Real Estate

American Dream megamall nearly empties its reserves to make a bond payment

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American Dream megamall and entertainment complex in East Rutherford, N.J. After more than 17 years in the making, it finally opened October 25, 2019. Then came the coronoavirus pandemic.

Timothy A. Clary | AFP | Getty Images

The American Dream megamall in New Jersey, crippled by construction delays and stalled store openings, is running out of money.

The more than 3-million-square-foot retail and entertainment complex nearly emptied a reserve account to make a $9.3 million payment that was due Tuesday, on about $290 million of debt supported by sales tax receipts, according to a securities filing.

About $820 is left in the reserve fund, the filing said. And it’s unclear whether or not the…



Source cnbc.com

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