**Dynamic Star LLC Files for Bankruptcy Amid Fordham Landing Development**
Dynamic Star LLC, the owner of the Fordham Landing housing development in the Bronx, has filed for Chapter 11 bankruptcy to prevent a foreclosure sale. The filing occurred on December 1 in New York, shortly after state officials pledged $55 million to support infrastructure for the Fordham Landing South project, which aims to create approximately 900 affordable housing units.
The Fordham Landing project is divided into two phases: the larger Fordham Landing North, which is still in the early stages, and the more advanced Fordham Landing South. Together, these developments along the Harlem River are expected to provide thousands of affordable housing units.
The bankruptcy filing comes as the project faces challenges, including a foreclosure initiated by a lender affiliated with CREMAC Asset Management LLC. Additionally, the developer is dealing with lawsuits, including one from AECOM Tishman, the contractor for Fordham South, seeking payment for work completed.
While New York has yet to release funding for the project, a source familiar with the situation indicated that due diligence is ongoing. Dynamic Star co-founder Brad Zackson stated that the company is collaborating with housing specialists to aim for the completion of affordable units by 2026. Over the past two years, they have been working on obtaining zoning approvals for 4,000 affordable housing units planned for Fordham Landing North.
The New York City Department of Housing Preservation and Development is aware of the bankruptcy and is awaiting updates from the development team. A spokesperson expressed optimism about the potential for building much-needed affordable homes in the area.
Dynamic Star’s bankruptcy attorney, Kevin Nash, noted that the Chapter 11 filing has temporarily halted the foreclosure process and preserved the project’s value. He emphasized the company’s commitment to moving forward with development, which aligns with the current political focus on affordable housing in New York.
Zackson expressed confidence that once the re-zoning for Fordham Landing North is approved, the project will attract new investors and construction partners. The initiative to enhance affordability in New York City was a key aspect of Mayor-elect Zohran Mamdani’s campaign, which included a promise to freeze rents for stabilized apartments.
**FAQ**
**What is the current status of the Fordham Landing project?**
Dynamic Star LLC has filed for Chapter 11 bankruptcy to halt a foreclosure sale and is working towards developing thousands of affordable housing units, with state support and ongoing zoning approvals.
