American Dream

Triple Five, the company in a $40 million land deal with the Town of Riverhead, is at risk of default on its $800 million bonds for its American Dream mega mall in New Jersey, according to a public securities filing made Friday by the bond issuer’s trustee. The company reported losing $59.4 million last year in a separate filing last month.

Triple Five Group, the company in a $40 million land deal with the Town of Riverhead to buy nearly all of the town's remaining vacant land at the former Grumman site in Calverton, detailed losses at its American Dream retail and entertainment complex in New Jersey in financial statements made public Thursday.

We need an open and live discussion by board members with town residents about the EPCAL deal, including of potential termination next month. Any inclination by some board members to move ahead behind windows shaded by our health crisis must be resisted.