Blackstone Eyes Foreclosure of Fordham Landing Site

Blackstone didn’t originate the $55 million loan secured by a series of parcels in the Bronx, but that isn’t stopping the company from threatening foreclosure at the Fordham Landing site.

The lender, a joint venture of Blackstone and Rialto Capital, filed a preforeclosure action in New York State Supreme Court on Friday, Bisnow reported. The lawsuit includes an allegation that developers Dynamic Star and Namdar Realty Group defaulted on the loan last year, despite its original maturity date being extended. Dynamic Star co-founders Gary Segal and Igal Namdar are named as defendants.

The preforeclosure action was first reported by PincusCo. The lender is seeking a receiver to oversee the site while pursuing a forced sale.

“We continue to engage with borrowers to find the best resolutions possible,” a Blackstone spokesperson told Bisnow. Representatives of Dynamic Star, Namdar and another partner in the development, Gorjian Acquisitions, did not respond to requests for comment.

The parcels securing the loan include 2444 Exterior Street, 2371 Exterior Street, 2391 Exterior Street and 2401 Exterior Street. Those sites are part of the second phase of Fordham Landing, a $2.5 billion development aimed at transforming the borough along the Harlem River.

The sites in question are part of the development’s second phase, dubbed Fordham Landing North. The phase is expected to include more than 1.8 million square feet of residential space, 744,000 square feet of office space and 143,000 square feet of retail space.

This phase also requires a rezoning to redevelop, according to Crain’s, complicating the process.

Fordham Landing South, the first phase of the megaproject, is expected to break ground in the first quarter, Dynamic Star previously said, with delivery anticipated for early 2027.

Blackstone and Rialto came into possession of the loan in 2023 as part of its $1.2 billion winning bid for a stake in Signature Bank’s $17 billion commercial real estate loan pool.

— Holden Walter-Warner