American Dream Low On Money After Making Payment: Reports

EAST RUTHERFORD, NJ — The American Dream megamall has just over $800 in reserves after making a recent $9.3 million payment, documents show, though the mall has continued to attract new tenants.

As first reported by Bloomberg News, the mall essentially emptied a reserve account to make a debt payment of more than $9 million. A securities filing shows the mall has $820.23 remaining in its debt service reserve fund. The next payment is due Aug. 1, according to Bloomberg.

A spokesperson for the mall said American Dream is "not going anywhere" and said the mall's owners have been "extremely pleased" with the success of its first tenants.

The mega-mall owners have faced multiple financing issues, and they were only amplified by the coronavirus pandemic. It didn't help that the mall sat unopened for much of the pandemic. Retail and indoor entertainment weren't able to reopen until October 2020 after closing in March 2020.

"This year, American Dream will open over 100 new retail, entertainment and restaurant concepts," a statement from the mall says. "We’ve recently announced several new deals and exciting concepts, including a two-story Gucci flagship, the opening of a 300-foot observation wheel overlooking the NYC skyline, a first-of-its-kind experiential entertainment and restaurant concept from Hasbro, and much more."

CNBC reported the mall is close to 77 percent leased as of January 1.