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Xanadu Makes List of Troubled Properties

EAST RUTHERFORD, NJ-The massive Xanadu project, along with eight other New Jersey properties, made a list of troubled assets compiled by Real Capital Analytics.

By Maria Wood | Updated on April 30, 2009

EAST RUTHERFORD, NJ-A list of troubled properties compiled by research firm Real Capital Analytics includes the massive Xanadu project here as well as a busted mixed-use development in Ft. Lee. All told, nine properties in the Garden State were found to be in some form of fiscal distress.

Earlier this month, New York City-based RCA released its “Troubled Assets Radar” report for the New York Metro area. The firm found New York City and its surrounding suburbs were home to 189 troubled assets valued at nearly $9.2 billion. RCA defines a troubled property as one that is in foreclosure, bankruptcy or undergoing a loan restructure.

On the list was Xanadu, a sprawling 4.5-million-square-foot retail/entertainment development in the Meadowlands. The complex was to open in August; however, it debut has reportedly been delayed due to funding difficulties.

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