Dynamic Star puts Bronx Fordham Landing with $117.5M debt in bankruptcy to halt UCC foreclosures

Dynamic Star filed a bankruptcy petition on Monday to block UCC sales related to $117.5 million in debt secured by a 4,000-unit Fordham Landing development project it has proposed in a joint venture with Namdar Realty Group.
Brad Zackson, who leads Dynamic Star along with Gary Segal, signed the bankruptcy petition, but the filing was not made with the participation of Namdar. In fact the partners are battling in court over this project. The Brooklyn-based CREMAC Asset Management  bought the debt on the two sections of the project, called Fordham Landing North and Fordham Landing South. The petition was in the Southern District of the U.S. Bankruptcy Court, in White Plains.

CREMAC had noticed the UCC sales for December 2.

Case 25-23154-shl LINK

RK Consultants reported on this filing yesterday in an X post.
Fordham Landing is divided into Fordham Landing North, with $55 million in senior debt originally given by Signature Bank but now held by Brooklyn-based CREMAC Asset Management, as well as $16 million in mezzanine debt held by CREMAC.
Fordham Landing South has a $44.5 million senior loan originated by Columbia Pacific Advisors, which was sold to CREMAC.
CREMAC noticed two UCC foreclosure sales, one for the $16 million mezzanine loan and another for the equity in Fordham Landing South. In addition, the bankruptcy petition says Columbia Pacific Advisors holds a $2 million loan on Fordham Landing South.

In June 2025, CREMAC Asset Management  through the entity Fordham South Lender LLC bought a note with an original principal of $42.5 million from Columbia Pacific Advisors  secured by Dynamic Star’s development site (V0) at 320 West Fordham Road in University Heights, Bronx.
The owner bought the Fordham South property on April 2, 2019, for $31.6 million. The signatory for Dynamic Star  was Gary Segal .

The property

The Fordham South parcel has frontage of 742 feet and is 267 feet deep with a total lot size of 66,767 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $6.1 million. The most recent loan totaled 0.0 and was provided by CREMAC Asset Management on June 26, 2025.

Prior sales and revenue

This property was sold for $31.6 million on April 2, 2019.

Development

On the tax block, there was one new building construction project filed, X00602987, totaling 495,346 square feet. It is a 506-unit, 495,346 square-foot, 19-story residential (R-2) building submitted by Dynamic Star and filed by Brad Zackson with plans filed November 8, 2021 and it has not been permitted yet. According to the DOB filing, “please note, this NB is pursuing for approval/permit for 421a.”

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $44.5 million money judgment concerning a loan filed on April 25, 2025, by Columbia Pacific Advisors against Gary Segal, Igal Namdar, Dynamic Star, and Namdar Realty Group.

The neighborhood

In University Heights, The bulk, or 41 percent of the 9.9 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, University Heights has near average sales volume among other neighborhoods with $8.5 million in sales volume in the last two years and is the 44th highest in Bronx. For development, University Heights has near average amount of major developments among other neighborhoods and is the 30th highest in Bronx. It had 322,608 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the five commercial properties representing zero square feet of the zero square feet. The two identified owners are Consolidated Edison and Dynamic Star.

The owner

The PincusCo database currently indicates that Dynamic Star owned at least seven commercial properties in New York City with 118,090 square feet and a city-determined market value of $32 million. (Market value is typically about 50% of actual value.) The portfolio has $368.2 million in debt, with top three lenders as Columbia Pacific Advisors, Signature Bank, and Churchill Real Estate Holdings respectively. Within the portfolio, the bulk, or 95 percent of the 118,090 square feet of built space are industrial properties, with office properties next occupying 5 percent of the space. The bulk, or 91 percent of the built space, is in Queens, with Bronx next at 9 percent of the space.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of Metro north university heights in the past 24 months.

Direct link to the property’s ACRIS page and link to DOB NOW portal.