Queens Center Mall Owner Buys Atlas Park by Joe Anuta -YourNabe.com

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Macerich, the company that owns Queen Center Mall, will take over The Shops at Atlas Park Feb. 28

Macerich, the company that owns Queen Center Mall, will take over The Shops at Atlas Park Feb. 28, emerging as the winning bidder after a Chicago-based developer representing the shopping center giant offered $53.75 million at a foreclosure auction.

“Once they fully close on the purchase, we can finally move forward with developing Glendale’s own shopping center,” City Councilwoman Elizabeth Crowley (D-Middle Village) said in a statement.

She will meet with the California-based Macerich this week to discuss the troubled Cooper Street mall’s future.

Crowley said she was hopeful the mall would be a boon to the community.

“The community welcomes the new leadership with open arms and is eager to help Atlas become an engine for economic growth,” she said.

Macerich did not show up at the Jan. 28 foreclosure auction, and the company’s involvement in the purchase was shrouded by a series of affiliations with other companies.

David Joseph was the representative who placed the bid at the auction, but his company was listed as “WMAP LLC.” Even so, according to Paul Millus, a lawyer who has run the mall since the bank foreclosed the $127 million loan in February 2009, Joseph is actually a principal at a Chicago company, Walton Street Capital, which made the purchase.

And now, according to Crowley, Macerich is the company behind the purchase and will run the mall by the end of the month.

The relationship between Macerich and Walton Street Capital was not known.

The Shops at Atlas Park started as Damon Hemmerdinger’s vision of high-end retail in Glendale about five years ago. He was the owner of the shops until 2009, but that vision did not pan out.


In February 2009, Hemmerdinger’s creditor, France-based Agricole Corporate and Investment Bank, foreclosed the loan and turned over the shops to Millus, the court-appointed receiver who ran the mall during its bankruptcy proceedings.

Queens Center Mall Owners Snap Up Rival at Foreclosure Sale by Nicholas Hirshon - NY Daily News

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THE FIRM that runs Queens Center Mall, among the nation's busiest shopping centers, landed a struggling rival complex at a recent foreclosure auction.

Sources revealed yesterday that mall giant Macerich was the mystery bidder that snared the Shops at Atlas Park for about $54 million at a highly anticipated sale last week at Queens Supreme Court.

That places two of the borough's largest malls in the same hands.

Though Macerich President Edward Coppola attended the sale on Friday, the group's involvement was initially unknown because it had created a shell corporation named WMAP LLC to bid.

Several insiders confirmed the Macerich link yesterday, including City Councilwoman Elizabeth Crowley (D-Middle Village).

Locals heralded the news.

"They have all the repertoire of shops across the country," said Vincent Arcuri, 71, chairman of Community Board 5 in Glendale. "They should be able to bring in new vital businesses."

Atlas Park was unveiled in 2006 as an outdoor "lifestyle center," but its mix of restaurants and boutiques slumped through recent years. Some residents complained the stores were too upscale in the middle-class area.

Its owners, the family of ex-MTA Chairman Dale Hemmerdinger, defaulted on a $128 million loan to two French banks in 2009, initiating foreclosure.

Storeowners hope Macerich can turn around Atlas Park by employing the same strategies it used to lure tenants to Queens Center after buying the mall in 1995. It now boasts the highest revenue per square foot of any mall in the U.S.

"They're just really excited, eager to basically have a rebirth," said attorney Boris Sorin, who represents eight Atlas Park shops.

Macerich spokeswoman Anita Walker declined to comment, citing a company policy against discussing newly acquired property until the sale has closed. That is set to happen by Feb. 28.

Locals Concerned About Shops at Atlas Park Future with Center Set for Auction by Nicholas Hirshon - NY Daily News

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The Shops at Atlas Park have been run by a court-appointed receiver for two years

A foreclosed Queens mall is set to be auctioned Friday, marking a turning point for the embattled Shops at Atlas Park as locals wonder how a new owner will operate its mix of stores and eateries.

The Glendale complex, which has been run by a court-appointed receiver for two years, will go up for bids at the 11 a.m. sale at Queens Supreme Court.

