New Yorkers Buy Out Another Portion of Showcase Mall

Commercial building dollar

A group of New Yorkers bought another portion of the Showcase Mall on the Las Vegas Strip.

The Nakash Family of Jordache jeans, real estate investors Eli Gindi, and home curtains manufacturer Elhayu Cohen tied up to purchase a roughly 97,500-square-foot section of the retail hub for $140 million.

Unilev reportedly sold the portion of Showcase to further the retail trend along the casino-dominated Las Vegas strip. In 2013, the average visitor in Las Vegas spent about $141 shopping here, up from $102 in 2009, according to GLS Research. And while those who gamble are spending more money trying to win, overall, 71 percent of visitors gambled in 2013, down from 83 percent in 2009, GLS found, in reports for the Las Vegas Convention and Visitors Authority.

Until last week, ownership was held among three main groups: the Nakash family and Gindi, who bought an estimated 190,000-square-foot portion last May for $145 million; original developer Barry Fieldman, whose group owns about 42,000 square feet; and Unilev, of Beverly Hills, Calif., which bought a 97,500-square-foot section, containing the Hard Rock Cafe, Ross Dress for Less and Denny’s, for $93.5 million in 2011.

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