NEW YORK CITY-Petra Capital Management is planning to seize control of an incomplete condo-conversion project in a foreclosure auction at New York State Supreme Court. The company loaned nearly $95 million in 2007 to Harry Jeremias, the developer, to turn the former office structure at 114 E. 32nd St. into a condominium.
However, the condo-conversion project was held up in 2008. Petra has already employed Jones Lang LaSalle's capital markets team to sell the 80-unit building. For the full story, go to Crain's New York Business .
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