Senior Associate, Sunset Park
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 Portfolio Management department within the Asset Management division manages the overall strategy for conventional and non-traditional assets across all five boroughs of New York City. The portfolio includes commercial real estate properties as well as transportation, port assets, critical infrastructure, and energy assets. As a mission-driven organization, NYCEDC targets 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. The division-wide portfolio encompasses property types including those that are standard in the real estate industry (retail, commercial, industrial), port assets (NYC Cruise, rail, maritime and aviation) as well as assets particular to the public sector (public retail and wholesale markets, Broadway and non-profit theaters, and affordable industrial and commercial campuses). The department actively manages over 220 properties and over 65 million square feet at an over 95% occupancy rate.
Your Role: Reporting to the Executive Director, the Senior Associate will focus on implementing a vision and strategy for the equitable development of the Sunset Park waterfront through planning, leasing and management of three industrial properties owned by the City of New York: the Brooklyn Army Terminal, Bush Terminal, and the Brooklyn Wholesale Meat Market. The Senior Associate will also be responsible for implementing programmatic strategies that advance NYCEDC’s Sunset Park portfolio as hub for innovation, economic opportunity and community vitality while providing stable financial returns to NYCEDC and the City and managing internal and external planning processes focused on the future upgrades to and development of the Sunset Park waterfront. The Senior Associate will be responsible for supporting the oversight, development, and direct management of cumulative real estate strategies, asset-specific management plans, and district-wide performance measures to optimize the overall operating model and expense structure for a given portfolio of assets.
The ideal candidate will have outstanding interpersonal and communication skills, exceptional organizational and administrative skills and a collaborative working style in order to:
- Implement industrial campus planning, asset management and placemaking strategies to ensure diverse tenant mixes, vibrancy, growth, innovation and opportunity at Sunset Park
- Deliver new built and programmatic amenities to support the on-campus workforce, tenant pipeline development, local Sunset Park neighborhood, and other visitors
- Interface with local stakeholders through the management of the Sunset Park Task Force and other engagement venues
- Support integrated marketing and leasing programs across all properties to source new businesses for available space
- Negotiate lease agreements, acquisitions, and renewals for the Sunset Park district consistent with budget targets, market rents and Portfolio Management’s mission-driven asset management mandate
Other essential duties and responsibilities include:
- Diligently support and maintain good working relationships with internal and external project stakeholders.
- Propose, develop and execute cross-portfolio strategies targeting double-bottom line and/or policy outcomes.
- Develop and/or participate in special projects with City Hall, including direct interaction with the Deputy Mayor and City Hall staff.
- Contribute to the preparation of various contracts, requests for proposals (RFPs), and reports according to company and management expectations and consults with senior management as directed regarding preparation of key correspondence and investment memoranda.
- Serve as a key representative at all required venues to present project/asset performance, implemented strategies and thought leadership through case studies.
- Work with portfolio team to prepare annual revenue/expense budgets. Verify forecasted revenues for specific portfolio and utility reimbursement calculations.
- Perform the review of tenant financial statements and complex financial analysis for leases receiving percentage and other types of rent. Identify potential risks to assets or income within assigned portfolio.
- Develop strategic Monthly Management Reports that highlight asset operating performance based upon historical operating margins and reforecast projections.
- Work with Portfolio Surveillance team to ensure the proper abstraction of leases and other agreements. Oversee the construction or maintenance and update of lease files within the portfolio.
- Assist lease administration team with lease enforcement and collection activities as needed. Liaise with accounting division to ensure proper billing in accordance with lease terms.
- Coordinate the transition of projects from the Real Estate Transaction Services Division (RETS) to Portfolio Management and oversee the development of process and procedures in conjunction with RETS and EDC’s Legal Division to assume management of financial models and contractual obligations.
- Assist is in the continuous development of standard process and operating procedures for the management of portfolio. Additionally, work with portfolio team to develop a set of guidelines and recommended best practices for the corporation to use in new lease transactions.
- Ensure strategic goals are being met at the project and tactical levels.
- Provide support to all areas of the division as directed or where service or assistance is needed.
- Other duties as assigned.
- 3-4 years of experience in urban planning, real estate development, asset management, private equity, management consulting, economic development and/or related field.
- An independent and strategic thinker with ability to structure and “sell” a plan
- Energetic, creative, and detail-oriented project management skill set
- Strong interpersonal written, verbal and analytic skills
- Fluency in Microsoft Office
- New York City residence is required within 180 days of hire
- All new hires must be vaccinated against the COVID-19 virus as defined by the CDC, unless they have been granted a reasonable accommodation for religion or disability
- Master’s Degree in in related field
- Experience implementing best practices in placemaking and community and stakeholder engagement
- Experience in industrial campus planning, industrial policy, and/or manufacturing and distribution sectors
- Experience with zoning and land use to evaluate development plans
- Experience with construction and building management and maintenance software a plus
- Experience with negotiation and document drafting
- Experience working with property managers and direct interfacing with tenants
- Market research and/or appraisal experience
- NYC real estate experience
About Us: NYCEDC is New York City’s primary vehicle for promoting economic growth in each of the five boroughs. Our mission is to create shared prosperity across New York City’s five boroughs by strengthening neighborhoods and growing good jobs. We do this by developing, managing, and implementing expansion and redevelopment programs that encourage investment and strengthen the city’s competitive position.
NYCEDC is dedicated to the creation of a dynamic, equitable, and sustainable urban economy. We are making sure that whatever happens next, happens right here in New York City—and that all New Yorkers are a part of it.
NYCEDC offers many unique advantages for an exciting and fulfilling career. As part of our team, you’ll enjoy:
- The unique opportunity to make an impact on New York City
- Working on diverse, unique, and challenging projects
- Working closely with teams of creative, highly motivated, and passionate people
- Learning opportunities designed to enhance the practical skills and business knowledge of our employees
- Excellent benefits, including company-paid 401(a) pension plan, 457(b) tax-advantaged retirement savings plans, medical, dental and vision benefits, generous paid family leave and paid time off, and other perks
The New York City Economic Development Corporation is an Equal Opportunity Employer. Our diversity and inclusion mission is to attract, retain, and engage a diverse workforce comprised of talented people. NYCEDC employees 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!
For more information, visit our website at edc.nyc.