Turkish-based hotel chain Marmara Hotels & Residences was the buyer that paid $55 million for the failed condominium conversion at 114 East 32nd Street, according to Crain’s. As The Real Deal previously reported, Petra Capital Management sold the property after taking it over from developer Harry Jeremais, who defaulted on a $95 million loan.
Jeremias launched sales on the 17-story, 80-unit building in 2006, but slow sales and cost overruns forced him to stall the development in two years later. After taking control of the Ismael Leyva-designed building, Petra hired Jones Lang LaSalle to market the building.
Sources told The Real Deal that an extended stay hotel was likely at the site, and with the new buyer new identified, that appears to be the case. Marmara owns just one other property outside Turkey, a 109-suite extended-stay hotel at 301 East 94th Street called Marmara Manhattan. [Crain's]