East End Capital Partners pays brokers to attend leasing event

Jonathon Yormak of East End Capital Partners is hosting a broker party this afternoon at the company’s recently acquired office property at 256 West 38th Street, the New York Observer reported, and is providing an unusual incentive for real estate pros to attend.

The first 50 brokers to arrive at the event will receive $50 apiece, the Observer said. The company wants to get brokers through the door to draw attention to the so-far “off the radar” property, which currently has 50,000 square feet of vacant space, Yormak explained.

“The community needs to know that the new owners are prepared to lease,” he said. “For people who were thinking about coming to see the building but weren’t sure, this is an extra little nudge to come out. We’re open for business.”

East End, a partnership of Yormak and business partner David Peretz, both formerly of Broadway Partners, purchased the building last summer for around $30 million, or $250 per square foot. Rents at the 97,000-square-foot property come in around $27 per square foot, according to news reports.

“It was a price where we could afford to put capital into the property,” Yormak said. [NYO]