The American Dream Mall outside of New York City has turned into a financial nightmare for its owners and the contractor and subcontractors that helped build the massive $5-billion northern NJ retail complex and entertainment destination.
Canadian conglomerate Triple Five Worldwide, which opened the 3-million-sq-ft mall last year, fell behind on debt payments on the $1 billion-plus loan to help fund the project,. triggering the loan’s collateral provisions, and is poised to turn over to its lenders half the profits from its two other flagship properties, the Mall of America in Minnesota and the West Edmonton Mall in Alberta.