East End Capital, a real estate investment company founded by former Broadway Partners executive Jonathon Yormak, announced it has hired Michiel Schuit, a specialist in commercial real estate acquisitions, to help the company source more investment opportunities.
East End, in partnership with GreenOak Real Estate LP, acquired the Garment Center building 256 West 38th Street in 2011 and quickly filled the 120,000-square-foot property, doing deals with several tenants including a 45,000-square-foot lease with the women’s apparel company Cache earlier this year.
But repeating the success has been difficult in Manhattan, where there is a dearth of assets for sale and crowds of investors eager to buy in the city that have made competition fierce for what deals do come on the market.
“People are bullish on value and it’s hard to find new opportunities out there,” Mr. Yormak told The Commercial Observer. “People who have assets that are generating cash are reluctant to trade them. It’s why we hired, Michiel, so we can put that much more effort into finding deals.”
Mr. Schuit joins East End after having worked at several real estate investment firms, including Loeb Partners, Aegon Life and, years ago, at Drexel Burnham Lambert Realty. He will focus on finding deals in Midtown South, one of the city’s hottest neighborhoods, and Lower Manhattan. Mr. Yormak said East End is searching for buildings in the range of $30 million to $200 million.