At stake is the future of Atlas Park, an outdoor shopping center with a movie theater, a Borders bookstore and chain restaurants. Many of the mall's smaller businesses have slumped through recent years.

Insiders said it's hard to predict the sale's outcome.

"It's either going to be anti-climactic or you're going to have four bidders going hot and heavy on this thing," said lawyer Dennis Cappello, appointed by the court to run the sale.

The banks that mortgaged the mall, Credit Agricole and Société Générale, hope to snare at least $119 million - about the amount of the loan to the mall's founders, Atlas Park LLC.

Among the parties rumored to be in the mix for the auction are Cypress Equities, once affiliated with football legend Roger Staubach, and the mall founders, the family of ex-MTA Chairman Dale Hemmerdinger.

Cypress has denied interest in bidding. Hemmerdinger's son, Damon, once the mall's development director, declined comment.

Locals figured a national mall operator could also swoop in.

The powerhouse Chicago firm McCaffery Interests, once considered a frontrunner to land Atlas Park, dropped out last fall.

But the bidding war may not play out. The auction will be postponed if Atlas Park LLC files for bankruptcy before the sale. Sources said that scenario is unlikely.

Cappello said the banks had not decided as of yesterday morning on an "upset price," or the minimum amount at which the mall can be sold.

If the banks set an upset price and no bidder goes that high, the mall becomes bank property.

In that case, the banks would probably seek to sell the property as soon as possible rather than manage the mall, sources said.

An attorney for the banks declined comment.

Questions linger about the mall's direction under a new owner, who might decide to shift its focus from upscale to more affordable stores - or even raze the place for an entirely new project.

Residents are counting on the sale to end a tumultuous period for the Cooper Ave. center.

"We need to move forward," said Kathy Masi of the Glendale Civic Association.

E-Waste Collection Event on Sunday Sept. 19th at Atlas Terminal in Glendale Sponsored by Senator Joe Addabbo

Click on image to enlarge

What: E-Waste Collection Event Sponsored by Senator Joe Addabbo

When: Sunday, September 19th

Time: 10am - 3pm

Where: Marshal Lot @ Atlas Terminals
81-76 Cooper Avenue - Glendale

Uncertain Future for Atlas Park Property by Michael Cusenza - Queens Chronicle

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The Shops at Atlas Park opened to much fanfare in the spring of 2006, boasting stylish architecture and amenities, dozens of specialty shops, restaurants, a movie theater and parking garages.

Currently, the beset Glendale mall is in foreclosure, poised to be sold at auction at Queens Supreme Court on Sutphin Boulevard in Jamaica.

"We believe it will be put up for auction in the next month,” said attorney Paul Millus, who is the court-appointed receiver of the property.

According to The Secured Lender magazine, a receiver is a person “placed in custodial responsibility for the property of others.”

Millus said the exact date would be set by a court-appointed foreclosure referee, when it would be sold “like any other property to the highest bidder.”

Damon Hemmerdinger, former development director of Atlas Park, brusquely declined comment and referred all questions of mall matters to Millus.

According to a report earlier this month in the Daily News, CB Richard Ellis, an international commercial real estate services firm, also is engaged in Atlas Park operations.

“We are involved, as has been published, but we have no comment,” a CBRE spokesman said.

Earlier this year, City Councilwoman Elizabeth Crowley (D-Middle Village) unofficially proposed to convert several vacant mall spaces into City University of New York classrooms.

Currently, Crowley’s office said she is searching for more viable options, such as medical facilities and breast-imaging centers.

“She’s actively engaged in trying to find a solution to keep Atlas Park in the community and make it an economic engine,” said Crowley spokeswoman Meredith Burak.

State Sen. Joe Addabbo (D-Howard Beach) said he doesn’t want to see the land revert back to the days when it was littered with abandoned industrial buildings.

“Abandoned buildings don’t provide jobs,” Addabbo said. “It’s prudent upon anyone who has power to keep the stores that bring economic viability.”

At least two Atlas Park shop owners said they have been kept in the dark in recent months regarding the fate of the once-promising property.

