NEW YORK CITY-Marmara Hotels & Residences has bought a failed condominium project at 114 E. 32nd St. for approximately $55 million with plans to open its second hospitality destination in Manhattan. The Turkey-based hotel chain, which already holds the 109-suite Marmara Manhattan hotel at 301 E. 94th St., has bought the 80-unit building from Petra Capital Management.
Last year, Petra Capital Management took the property back from developer Harry Jeremias. Jones Lang LaSalle's capital markets team has been tapped to market the building. For the full story, go to Crain's New York Business .
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