Todd E. Soloway, Pryor Cashman partner and Chairman of the firm’s Real Estate Litigation Group, was interviewed by Crain’s New York Business for its October 12, 2011 article, “Lender set to take over 114 E. 32nd Wednesday.”

According to the article, Petra Capital Management, a real estate investment firm, is expected to take over an unfinished condo-conversion project that was being developed by Harry Jeremias in a foreclosure auction in New York State Supreme Court.

In 2007, Petra lent Mr. Jeremias, who heads the Harch Group, funds to convert the former office building at 114 E. 32nd St in New York City into condos. However, the project stalled in 2008 and in 2009 Petra filed for foreclosure.

Soloway told Crain’s that Petra would use its credit to bid on the project. While the publication confirms Petra has already hired a capital markets team to market the 80-unit building.

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