N.Y. investment group", "Orchards Mall's new owner: rescuer or bad apple? The suit was filed against mall owner Michael Kohan of Great Neck, N.Y., Chapel Hill Mall Realty Holdings LLC, Southbridge Mall Realty Holdings LLC, and Kohan Retail Investment Group LLC. We are looking at nontraditional uses of that property, he said. [70][71] The mall had serious material condition issues in April 2014 that Worthington, Minnesota took action on. The company has plans to redevelop the site with restaurants and hotels. 3:15-cv-05557-RS. The retail landscape has changed, but many shopping malls have not. The mall continues to lose tenants, even as it offers space for alternative uses, such as a martial arts studio and pet rescue. 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. 3.00 2020 5.00 2021 Questions and answers People have asked 5 questions about working at Kohan Retail Investment Group. [85] In September 2018, Southbridge Mall was sued by Cerro Gordo County for $177,324 in back taxes. This is a great time for businesses to consider large spaces that can be transformed into localized shops or venues at affordable prices. "Hundreds upon hundreds of regional malls no longer have the financial resources to make this type of transformation," Lindsey said. Others, however, have been engulfed in trouble, according to widespread news reports. Kohan has a habit of paying off its bills at the last minute. Benderson owns the McKinley Plaza across from the mall, and parcels on the mall property including its two former Macy's stores. 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. [72][73] Worthington won a court decision about the former Kmart in June 2014, and demolition began in February 2015. 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. Kohan also owns the Great Northern Mall in Clay, N.Y., where he owes $3.4 million in delinquent taxes, with a tax auction looming in 2021 if the debt is not resolved, according to the Onondaga CountyProperty Tax Service records. When the Kohan group purchased Valle Vista, the vacancy rate was around 25 percent. 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. And hes not sour on the mall business: Kohan has spent $46 million to buy eight malls in the past 18 months, including the Aroostook Centre Mall in Presque Isle, Maine, according to media reports of transactions around the country. The bill was paid the day electric was to be shutoff. The Kohan Retail Investment Group is the new owner of the Lansing Mall. Ohio Edison threatened to turn off the electric and filed a civil complaint Jan. 13,in regard to the $195,700 Kohan owesOhio Edison, according to Summit County Court records. WebThe North Plains Mall is an enclosed shopping mall in Clovis, New Mexico owned by Kohan Retail Investment Group.It is the only mall within its 95-mile radius and thus has drawn consumers across eastern New Mexico and west Texas. Advancement is based on merits and management encourages outside the box, forward-thinking, and appreciates a good work ethic. (#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. If you do not agree with these terms, then do not use our website and/or services. - Great office location. They just take from the property without any investment back into it. -Friendly environment Chapel Hill Mall in Ohio fell into foreclosure last year, owing $753,000 in back taxes. This case was filed in 212, Great Neck, NY 11021-5320 Concern builds over McKinley Mall buyer's track record as Hamburg attempts to halt sale. [36][37] Ownership of the Seminole Towne Center was transferred to Kohan in March 2020. During that time he also sold malls in Iowa, Pennsylvania and North Carolina and dealt with overdue bills at other sites. It was sold to WRS Inc. Real Estate Investments in 2019. High 52F. 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. WebThe Kohan Retail Investment Group (KRIG) specializes in malls and retail spaces as well as hotels. It also has a history of being criticized for the way it runs them. Winds light and variable. 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. During Jefferson Parish, Louisiana's investigation, it was discovered that additional taxes from 1992 were not paid on the vacant Macy's anchor building, resulting in Kohan owing another $480,000. "We did sell the two boxes (the mall's major store sites). "I want to put this behind us and start working together to make the mall better," the mall's new owner said. No company is perfect. It also alleges that Newmark, the real estate company contracted by McKinley's receiver, didn't sufficiently market the property to find additional bidders. Kohan Retail Investment Group of Great Neck, New York, has purchased Montgomery Mall in a foreclosure sale for $55 million. 2022-12-14, Seminole County Courts | Personal Injury | [65] Indian River Mall almost lost power in December 2017 due to unpaid electric bills and bounced checks totaling $428,175. Sikes Senter sold to New York-based investment group Kohan Retail, Goodbye, Chapel Hill Mall. 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. Kim and her daughter and co-owner Helen Kim paid the K&C Law Firm $2,000 in an ADA lawsuit. An unpaid gas bill left the mall without heat, prompting tenants to use space heaters in violation of fire codes. Its a regional priority, too, with the Berkshires chronically short of jobs. [14] Macerich sold Rotterdam Square Mall to Kohan for $8.5 million on January 15, 2014. If you are experiencing difficulties logging in or are a subscriber getting a paywall, please try one or more of the following steps. 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. [44] Central Mall Lawton was sold to Lawton, Oklahoma for $14.6 million in January 2021. On my behalf as County Treasurer, a civil lawsuit was filed against Southbridge Mall Realty Holding, LLC for the delinquent real estate taxes and interest on the buildings and improvements known locally as Southbridge Mall.Prior to Fiscal Year 2017-2018, the Southbridge Mall buildings and improvements were taxed as separate parcels from the 2022-07-13, Riverside County Superior Courts | Personal Injury | Though malls have long been on the decline, the Covid pandemic hit them hard. If you do not agree with these terms, then do not use our website and/or services. Tech billionaire Vinod Khosla has sued California and a county sheriff in what is the latest battle in the investor's fight to keep a beach near his $37 million estate to himself. Website. Authorities in Vero Beach, Florida,threatened to cut off power to Kohans Indian River Mall after the company failed to pay its electric bills for three months. Hes trying, he says, to fill malls with locally owned stores. Sign up for our newsletter to keep reading. [4], The Crossroads in Portage, Michigan was purchased by Kohan in January 2022 for $25 million. 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? They did not even have workers comp insurance at some of their properties even though they are legally required. KRIG is redefining retail spaces as more than just places to shop.