Tyro Capital Management

Gregory Stoupnitzky and Eric Schondorf, the firm’s co-founders and partners, jointly lead the investment committee. Both previously worked in the capital-markets division at Vornado Realty Trust, where they structured complex real estate debt transactions. Their shared background means credit decisions are made by a small, principal-level group rather than a layered committee.

The firm relies on a relationship-driven origination model built during the partners’ tenure at Vornado. Deal flow comes from regional and national commercial-real-estate brokers, property owners seeking non-bank bridge financing, and referral networks cultivated over two decades in the New York real estate market. The firm does not operate a mass-market origination platform.

No. Tyro Capital Management is an asset manager structured around partner and private-investor capital, not the wealth of a single family. The firm was founded by two former REIT executives who raised pools of discretionary capital rather than serving as a dedicated family investment office.

Tyro concentrates on direct real estate debt investments — senior bridge loans, mezzanine positions, and preferred-equity structures — rather than committing as a limited partner to third-party real estate funds. The firm’s vehicles allow for co-investments alongside other institutional lenders on larger transactions.

The firm concentrates on major East Coast metropolitan areas, with the most activity in New York City, Washington, DC, Boston, and South Florida. This geographic concentration reflects the partners’ professional networks and the density of transitional commercial-real-estate opportunities in those markets.

Tyro targets transitional commercial real estate — properties undergoing lease-up, renovation, or recapitalization. The firm writes loans across office, multifamily, industrial, and retail assets. The common thread is a near-term business-plan execution that requires capital not readily available from conventional senior lenders.

Tyro’s partners, Gregory Stoupnitzky and Eric Schondorf, previously worked in the capital-markets division at Vornado Realty Trust. They left Vornado in 2012 to found Tyro. There is no ownership affiliation between the two firms today; Vornado is not an investor in Tyro’s vehicles.