Assistant Vice President, Portfolio Management
Our Vision: To make New York City the global model for inclusive innovation and equitable 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 Division manages real estate properties 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 Portfolio Management 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, with a Portfolio Surveillance group that monitors and enforces standards and practices across the division. 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 (Transportation assets including Ferry, Cruise, Freight/Rail, and Aviation, Retail and Market assets, Cultural, Industrial and Commercial assets).
Position Overview: The Assistant Vice President is 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 within the Sunset Park portfolio. A key focus for the Assistant Vice President is implementing a vision and strategy for the equitable development and Asset Management of the Made in New York (MiNY) North Campus at Bush Terminal, the Brooklyn Wholesale Meat Market, and BioBAT. This role will report directly to and work closely with the VP Asset Management to oversee assets within the portfolio.
Essential Duties & Responsibilities:
- Executing upon negotiations and contracting on a variety of agreement types including Operating Agreements, Leases, Permits and other contracts (including litigation), in partnership with the EDC Legal team, City Law and outside counsel where appropriate.
- Identify and collaborate on opportunities for redevelopment within the Sunset Park portfolio, planning for RFPs and/or capital projects to modernize, expand or reposition assets. This includes developing the financial underwriting of proposed investments and building financial models.
- Manage the annual asset management calendar, including tenant communications, monthly portfolio meetings to reconcile management budgets, review lease pipelines, plan for lease expirations, evaluate tenant financial reports, manage arrears and collections, investigate insurance issues, advise on any ongoing litigations and other regular asset management tasks.
- Work with the Business Operations team to prepare annual revenue/expense budgets. Verify forecasted revenues for specific portfolio and utility reimbursement calculations.
- Serve as a key representative at all required venues to present project/asset performance, implemented strategies and thought leadership through case studies.
- Develop and/or participate in special projects with City Hall, including interaction with the Deputy Mayor and City Hall staff.
- 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.
- 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.
- Assist the Asset Manager of the Brooklyn Army Terminal, as needed, to achieve portfolio-wide goals.
- Diligently build and maintain good working relationships with internal and external project stakeholders
- Develop strategic monthly management reports that highlight asset operating performance and
- Assist in the continuous development of standard process and operating procedures for the management of portfolio.
- Ensure strategic goals are being met at the project and tactical levels.
- Other duties as assigned
- 5+ 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
- As of August 2, 2021, 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 Business Administration, Finance, Real Estate and other related fields
- Experience with negotiation and document drafting
- Experience with construction and property management
- Experience working directly with property managers and tenants
- Experience with zoning and land use to evaluate development plans
- Argus certification
- Market research and/or appraisal experience
- NYC real estate experience
About Us: NYCEDC is a mission-driven, non-profit organization that creates shared prosperity across New York City by strengthening neighborhoods and growing good jobs. NYCEDC works with and for communities to provide them with the resources they need to thrive, and invests in projects that increase sustainability, support job growth, develop talent, and spark innovation to strengthen the City’s competitive advantage.
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.