Developers behind a sprawling mixed-use community in The Bronx recently secured an $18.85 million injection from Meridian Capital Group, one of the largest mortgage brokerage firms in the United States. The funding is specifically allocated to facilitate the construction of a new building at 2475 Exterior Street located along the Harlem River, immediately south of the Alexander Hamilton Bridge.
The new property will comprise 495,000 square feet and is the latest confirmed project within the Fordham Landing mega-development. The building will contain a mix of affordable housing units, student housing, a public school, a research center, retail, and office space.
The entire Fordham Landing development comprises an assemblage of five neighboring lots spanning approximately 40 acres of land formerly owned by CSX Corporation, a publicly traded holding company with a focus on rail transportation. Under CSX, the site functioned as a rail yard. Dynamic Star, the new property owner, acquired the assemblage in 2019 and expects full completion by 2029.
“The loan proceeds will be used to facilitate the acquisition of the CSX site and fund interest, carry, and closing costs,” said Ronnie Levine, senior managing director of Dynamic Star. “Our next step is to pair Dynamic Star with a strong equity partner who will able to take advantage of significant tax benefits as some of the assemblage falls within an Opportunity Zone. Dynamic Star has successfully closed on the scrapyard parcel, as well as the La Salle piece, and is now moving forward with their work with city planning to make this dream a reality.”
Preliminary renderings of Fordham Landing – Dynamic Star LLC
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Thanks to Sebastian Morris: Supplementary on development by lots.
So they are just assembling the site, which means there is no start date and it is entirely possible that they will just try to flip the land to a more experienced and deeper-pocketed developer. I believe this project will happen eventually, but I’m not holding my breath for a 2029 completion. The current economic cycle is quickly spiraling out of control. I suppose that affects potentially any development that is not out of the ground yet. Bleak times ahead.
Think about the Great Recession. By the time the economy had recovered a few years later in 2011 (God help us all), the current supertall boom that is just now in its final stages had just begun. That is when we began to see 432 Park topping out, and a new supertall proposal in Midtown every few months.
Like it or not, NYC is still the best place to launder or stash the fortunes of the semi-ethical ultrarich into real estate. It’s hard to see that changing because NYC is still a wonderful place to live if you’re rich.
(Thanks to Sebastian Morris)
I had to look up Alexander Hamilton Bridge. Under the cross Bronx next to the Major Deegan is kind of tough sell isn’t it? Lefrak City without the charm.
I believe it is a TYPO- they meant University Heights Bridge at 207th Street and Fordham Rd
Metro North stop at the site, 1 and 4 trains pretty close by, SBS Bx12.
its at the university heights bridge
Typo in headline (Meridian)
the site is actually just south of the University Heights Bridge (not Alexander Hamilton)