NJ’s American Dream Mall Sees Value Drop by $800 Million (2)

The value of the American Dream mega mall and entertainment complex in New Jersey’s Meadowlands plummeted by nearly 25% — a warning sign to municipal bondholders whose debt payments are tied to how much the property is worth.

The 3.5 million square-foot venue, which includes an amusement park, water park and ski slope, was assessed at $2.5 billion by the Borough of East Rutherford for the quarter ending June 30, according to a revised tax bill posted late Tuesday on the Municipal Securities Rulemaking Board’s EMMA website. That’s $800 million less than the mall’s previous appraisal.

At the ...