Atlas Park could see mass exodus of tenants

TRD New York /
Aug.August 18, 2009 11:52 AM

As many as 16 stores could vacate the foreclosed Atlas Park mall in Glendale, Queens, within weeks, unless the banks responsible for the shopping complex’s mortgage agree to reconsider their rents, according to a statement from the tenants’ attorney. Store owners allege that the spaces they occupy aren’t worth the rent they’re being charged. If the 16 shops in question do leave their digs, Atlas Park would have around just two dozen remaining stores, according to the New York Daily News.

Further compounding these problems, Société Générale, a French bank and major stakeholder in Atlas Park, has been targeted in a probe regarding improper use of AIG bailout funds. State Attorney General Andrew Cuomo began an investigation into the bank in March in an effort to see if Société Générale may have been the improper recipient of billions of dollars in government bailout funds handed to AIG.

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