When it comes to its plans for a massive Bronx development, Dynamic Star won’t have to go it alone.
Namdar Realty Group and Gorjian Acquisitions are joining the Fordham Landing project, combining to take an approximately 50 percent equity stake, Crain’s reported. The development is expected to cost about $2 billion.
The transaction was arranged by Meridian Capital Group’s Shlomo Weissberg on behalf of Dynamic Star.
Fordham Landing is set to be one of the city’s biggest real estate projects in recent years.
The four-building project is planned to include 2,380 apartments across 14 acres, including 720 affordable housing units. Other features of the project include 50,000 square feet for retail, 800,000 square feet for a life sciences center, waterfront restaurants and bars, a hotel and an e-sports center.
In November, the Connecticut-based Dynamic Star filed plans for the construction of a 582,000-square-foot mixed-use building in the University Heights neighborhood.
The building at 320 West Fordham Road will deliver 602 units across 17 stories. The property will include a school, fitness studio, gym and dog spa, in addition to amenities like a swimming pool, golf simulator and theater.
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That particular building is as-of-right and does not need to go through the land use review process, according to Crain’s. However, much of the project will and the developer is hoping to secure City Council approval by 2023.
Namdar has previously taken part in shopping mall and office building projects.
In June, the company partnered with Witnick Real Estate Partners to buy a 20-unit apartment building in the West Village for $23.5 million. While Namdar took a 30 percent stake, an additional partner took a 10 percent stake: Gorjian Real Estate Group.
Gorjian Acquisitions owns several mixed-use projects in New York City, including properties in Mott Haven, Carroll Gardens and Bushwick.
[Crain’s] — Holden Walter-Warner