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**Fordham Landing Developer Files for Chapter 11 Bankruptcy Amid Foreclosure Threat**
Dynamic Star LLC, the developer behind the large-scale Fordham Landing housing project in the Bronx, has filed for Chapter 11 bankruptcy in an attempt to stop a pending foreclosure sale, according to Bloomberg News.
The bankruptcy filing comes just weeks after New York state officials pledged $55 million in support for infrastructure construction at Fordham Landing South. This phase of the project is expected to include about 900 affordable housing units.
Lenders on the project include an affiliate of CREMAC Asset Management LLC, which had moved to initiate a foreclosure sale on the developer’s equity interests. In addition to the foreclosure threat, the developer faces multiple legal challenges. Notably, construction management firm AECOM Tishman filed a lawsuit in August seeking payment for services rendered on the project.
The Fordham Landing development is divided into two distinct phases: Fordham Landing North, a larger component that is in earlier stages of development, and Fordham Landing South, where progress is further along.
Despite the legal and financial setbacks, Dynamic Star remains committed to seeing the development through. “We’re planning to proceed with the development and still think it’s going to be successful,” said Kevin Nash, the company’s bankruptcy attorney.
Fordham Landing is considered a key project for revitalization efforts in the Bronx and has garnered state interest due to its focus on expanding affordable housing.
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