Petra CEO Andrew Stone and 114 East 32nd Street
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. [more]
Andrew Stone, head of Petra, and the Jasper at 114 East 32nd Street
Real estate investment firm Petra Capital Management, which took control of an unfinished Ismael Leyva-designed condominium conversion in Murray Hill in October, has found a buyer for the property, the Jasper at 114 East 32nd Street, sources with knowledge of the deal told The Real Deal today.
Petra, which loaned $95 million to developer and Harch Group founder Harry Jeremias for the Jasper in 2007 and later filed to foreclose when Jeremias defaulted, signed a contract with a purchaser who was “not local,” one source said, while another speculated that the buyer was a Turkish company seeking to convert the property to an extended stay hotel. The sale price is $55 million, the source said. [more]
Nearly two years after defaulting at the Jasper condominium, Harch Group’s founder, Harry Jeremias, is facing a foreclosure lawsuit from U.S. Bancorp for allegedly defaulting on a $55.3 million loan to develop the Renwick condominium in Soho. U.S. Bancorp, in a Sept. 14 lawsuit filed in New York State Supreme Court, claims that it agreed in August 2007 to loan the money to Jeremias and Harch for the Renwick, a 44-unit condo at 15 Renwick Street, which stalled out.
The lender says that after advancing $24.1 million to Harch, the loan fell “out of balance,” meaning the outstanding balance of the loan was insufficient to complete the project; therefore, U.S. Bancorp demanded a $1 million to bring the loan back into balance, according to the complaint. [more]
