#real-estate-finance

#real-estate-finance

Fame, but no fortune? I recently wrote about two pieces of real estate that once upon a time each had a moment in the sun: A beachfront mixed-use property that was home to Snapchat and synonymous with the social media company's rise, and an apartment building that was featured on the Eagles' Hotel California album back cover. The former sold, but for less than its prior purchase price and only after a struggle to lease it.

A lender is pursuing two non-judicial foreclosures on equity interests tied to two phases of Fordham Landing, a multi-billion-dollar mixed-use development along the Harlem River, according to marketing notices. Dynamic Star, led by Gary Segal and Brad Zackson, is developing the megaproject with Namdar and Gorjian Acquisitions. A mysterious lender, which shares an address with Brooklyn-based Cremac Asset Management, alleges entities tied to Segal and Zackson's Dynamic Star, along with their development partner Namdar Realty, owe $55.1 million.