From the Times Ledger:
A lawyer for a Manhattan firm announced that the Shops at Atlas Park will be sold at a foreclosure auction sometime in early October. But despite the problems renting out the stores in the Glendale shopping center, Paul Millus of Snitow, Kanfer, Holtzer & Millus LLP said he is confident the property can have a successful rebirth.
“There is an expressed interest from various companies in the premises,” Millus said.
Millus is the court-appointed receiver for Atlas Park, which is a 21-acre mall at 80-00 Cooper Ave. in Glendale, and filed for Chapter 11 bankruptcy protection from creditors in January 2009. He was appointed receiver in March 2009. As the receiver, he is overseeing the mall’s operations.
“I essentially sit in as the CEO,” he said.
This means that even though Atlas Park is in foreclosure, the stores will remain open during the proceedings. More than half the retail spots in the park are open, Millus said.
Atlas Park’s website listed more than 50 stores as open or opening.
Millus said Atlas Park has debt of about $125 million. He could not estimate what price the property would bring at auction and would not say which potential bidders were interested, but he contended the location made it an ideal purchase.
“What we have here is a new beginning for Atlas Park that will take place in short order,” he said.