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 current assessed value, American Dream will be on the hook for roughly $36.5 million in what’s known as payments in lieu of taxes, or PILOTs, to holders of $800 million of the debt — less than the $54.1 million in annual interest that they’re owed. Half of that amount is due on June 1.
Bloomberg Industries
By Martin Z Braun
May 28, 2025