The number of riders using the 59th Street stop has been declining for years now. Since 2014, it’s down more than 50 percent. The lockdowns, coupled with the unhurried return of office workers, only served to exacerbate that downturn.
The experiential component is starting to pay off for the American Dream megamall. But will it be enough to pay the mortgage?
The company would like to sell its U.S. malls at a 30 percent discount to their 2021 valuations. Analysts say that may be unrealistic.