Shops at Atlas Park goes up for auction today

TRD New York /
Jan.January 28, 2011 10:10 AM

Glendale’s foreclosed Shops at Atlas Parks will hit the auction block today at Queens Supreme Court after two years of searching for a buyer while under receivership, according to the Daily News. Lenders Credit Agricole and Société Générale haven’t yet decided on an upset price but are reportedly hoping to fetch at least $119 million for the outdoor shopping center, which has a Regal movie theater, Borders bookstore and several restaurants. Developer Damon Hemmerdinger, a relative of former MTA Chairman Dale Hemmerdinger, ceded control of the 400,000-square-foot complex in February 2009 after defaulting on his $128 million loan. The auction could still be postponed if Hemmerdinger’s Atlas Park LLC files for bankruptcy before the sale, but insiders said they believed that was unlikely. Meanwhile, rumors have swirled that potential bidders could include Cypress Equities, the Hemmerdinger family, or a national mall operator, though Cypress has said it is not interested. “It’s either going to be anti-climactic or you’re going to have four bidders going hot and heavy on this thing,” said Dennis Cappello, the court-appointed attorney who will handle the sale. [NYDN]


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