Igal Namdar, Gary Segal and Brad Zackson are locked in a fight for control of a megaproject that was set to deliver 5,000 reasonably priced housing models to the Bronx.
Dynamic Star’s Segal and Zackson have squared off with Namdar, with Segal accusing the investor of “brazen acts of treachery” in searching for to push out the partners by buying a defaulted mortgage and trying to foreclose on the property.
Now, Segal filed a brand new chapter to maintain the reins on the extremely bold, however but to be realized, mission.
Segal not too long ago put entities controlling Fordham Touchdown’s two phases into chapter 11, halting the foreclosures and sending the heated authorized battle into federal court docket. PincusCo first reported on the bankruptcies.
That is Dynamic Star’s second try at chapter to thwart foreclosures by a lender with shut ties to Namdar. The agency has additionally unsuccessfully sought to expel Namdar from the partnership.
In December, Zackson put Dynamic Star into chapter 11 after Brooklyn-based lender Cremac Asset Administration alleged the developer had defaulted on a $55 million and a $18.9 million mortgage, and initiated a non-judicial foreclosures.
The chapter was dismissed in February and the foreclosures course of began for each deliberate phases of the megadevelopment.
However on March 16, a New York State Court docket choose dominated that Namdar couldn’t block the chapter.
Sooner or later earlier than the foreclosures public sale was scheduled, Dynamic Star filed for chapter once more.
On the coronary heart of the dispute is Segal’s allegation that Namdar is the “puppet grasp” pulling the strings for the lender. By way of chapter, Segal stated Dynamic Star will search to refinance or discover a new investor to restart the mission.
At stake is considered one of, if not the most important, new reasonably priced housing developments in New York Metropolis in many years.
Fordham Touchdown was set to be inbuilt two phases. Within the north section, Dynamic Star deliberate to assemble a 2.7 million-square-foot growth with 4,000 models of reasonably priced housing, together with workplace and retail. Within the south, the mission consisted of over 900 models of reasonably priced housing.
In 2025, the builders had been awarded $55 million from New York State to assist with web site infrastructure.
Namdar of Nice Neck, New York, is finest recognized for his acquisitions of lower-tier malls throughout the U.S. However he’s trying to make use of this similar technique with workplaces, buying Class B office towers in New York Metropolis and Chicago. Namdar joined the mission in early 2022 together with Gorjian Acquisitions.
Dynamic Star paid $31.5 million for one parcel in 2019. In 2021, the agency purchased one other a part of the location for $21 million. Underneath present plans, the megaproject stands to develop into the most important actual property mission since Hudson Yards.
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