“We’re hoping to get some new ownership in here so they can open more stores,” said, Danny Gerson, manager of The Fair.

Peter Faccibene, co-owner of the restaurant Shiro of Japan, said that although he hasn’t heard anything, he’s optimistic about the future of the Shops.

“Seems pretty simple: They need to lease the space out,” Faccibene said. “We just need some help with some rented spaces.”

Atlas Park: Struggle and Hope in Glendale - QueensLedgerTV

As Atlas Park Mall faces an upcoming auction, storeowners express their experiences at the shopping center.

Senator Addabbo Discusse New Energy Cost-Saving Initiatives for Small Businesses with Community Leaders on Earth Day...

Teams with Local Electeds, Con Ed and National Grid

On Thursday, April 22, NYS Senator Joseph P. Addabbo, Jr., held a Roundtable discussion to inform local small businesses, civic leaders and Chamber of Commerce presidents about vital energy cost-saving strategies they can use to save thousands of dollars a year.

Lillie Manjarrez, Community Relations from National Grid, Anne Krzyzanowshi, Representative from NYS Assemblywoman Cathy Nolan; NYS Assemblyman Mike Miller and NYS Senator Joe Addabbo.

As part of a broader movement to go green this Earth Day, the Senator was joined by NYS Assemblyman Mike Miller, NYC Councilwoman Liz Crowley and representatives from Con Edison and National Grid to discuss what local businesses can do to go green and cut costs.

Today, only a fraction of eligible businesses take advantage of free Con Ed and National Grid energy surveys that can substantially reduce their energy costs, from anywhere between 8 and 40 percent. For example, of Con Ed's 280,000 eligible customers, only 21,000 have requested surveys, less than 8 percent.

Con Ed offers an expansive array of affordable energy-saving options to businesses including a free on-site energy efficiency survey and free energy savings upgrades. Additionally, they cover 70 percent of installation costs for energy-saving upgrades. Similarly, National Grid has several programs to enable businesses to reduce carbon emissions, go green, and cut costs.

Some small businesses have already taken advantage of such savings. A survey conducted by Con Edison of a catering business in Queens showed how they could easily obtain annual cost savings of $12,750 for only a one-time cost of $974.

Lillie Manjarrez, Community Relations from National Grid; Anne Krzyzanowshi, Representative from NYS Assemblywoman Cathy Nolan; NYS Senator Joe Addabbo.

“Small businesses across Queens stand to save thousands of dollars a year through taking advantage of these simple and affordable measures,” said Senator Addabbo. “We need to make an aggressive effort to assist our small businesses in our communities. Also, as we move into the 21^st century, we must continue to explore new ways to protect our planet.”

NYS Assemblyman Mike Miller said, “Every little bit helps, whether we are talking about a small business's bottom line or protecting our environment.”

"I commend Senator Addabbo and my colleagues for bringing together this important roundtable in support of our small businesses. Our City’s economic recovery will be driven in large part by our small businesses, making it in our best interest to support them," said NYC Council Member Elizabeth Crowley.

Con Ed Representative Ryan Southard said, “With Con Edison footing upwards of 70% of the tab for energy conservation measures, our Small Business Direct Install Program is a great win for small businesses and for the environment. We’re grateful to Senator Addabbo for convening the roundtable and working diligently with us to promote energy efficiency for small businesses in Queens .”

“National Grid is happy to work with businesses to help them save energy, improve efficiency and reduce the bottom line," said Joe Rende, Vice President of Energy Solutions Delivery at National Grid. "The Roundtable discussions are a great opportunity for us to provide information about energy efficiency programs and other initiatives and learn more about how we can help our customers.”

Eileen Reilly, Maspeth Town Hall; Jim O'Kane, Maspeth Chamber of Commerce; Ken Camillou, National Grid; and Lillie Manjarrez, National Grid .

Pearle Vision's owner, Anthony Presti, expressed delight with his past Con Edison energy survey. "It was seamless, they went in to survey, were out fast and it was simple. I heard about it from a nearby business owner who had big savings. Con Edison changed my light bulbs--I saved 40% or better. I saved $20,000 in 4 years. My other store in Jackson Heights is five times larger than my Ozone Park location, but now I only have a $1,100 monthly bill. I'll put my kids through college with $20K saved here and there."

