Dynamic Star’s bold plans to build a mega-project in the Bronx are facing new threats from lenders and possibly its partner.
A lender is seeking two non-judicial foreclosures on equity interests tied to two phases of Fordham Landing, a multibillion-dollar mixed-use development along the Harlem River, according to marketing reports. Dynamic Star, led by Gary Segal and Brad Zackson, is developing the mega-project with Namdar and Gorjian Acquisitions.
A mysterious lender, which shares an address with Brooklyn-based Cremac Asset Management, claims that entities connected to Segal and Zackson’s Dynamic Star, along with their development partner Namdar Realty, are owed $55.1 million on a loan tied to 320 West Fordham Road, according to the report.
The lender also claims the Dynamic Star entities are owed $18.9 million on a loan for 2371 Exterior Street, 2391 and 2401 Exterior Street, and 301 West Fordham Road.
Two foreclosure auctions are scheduled for December 2. The lender can credit a bid using its existing debt to put it on a path to take control of the properties at auction, which will be overseen by Matthew Mannion of Mannion Auctions.
The non-judicial foreclosure auction heightens the intrigue of the development led by an odd cast of players, including Dynamic Star’s Brad Zackson, a man known as Paul Manafort’s real estate agent, Namdar, a distressed mall and office buyer, and an obscure Great Neck firm called Gorjian Acquisitions.
In the northern phase of Fordham Landing, Dynamic Star planned to build 2.7 million square feet with 1.8 million market and affordable housing units, 744,000 square feet of offices and 143,000 square feet of retail, according to its website.
The southern phase of Fordham Landing plans to build more than 900 units of 100 percent affordable housing. The developers have secured more than $55 million from the state to help with the site’s infrastructure. The project is also expected to provide public water access, a new road and access to the Metro-North Station to a vacant lot south of the University Heights Bridge.
But parts of the development are now facing multiple bankruptcies. And one of the developers, Gary Segal of Dynamic Star, claims that his business partner Igal Namdar is behind some of the project’s recent problems.
The first sign of distress began in January when a joint venture between Blackstone and Rialto claimed the developers had defaulted on a $55 million loan for four parcels in Fordham Landing North, triggering a foreclosure of the properties.
But the loan was eventually assigned to a new lender. The lender continued to pursue foreclosure of the Fordham Landing properties.
However, Segal claimed in court documents that Igal Namdar was the real buyer of the loans. Namdar, Segal claims, purchased the loans in an attempt to foreclose on Segal’s equity interests and take control of the project. According to the court, this amounted to a violation of Segal’s loyalty as a partner.
Namdar declined to comment.
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