The Department of Community Affairs' Amusement Ride Safety Unit is looking into how a decorative helicopter fell from the park's ceiling.
It's unclear how long the review would take, or how long the water park would be closed, but a spokeswoman for the mall said it would be closed at least through Wednesday.
The rest of the mall and its attractions remain open.
Four people were injured when the decorative helicopter suspended from the ceiling fell into the water park's swimming pool.
It happened Sunday shortly after 3 p.m.
A decorative helicopter fell into the swimming pool at American Dream's water park, injuring four people. (Twitter/@Ralph Valliere)
According to officials, one person was taken to a hospital and three others were treated at the scene. None of the injuries were life-threatening.
The venue was evacuated.
In a statement, a mall spokesperson said, in part, "The safety of our guests is our highest priority. We will conduct a thorough investigation into this incident to ensure the park meets all safety regulations as required."
A promotional video on the mall's website shows what the helicopter looked like before it fell. (American Dream)
DreamWorks Water Park is part of the American Dream shopping and entertainment complex located about 13 miles west of New York City in the Meadowlands Sports Complex.
People walk past the Dreamworks Water Park attraction at the American Dream in East Rutherford, New Jersey. (Photo by Gary Hershorn/Getty Images)
Associated Press wire services helped contribute to this report.