Thursday, February 5, 2009

Au Revoir Atlas

http://www.nytimes.com/2009/02/04/nyregion/04mall.html?_r=1&ref=nyregion

Lenders are foreclosing on a Queens shopping mall developed and owned by his 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.

Representatives for the two banks declined to comment on Tuesday.