Petra Fund Real Estate Investment Trust and Petra Offshore Fund, subsidiaries of hedge funder Andy Stone’s Petra Capital Management, filed for Chapter 11 protection yesterday in Manhattan U.S. Bankruptcy Court, according to Crain’s. In the filing, the REIT listed assets between $1 million and $10 million and claimed liabilities between $100 million and $500 million. The REIT’s investments were largely concentrated in commercial loans, sources say, which likely degraded in value leading to overall malaise at the company. [Crain's]

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Developer Harry Jeremias, who is fighting a foreclosure proceeding at
his Jasper condominium conversion, is facing a $500,000 lawsuit
alleging he failed to pay rent at his 200 West 57th Street office. The plaintiff, Jeffrey Management Corp., filed a breach of contract
suit in state Supreme Court in Manhattan alleging that Jeremias failed
to pay more than $92,700 in back rent. Jeremias’ firm, the Harch Realty
Group, is named as a defendant as well. Including the $92,700, the plaintiff is asking for more than $544,000
in commissions, legal fees, advertising costs as well as the costs to
prepare the space for a new tenant. Jeremias guaranteed all payments
under the lease agreement, according to the suit. [more]