Intern (Spring) - Asset Management Revenue
NYCEDC. New York City. Make it Here.
Want to be part of an organization changing NYC? Do you see yourself giving back to a community? Want to help change the NYC skyline? Want to create jobs and strengthen neighborhoods? Asset Management Revenue makes it happen.
As a NYCEDC intern, you will help with advancing large scale catalytic developments, drive comprehensive neighborhood planning, maintain quality jobs today and grow innovative jobs for tomorrow. Internships are part-time (usually 3-4 days a week) during the school year. All internships are paid.
Our Vision: To make New York City the global model for inclusive innovation and economic growth, fueled by the City’s diverse people and businesses.
Our Mission: To create shared prosperity across New York City’s five boroughs by strengthening neighborhoods and growing good jobs.
NYCEDC’s Asset Management Revenue (AMR) Division manages the overall strategy for conventional and non-traditional assets across all five boroughs of New York City including commercial real estate properties as well as transportation, critical infrastructure, and energy assets. The Asset Management Revenue division pursues a double-bottom line strategy, targeting not just economic returns but also multiple social metrics including but not limited to job creation and growing equitable neighborhoods. The overall assets are divided into multiple portfolios, each managed by a Portfolio Manager/SVP, with a Portfolio Surveillance group that monitors and enforces standards and practices across the portfolio. The division-wide portfolio encompasses all property types including those that are standard in the real estate industry (Retail, Mixed-Use/Commercial, Industrial, etc.) with individual Portfolio Managers also managing assets particular to public sector and public/private partnerships (Transportation assets including Ferry, Cruise, Freight/Rail, and Aviation, Retail and Market assets, Cultural, Industrial and Commercial assets). In fiscal year 2017, the department actively managed over 62M square feet at a 94.6% occupancy rate, generating $191M+ in revenue.
Your Internship: Spend 12 weeks in a hands-on internship with NYCEDC and learn about asset management, double-bottom line financing, and value capture. You’ll have leadership engagements, tour EDC assets, attend company events and more.
Responsibilities may include:
- Work on active development projects in the industrial sector
- Create financial analysis around active assets and portfolios of assets to benchmark long term performance and consider asset redevelopment and/or repositioning
- NPV analysis of go/no-go decision making on capital improvements
- Participation in negotiations with tenants and developers
- Participate in project management, construction meetings, and planning events
- Work on industrial, retail, office and transportation systems planning
- Engage with local stakeholders through task forces, community engagement, and programming
- Participate in the real estate market due diligence, financial analysis, and development of Requests for Proposals
- Research on distribution and logistics infrastructure, including multi-modal facilities, in NYC and peer cities
- General exposure to NYCEDC's asset portfolio, with other tasks as needed
- Eligible applicants include any graduate student currently enrolled in an urban planning, city planning, economic development, urban studies, real estate development, business, or related program
- A GPA of 3.0 or higher
- Impressive academic and extracurricular qualifications, consistently strong performance, and a passion for innovation and success
- An ability to work and communicate well in a fast paced environment while interacting with a wide variety of people
- Teamwork and problem-solving skills
- A willingness to accept responsibility, ask tough questions, and solve problems
- Passion for public service and New York City
The New York City Economic Development Corporation (NYCEDC) is a non-profit organization that reports to the Deputy Mayor for Housing and Economic Development. NYCEDC is charged with encouraging economic growth in New York City through a variety of means, including facilitating real estate development, improving infrastructure, attracting and retaining businesses, and conducting economic research and analysis. Additional information on NYCEDC can be found by visiting www.nycedc.com.