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lackstone is threatening foreclosure at the Fordham Landing site in the Bronx after alleging that Dynamic Star and Namdar Realty Group defaulted on a $55 million loan. The loan, secured by several parcels of land, was originally set to mature but had its deadline extended. Blackstone filed a preforeclosure action in New York State Supreme Court, seeking a receiver to oversee the site while pursuing a forced sale.

    The development, Fordham Landing North, is part of a larger $2.5 billion project aimed at transforming the borough along the Harlem River. It's expected to include over 1.8 million square feet of residential space, 744,000 square feet of office space, and 143,000 square feet of retail space. However, the phase requires a rezoning, complicating the process.

    Blackstone acquired the loan in 2023 as part of its winning bid for a stake in Signature Bank's $17 billion commercial real estate loan pool. Dynamic Star had previously announced plans to break ground on Fordham Landing South, the first phase of the megaproject, with delivery anticipated for early 2027.