Real Estate Acquisition Specialist -Real Estate Transaction Services
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 through strategic and transformative real estate developments.
The Real Estate Transaction Services Department (RETS) is the City’s primary department for financial analysis, structuring, and the execution of real estate and economic development transactions. RETS promotes economic development and neighborhood revitalization by leveraging City-owned real estate and partnerships with the private sector.
Your Role: The Real Estate Acquisition Specialist (REAS) will execute NYCEDC’s acquisition strategy and source new acquisition opportunities. The REAS will work closely with the Senior Vice President on property acquisitions and other projects crucial to implementing New York City’s economic development goals. The REAS will be in charge of managing multiple real estate transactions. Through market tours and methodical analysis, the REAS is expected to develop and maintain an in-depth understanding of all five boroughs, including, rental rates, property values, competitor activity. The REAS will also coordinate with NYCEDC Legal and Asset Management departments as well as other City agencies. Candidates with experience in underwriting potential investments and leading due diligence and contract negotiations are preferred.
The Real Estate Acquisition Specialist is responsible for:
- Leading the sourcing process
- Managing the weekly pipeline report
- Preparing market analysis and presentations for properties under consideration for purchase
- Cultivating and maintaining relationships with external commercial brokers and prospective property sellers
- Conducting site visits
- Managing the due diligence process
- Completing financial evaluation and negotiation of acquisitions
- Preparing decision memos and board items
- Collaborate with colleagues in other departments in EDC, such as Compliance, Legal, Planning, Government & Community Relations and Research & Analysis
- Manage multiple real estate and/or financing transactions
- Assist in negotiating contracts of sale, leases, and funding agreements
- Build and maintain detailed financial models (measuring, among other things, pro forma IRRs and NPVs)
- Prepare site development and project feasibility analyses
- Draft requests for proposals
- Analyze and present findings and recommendations to project teams and senior staff in written and verbal form and brief senior officials of NYCEDC and other City agencies on project status
- Conduct presentations to elected officials, community stakeholders and NYCEDC Board
- Foster and manage relationships with real estate developers, attorneys, urban planners, consultants, elected officials and community stakeholders
- Other duties as assigned
- Bachelor’s Degree in business, real estate development, public policy, urban planning, finance or law required, Graduate Degree preferred.
- 2-4 years’ experience in urban planning, real estate banking, real estate development, finance, and/or public policy required
- Experience in underwriting potential investments and the leading due diligence and contract negotiations
- Familiarity and experience with project management duties including project implementation from conception to completion
- Proven strength in the use of spreadsheets, database and presentation applications, including Excel and PowerPoint
- Understanding of economic development issues and NYC Government preferred
- Strong interpersonal, written, verbal and analytical skills
- New York City residence is required within 180 days of hire