"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."
"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."
A lender is pursuing two non-judicial foreclosures on equity interests tied to two phases of Fordham Landing along the Harlem River. Dynamic Star is developing the project with Namdar and Gorjian Acquisitions. The lender alleges Dynamic Star entities and Namdar Realty owe $55.1 million on one loan and $18.9 million on another covering multiple Fordham properties. Two foreclosure auctions are scheduled for Dec. 2, and the lender can credit bid to potentially seize control of the properties. Matthew Mannion of Mannion Auctions will oversee the sales. North-phase plans called for 2.7 million square feet of mixed uses; the south phase planned over 900 affordable units. Developers secured over $55 million from the state for site infrastructure, and the project is expected to add waterfront access, a new road and Metro-North station access.
Read at therealdeal.com
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