Queens Shopping Mall Owner To Hand Over Complex To Foreclosing Lenders; Area Competition, Bad Economy Dooms Retail Project

In Glendale, Queens, The New York Times reports:

• [L]enders are foreclosing on a Queens shopping mall developed and owned by [Metropolitan Transit Authority chairman H. Dale Hemmerdinger's] company, Atco Properties and Management, Mr. Hemmerdinger said on Tuesday. [...] He declined to say how much his company had invested in the property, the Shops at Atlas Park, which has a $128 million mortgage with two French banks, Calyon and Société Générale. He said the two banks were in the process of taking over the property, which is in the Glendale neighborhood.

***

• David A. Rosenberg, an executive vice president of Robert K. Futterman, a retail leasing firm, said the mall was hurt by competition from an expanded Queens Center Mall and from the established shopping corridor on Austin Street in Forest Hills.

For more, see M.T.A. Head’s Firm Loses Its Queens Shopping Mall.