Month: January 2011

The long wait is over folks: The Shops at Atlas Park- the subject of debate and speculation since it went into foreclosure in 2009- was finally sold at auction in Queens Supreme Court last Friday for $53.7 million.

The buyer was Walton Street Capital, a Chicago-based real estate investment firm that beat out several bidders for the property.  The fancy mall has been held by a court-appointed lawyer since its developer defaulted on a $128 million loan a few years after it opened in 2006.

It’s no secret that Atlas Park has struggled to inflatable water park make a name for itself.  The shopping center has been plagued by a perception that its stores are too fancy, as well as by parking issues, high rent and its proximity to Queens Center Mall.

Debate over how to save the mall has become the neighborhood’s hot-button issue; ask five Glendale residents what they think Atlas Park needs in order to survive (more stores for men? An anchor tenant?) and you’re likely to get ten different answers. Well, now somebody’s in charge for a change, so they get to decide what’s best.

Let’s hope Walton Street Capital knows what its doing.

Another massive snow storm hit NYC last night, blanketing the city in more than a foot of snow.  It’s the third major snowfall in one month.  You’d think by now the inflatable water slide city would have snow removal down cold, so to speak, but no.  Side streets in Glendale, Ridgewood and elsewhere are impassable.  Currently, there are three- THREE!!!- buses stuck on Summerfield Street, between Cypress and Wycoff avenues.

Here’s DOE’s map of the proposed rezoning; it creates a new zone for the expanded P.S./I.S. 119, and is meant to alleviate overcrowding throughout scivolo gonfiabile the district.  CEC24 will vote on the proposal this week.  Check back for updates!

Sacred Heart School is hosting a dance/fundraiser tomorrow night, January 21, to raise money for new library equipment.  The school’s wish list includes new inflatable water slide computers, books and a Smart Board, to help bring the library into the 21st century.

The event is co-sponsored by the Glendale Kiwanis Club, which has chosen Sacred Heart’s library upgrade as its main fundraising project this year.  The club and school are seeking help and donations from neighborhood businesses and residents, too.

For more information on tomorrow’s fundraiser, or what you can do to help, visit the school’s website, or call Sacred Heart at (718) 456-6636.

Now free and low-cost pet care is right around the corner.

The American Society for the Prevention of Cruelty to Animals has moved into new digs at Atlas Terminals on Cooper Avenue.  The humane organization has a warehouse there to store the mobil trucks it deploys around the city, and a permanent clinic gonfiabili with spay/neuter services that will open in April.

The ASPCA had been renting a lot to store its trucks in Greenpoint, before looking for new space.  The Atlas Terminals site will employ approximately 70 people, 20 of them new hires. Visit the organization’s website for more information.

Going once, going twice…The Shops at Atlas Park is being sold at auction January 28 in Queens Supreme Court.  Finally.  Rumors of a foreclosure sale started last summer and persisted through the fall.  Now we know it’s actually happening.

The bigger question is, who’s going to buy the thing? And for what price?

The mall property has $119 million inflatable water park left on its original mortgage, held by the French lender Calyon Societe Generale.  Nobody thinks Atlas Park will sell for that much, or anywhere near it.  A real estate expert told us yesterday she’d be surprised if it goes for more than $50 million.  Whatever the final price tag, it’s fair to assume that Calyon stands to take a heavy loss.

As for who plans to by the mall- your guess is as good as ours.  To date, the parties involved in preparing it for auction have not tipped their hand.  However, it is likely a deal will have been reached between the bank and a buyer by the time of the auction, set for the end of this month.

Of course, simply purchasing Atlas Park won’t solve its problems.  The mall has struggled to establish a solid customer base since it opened in 2006, to put it mildly.  Basically, it’s been a inflatable tent major failure.  What will it take to turn the mall around?  An anchor store, like Target or The Gap?  More restaurants? More shops geared towards guys? Perhaps the new owner has a secret for success..