Queens mall faces foreclosure

Lenders are foreclosing on the
Shops at Atlas Park in Queens, which has a $128 million mortgage with
two French banks, Calyon and Societe Generale. The mall was developed
by Atco Properties and Management, which is run by MTA chairman H. Dale
Hemmerdinger. Hemmerdinger’s son, Damon, recently notified retailers at
the mall that the company would stop managing it by mid-February, and
that the banks would be choosing a new manager. The company
has owned the property since the 1920s.