Summer Intern - Asset Management Revenue
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. Summer internships are typically full-time (Mon-Fri, 9am-5pm). 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 2018, the department actively managed over 220 properties and over 64 million square feet at a 94% occupancy rate, generating more than $240 million in revenue.
Your Internship: Spend 12 weeks interning 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. AMR interns are integrated into teams and will do real, hands-on work.
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
- Research and financial analysis of energy strategies, such as renewable energy generation and energy efficiency retrofits, that can increase net income for EDC
- Market research regarding the supply chain in NYC and the potential users of rail and maritime facilities
- 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
- Support NYC Ferry planning and operations
- 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, transportation, logistics, 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
New York City Economic Development Corporation is the City’s primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC’s mission is to stimulate job growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City’s competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City’s many opportunities. Additional information on NYCEDC can be found by visiting http://www.nycedc.com/.
Our Diversity & Inclusion Mission is to attract, retain, and engage a diverse workforce comprised of talented people. Like the city of New York, NYCEDC knows our strength comes from each of our connected parts, making the fabric of our organization better and stronger. NYCEDC interns can expect to work as part of a highly engaged, passionate and inclusive workforce where everyone’s contributions are valued, respected and make an impact on one of the best and most diverse cities in the world!