Igal Namdar has made a fortune buying shopping malls no one else wants.
He scoops up struggling centers at bargain-basement prices after their landlords lose faith, betting he can turn a profit before the last tenants turn out the lights. So far, that strategy has netted big gains—as well as lawsuits accusing Namdar of allowing his real estate to slide into disrepair.
In building an empire of 268 properties in 35 U.S. states—most prominently aging malls in small cities—Namdar has accumulated a personal net worth of about $2 billion, according to the Bloomberg Billionaires Index.
The pandemic accelerated Americans’ years-long shift to e-commerce, forcing many already-ailing department stores and
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