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American Dream Mega Mall Lost $60 Million Last Year

The mall is 80% leased as the owner seeks an extension to repay $1.7 billion in debt

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The American Dream mall in East Rutherford, NJ lost nearly $60 million last year, according to a securities filing and as reported by Bloomberg.

Mall owner Triple Five Group reported $173 million in revenue last year, but it ran up $232 million in expenses. It’s also seeking a four-year extension to repay $1.7 billion in construction debt, the article says.

American Dream opened in October 2019, about six months before the coronavirus pandemic hit the U.S. in earnest. In September 2021, a fire broke out at the mall’s indoor ski slope, shuttering the attraction ever since. It’s expected to reopen on Memorial Day weekend.

The 3.5 million-square-foot mall is currently 80% leased. Counting leases under negotiation, that number bumps to 85%, the filing says.

Read more at Bloomberg.

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