Atlas Park sold for $53 million!

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.

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