Is The American Dream A Dead Mall? Luxury Mall Owners Losing Cash, VW And Audi Cut Auto Production

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the American Dream mall located at the Meadowlands - is in dire financial straits. The owners keep losing cash and they barely even got the place open yet. Lenders for the project, including J.P. Morgan, Goldman Sachs and Soros Fund Management, also stand to face losses on about $1.7 billion in construction loans if the mall's sorry financial condition doesn't turn around.
The project is also carrying about $1.1 billion in municipal debt.
Neil Shapiro, a New York real estate attorney, said of the project: “It’s been like watching a train wreck that goes on forever. There aren’t a lot of projects that lose at least $3 billion that we’re still talking about as projects.”
While the mall is set to see luxury names like Tiffany & Co. and Hermes open shops on the premises in September, it may be a case of "too little, too late" for the project. The Ghermezian family has already hired adviser Houlihan Lokey Inc. and the law firm of Weil Gotshal & Manges to help them with restructuring.
The mall did just $139 million in sales in the first two quarters of 2021, despite the re-opening. It was previously predicted, in 2017, that the mall would do $2 billion top line in its first year.
Both VW and Toyota have announced they are temporarily cutting output due to the ongoing global chip shortage, with Volkswagen being the latest to disclose the production pause.
VW's main plant in Wolfsburg is only going to be running on its early shift after summer break due to the lack of supply, Bloomberg reported this morning.
Its plant in Wolfsburg is the "world's biggest car plant" and employs about 60,000 people. Audi is also pausing production temporarily, extending its summer break by one week, the report notes.