Dynamic Star re-files bankruptcies, blocking $115.5M UCC auction set for tomorrow

Gary Segal’s Dynamic Star on Sunday and Monday filed its second round of bankruptcy actions to block non-judicial sales of its membership interests in Fordham Landing sites in the Bronx that have approximately $97.5 million of senior debt, and $18 million of mezzanine debt, for at total of $115.5 million.
These eight filings covering Fordham Landing North and Fordham Landing South, come just over a month after a prior bankruptcy action, 25-23154-shl, that was filed in December 2025, was terminated on February 11, 2026.

Fordham Landing North 26-22259-shl 
Fordham Landing South 26-22254

Fordham Landing North is a development site where the developers hope to construct 4,000 units of affordable housing and covers 2391 Exterior Street, 2401 Exterior Street, 2371 Exterior Street, 301 West 192nd Street and 2444 Exterior Street. Namdar Realty Group has been a manager on this project, and just prior to filing the bankruptcy, on March 16, 2026, a New York State Supreme Court justice ruled that Namdar could not block the bankruptcy filings.

Segal argues generally in the filings that Namdar, as an investor in the entity that purchased the defaulted debt, was trying to pursue the foreclosure in order to wrest control of the project from Segal’s Dynamic Star.

On March 16, 2026, Fordham Landing Preferred Sponsor LLC filed for Chapter 11 bankruptcy in the Southern District of New York. Managing Member Gary Segal authorized the filing, which includes affiliates Fordham Landing Preferred LLC and three fee-owning entities (DS Fordham Landing 2 LLC, DS Fordham Landing 4 LLC, and MDBZJGGS LLC). The debtors are developing “Fordham Landing North,” a 14-acre affordable housing project in the Bronx. Financial liabilities include a $55 million senior mortgage and a $16 million mezzanine loan held by Fordham North Preferred Investor LLC.

The filing follows the purported expulsion of co-member Igal Namdar for alleged duplicitous conduct regarding these debts.
Justice James d’Auguste, of New York State Supreme Court, ruled in 650873/2026, that the bankruptcy could go ahead: “Upon this limited record, it appears that Namdar has engineered a situation in which his companies are both a creditor and partial owner of the Fordham property, and he is continuing a foreclosure of the LLC’s principal asset while simultaneously preventing Fordham from seeking bankruptcy protection…”

On March 15, 2026, Dynamic Star filed the action related to Fordham Landing South, with, $42.5 million in senior loans held by CREMAC and $2 million in mezzanine, also held by CREMAC that has scheduled the UCC foreclosure for March 18, 2026.
According to the Fordham Landing South filing, “The re-commencement of the bankruptcy cases (as permitted under prior Order dated February 11, 2026) now includes the Chapter 11 filing by the actual fee owner. With the inclusion of the Fordham South Fee Owner into bankruptcy, the Court has jurisdiction over the entire Fordham Landing South project and can consider the Debtors’ efforts to refinance and challenge existing mortgage debt. 4. The three named Debtors, Dynamic, DS 1 and the Fordham South Fee Owner, comprise all of the equity holders and fee owner in Fordham Landing South, which involves construction of nearly 1,000 affordable housing units in the Bronx at the site commonly known as 320 West Fordham Road Bronx NY (the “Property”).”

“Fordham Landing South, which involves construction of nearly 1,000 affordable housing units in the Bronx at the site commonly known as 320 West Fordham Road Bronx NY (the “Property”)… have aligned themselves with a highly experienced affordable housing joint venture partner known as Lettire Construction Corp… Debtors expect to receive updated and final term sheets in the coming weeks… It readily appears that Igal Namdar (“Namdar”), principal of the Fordham South Fee Owner’s Class B non-voting member, Namdar Fordham South LLC (“Namdar Fordham South”), was surreptitiously involved in the assignment of the mortgage to the Senior Lender. Namdar’s conduct was designed to benefit his personal interest at the expense of the Debtors and his other partners. The Debtors will commence a full investigation under Bankruptcy Rule 2004… non-judicial UCC Article 9 foreclosure sale relating to the membership interests of Dynamic and DS 1 in the Fordham South Fee Owner. This re-noticed sale is currently scheduled for March 18, 2026… On Friday, March 13, 2026, the Debtors received a consent from Michale Dabah, Esq, representing a minority interest holder, Fordham Landing South Realty JJG LLC…”

At Fordham Landing South, Dynamic Star submitted a new building construction project for a 506-unit, 495,346-square-foot residential (R-2) building at 320 West Fordham Road in University Heights, Bronx. The plan was filed with the New York City Department of Buildings on November 8, 2021 under job number X00602987. It calls for the construction of a 17-story building. The project is described in the filing as: filing to erect a 17 story community facility and residential building. affordable housing. hub consultation accepted on 10/12/21. please note, this nb is ls pursuing fo approval/permit for 421a.

Direct link to the property’s ACRIS page.
Direct link to the property’s ACRIS page.
Direct link to the property’s ACRIS page.