Two alumni of Broadway Partners are seeing some early success in a new venture they formed after leaving the once-highflying investment firm.
Jonathon Yormak, 40, and David Peretz, 33, left Broadway Partners to form their own firm, East End Capital in early 2011. That was after Broadway Partners became a victim of the commercial real-estate downturn.
East End didn’t waste any time. In the spring of 2011, it made its first buy: a $30 million former industrial building at 256 W. 38th St. in Manhattan’s Garment District. Now East End has signed a 45,000-square-foot lease with Cache Inc., a women’s clothing company, bringing the oncetroubled building to 90%-occupied.
“There’s definitely a lot of opportunities in the slightly smaller marketplace, much more than the marketplace that the REITs and major players are in,” Mr. Yormak says.