Dynamic Star’s Fordham Landing Hit with Foreclosure

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Dynamic Star’s bold plans to build a megaproject in the Bronx face new threats from lenders and possibly its partner.

A lender is pursuing two non-judicial foreclosures on equity interests tied to two phases of Fordham Landing, a multi-billion-dollar mixed-use development along the Harlem River, according to marketing notices. Dynamic Star, led by Gary Segal and Brad Zackson, is developing the megaproject with Namdar and Gorjian Acquisitions.

A mysterious lender, which shares an address with Brooklyn-based Cremac Asset Management, alleges entities tied to Segal and Zackson’s Dynamic Star, along with their development partner Namdar Realty, owe $55.1 million on a loan tied to 320 West Fordham Road, according to the notice.

The lender also alleges the Dynamic Star entities owe $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 Dec. 2. The lender can credit bid using its existing debt to put it on a path to seize control of the properties at the auction, which will be overseen by Matthew Mannion of Mannion Auctions.

The non-judicial foreclosure auction compounds the intrigue of the development led by a strange cast of players, including Dynamic Star’s Brad Zackson, a man known for acting as Paul Manafort’s real estate fixer, Namdar, a distressed mall and office buyer, and an obscure Great Neck-based firm called Gorjian Acquisitions.

In Fordham Landing’s north phase, Dynamic Star planned to build 2.7 million square feet with 1.8 million market and affordable housing, 744,000 square feet of office, and 143,000 square feet of retail, according to its website.

Fordham Landing’s south phase plans to build over 900 units of 100 percent affordable housing. The developers secured over $55 million from the state to assist with site infrastructure. The project is also expected to provide public waterfront access, a new road and Metro-North station access to a vacant site south of the University Heights Bridge.

But parts of the development are now facing multiple foreclosures. And one of the developers, Dynamic Star’s Gary Segal, alleges 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 alleged the developers defaulted on a $55 million loan for four parcels in Fordham Landing North, and initiated a foreclosure on the properties.

But the loan was eventually assigned to a new lender. The lender continued to pursue the foreclosure on the Fordham Landing properties.

Segal alleged in court filings, however, Igal Namdar was the true buyer of the loans. Namdar, Segal alleges, bought the loans in an attempt to foreclose on Segal’s equity interests and take control of the project. This amounted to a breach of Segal’s loyalty as a partner, according to court filings.

Namdar declined to comment.