Queens mall foreclosure nears completion

New York /
Aug.August 16, 2010 11:00 AM

Shops at Atlas Park

Foreclosure proceedings are expected to be completed in the next two months at the Shops at Atlas Park in Glendale, Queens, almost 18 months after developer Damon Hemmerdinger defaulted on a $128 million loan, Crain’s reported. Now, the path is clear for the property’s lenders — French banks Société Générale and Calyon — to sell off the 400,000-square-foot property and bring in new owners. When the mall first opened on the former site of the Atlas Industrial Park, the 25-acre retail development initially seemed like something from an upscale retailer’s dream, featuring stucco buildings and an outdoor promenade, plus a mix of tenants, including an eight-screen Regal movie theater, stores such as Florsheim and J. Jill, as well as the Amish Market gourmet food store. But these high-end businesses were never a good fit for the middle-income neighborhood, and as time went on, vacancy rates began rising and foot traffic worsened. Hemmerdinger eventually gave up ownership of the center in February 2009. While the banks began work on foreclosure proceedings, CB Richard Ellis was appointed as the property manager, whose priority is now to retain the remaining tenants, which include several restaurants, a Borders bookstore and the Regal movie theater. [Crain’s]

 

Related Articles

arrow_forward_ios
Paramount CEO Albert Behler and 60 Wall Street (Getty, Paramount Group)
Paramount Group plans $250M facelift for 60 Wall
Paramount Group plans $250M facelift for 60 Wall
Commercial real estate investment was harder-hit in the New York metro and Bay Area than in Greater Los Angeles. (iStock)
LA was top spot for commercial property investment in Covid-ravaged year
LA was top spot for commercial property investment in Covid-ravaged year
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
Outlook for hotels improves — from awful to merely bad
Outlook for hotels improves — from awful to merely bad
CBRE’s Darcy Stacom and Bill Shanahan; Cushman & Wakefield’s Doug Harmon and Adam Spies
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
(Getty)
Manhattan retail market awaits recovery as vacancies rise in Q1
Manhattan retail market awaits recovery as vacancies rise in Q1
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...