Friday, February 4, 2011

Queens Center Mall owners buy Atlas Park

From the Daily News:

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.

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.

19 comments:

ManhattanVerve said...

This outfit knows malls - they are a mall REit and picked up a bargain in Atlas. Now turn Atlas into Walmart, please.

Anonymous said...

This outfit knows malls - they are a mall REit and picked up a bargain in Atlas. Now turn Atlas into Walmart, please.

Anonymous said...

"Lifestyle Center"?? Anything named that was doomed to doom here in NYC.

Anonymous said...

NOTHING I repeat NOTHING will save that mall.The location is the problem. If they move the mall to San Diego or Tampa it might work, but not in Glendale (Oops I meant to say "Just outside Forest Hills" Like butthead Damons Radio adverts)

Anonymous said...

It's true, if they put a Walmart there it will succeed. The people who live in the area have Walmart taste.

Anonymous said...

One big difference...Queens Center Mall is in a prime location...close to ALL transportation.

Atlas Park is STILL in the middle of nowhere!

Let "Walmart" take it over!

Maybe they're the only ones who can make a go of it (if they don't charge for parking like the stupid Hemmerdingers did)!

Anonymous said...

"Maybe they're the only ones who can make a go of it (if they don't charge for parking like the stupid Hemmerdingers did)!"

Like they DON'T charge for parking at the Queens Center Mall? Pipedreamer.

Anonymous said...

"Like they DON'T charge for parking at the Queens Center Mall? Pipedreamer."

Queens Center Mall is in the center of a major commercial area with high rents-- and has hundreds of stores-- which makes the $3.00 worthwhile (and understandable that the owners would charge since they are paying high rents). A converted old commercial area/railroad terminal surrounded by cemeteries with at times 20 stores on the other hand--would make people wonder why they should pay $3.00-- when they could either pay that and go to Queens Center, or drive 20 minutes out to Roosevelt Field and pay nothing.

Anonymous said...

Bring in a Walmart and watch the mall take off like a rocket.

Anonymous said...

Where's the bimbo that wanted an "Apple Store" to move in?

Anonymous said...

We should take the Walmart comments seriously.The group is called WMAP--Wal-Mart Atlas Park?--and they are listed at Walton St. (Sam?). A Wal-Mart at Atlas Park would bring Glendale property values down, down, down. We would be junktown.

Anonymous said...

We don't need a walmart there. Target maybe. Old navy would be great, plus a supermarket like Shoprite would be fantastic. Walmart does not treat workers fairly at all. Those stores are disgusting. It would definitely bring property values down tremendously, unlike the other stores I mentioned.

Anonymous said...

Walmart is only good for for the owners and the Chinese gov't...........

Anonymous said...

Walmarts are for white trash.

georgetheatheist said...

Why limit the trash to white?. A rainbow of "trash" shops there, no?

Anonymous said...

Walmart @ Valley Stream has a wonderfully diverse clientele of trash. The same kind of people that trample a security guard to death when the store opens for a doorbuster sale.

Let East New York have Walmart. Keep it out of Glendale.

Anonymous said...

atlas will do very well if they had the following stores...

HM
FOREVER 21
TARGET
TJ MAX
MARSHALLS
STEVE MADDEN
DSW
WALMART
ALDOS
NIKE
VICTORIA SECRETS
MAC COSMETICS
URBAN OUTFITTERS

LiLi said...

$3.00 for parking at Queens Center???!! HA! If you're really going to comment and complain about parking, please get your facts straight! I'm always glad to see how positive my neighbors are about a project that provided our neighborhood with a decent "green space" at least...and for some, "free babysitting" services since they just drop off their teens and speed away..ridiculous! Get off your soap box and try to be positive..it's here to stay

Anonymous said...

With the stores atlas have now, it still has no "mainstream brand appeal" compared to queens center mall. Good job macerich LMAO! I do not picture queens center lending a helping hand out to atlas. Atlas location hurts them as well, it will never be queens center.