Addabbo concluded, "These programs have been underutilized and we need to continue to encourage small business owners to take advantage of these free services provided by Con Ed and National Grid. There is no central place for business owners to go to research energy efficient savings measures, which is why I am hosting two informational sessions later this month.”

The Senator's two informational sessions for small businesses, where they can sign up for a free energy survey with Con Edison and National Grid, will be held on May 6 at St. Mary Gate of Heaven School Auditorium, 104-06 101 Avenue, Ozone Park, from 7-9 PM. The other will be on May 13 at Glendale Memorial Building, 72-02 Myrtle Avenue, Glendale, from 7-9 PM.

Shops at Atlas Park Struggles to Survive with Summer Sale and Search for Tenants by Nicholas Hirshon - NY Daily News

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Key players in Shops at Atlas Park include City Councilwoman Elizabeth Crowley, attorney Paul Millus, former development director Damon Hemmerdinger and former manager Michael Mattone. Noonan, Hirshon, DelMundo for News

The Shops at Atlas Park will unleash a new weapon during its summertime battle for survival.

The foreclosed Glendale mall - which is expected to be sold at auction next month - has hired a prominent agent to lure tenants ahead of a crucial shopping season for the open-air complex.

The entry of CB Richard Ellis, one of the world's largest commercial real estate firms, ends a 14-month management by Michael Mattone of the Mattone Group, whose contract recently expired.

Next in the Atlas Park saga: a highly anticipated sale - as early as June - that could determine the long-term success of the Cooper Ave. center.

It's also possible that a pact might be struck before the auction date, as teams and players often do prior to drafts in sports leagues.

"It's kind of like the draft," said Paul Millus, the court-appointed lawyer who controls the mall during foreclosure. "Sometimes you have a deal before you start."

Millus said several people have "expressed some measure of interest" in purchasing the mall, though he would not name them.

Community leaders have long figured the mall's founders, the family of former Metropolitan Transportation Authority Chairman Dale Hemmerdinger, would bid on the mall they conceived.

Hemmerdinger's son, Damon, who was the mall's development director from its opening in 2006 through early 2009, declined comment.

A group of Israeli investors is also in the running, with hopes to shape the mall in the mold of the Tanger Outlets on Long Island, said City Councilwoman Elizabeth Crowley (D-Middle Village).

Crowley herself wants the City University of New York to offer classes at Atlas Park - a spot she thinks would be convenient for students in southern and western Queens.

Crowley said she will raise the possibility with university bigwigs after the city passes its budget this summer. CUNY officials did not return calls seeking comment.

Whether CUNY would even be welcome at Atlas Park depends on the philosophy of the mall's next owner.

The Hemmerdingers initially billed Atlas Park as a "lifestyle center" with specialty retail stores that many residents bashed as too upscale for the middle-class area.

CB Richard Ellis declined comment on its approach to leasing out the mall. But Atlas Park store owners hailed the entry of the renowned firm, which was the first of its kind in the Fortune 500.

In Queens, the company once leased the Bulova Corporate Center in Jackson Heights and Gertz Plaza in Jamaica. It opened an office last year in Long Island City.

"They're very reputable," said Boris Sorin, an attorney who has represented multiple Atlas Park stores in rent negotiations. "With a new team in place, it's going to bring in new energy and vision."

Mark Gallagher, owner of the mall's Manor Oktoberfest restaurant, called the firm's introduction "absolutely the most positive thing" for Atlas Park.

Gallagher hoped that CB Richard Ellis might sign up a small department store to attract customers - who then might dine at his eatery.

Millus said he is working on bringing a supermarket and "other smaller tenants" to the mall. A Subway franchise and school uniform store are set to open soon, he added.

But the prospective co-owner of a Cuban eatery said he is pulling out after troubles with management. He said he would leave his business partner to go it alone in the critical coming months.

"It's the last chance for the mall," said Kathy Masi, president of the Glendale Civic Association. "I wish it would survive."