Vice President, Head of Commercial Assets
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 Division manages real estate properties and non-traditional assets across all five boroughs of New York City including commercial and industrial real estate properties as well as transportation, critical infrastructure, and energy assets. The Portfolio Management division pursues a triple-bottom line strategy, targeting economic returns and multiple social metrics including job creation, and growing equitable neighborhoods; as well as ensuring a thoughtful approach to incorporating sustainable and resilient measures. The overall assets are divided into multiple portfolios, with a Lease Administration 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.) as well as the public sector and public/private (Transportation assets including Cruise, Freight/Rail, and Aviation, Retail and Market assets, Cultural assets).
Position Overview: Reporting to the Senior Vice President, the Head of Commercial Assets, VP, Portfolio Management is responsible for the strategic management of key NYCEDC Commercial focused real estate portfolios including retail, entertainment, mixed use and office assets, including Times Square, Downtown Brooklyn, South St. Seaport, Coney Island, along with other commercial assets throughout the five boroughs. The Head of Commercial Assets sets the vision and direction for this group of assets, with a focus on identifying ways to grow revenue and the sector. This role is responsible for relationship management, leasing, redevelopment planning, and financial optimization, as well as developing cumulative real estate strategies, portfolio-specific management plans, and district-wide performance measures to optimize the overall operating model and expense structure for the commercial real estate portfolio.
Essential Duties and Responsibilities:
- Lead the team in creating strategies and 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.
- Evaluate and then execute upon opportunities for redevelopment within the portfolio, planning for RFPs and/or capital projects to modernize, expand or reposition assets. This includes developing the financial underwriting of proposed investments and managing team members in building financial models.
- Develop a new leasing and attraction strategy to focus on maximizing the leasing potential of all assets within portfolio.
- Propose, develop and execute cross-portfolio strategies targeting triple-bottom line and/or policy outcomes.
- Oversee negotiations for mission critical and time sensitive acquisitions, dispositions, repositioning, and renewals across the portfolios.
- Maximize credit revenue streams, achieve public policy goals and work with Asset Management colleagues to create efficient performance at all assets.
- Promote a collaborative, high performing organizational culture that fosters passion for the mission, program excellence, teamwork, and a shared purpose.
- Work collaboratively interdepartmentally to successfully execute initiatives as well as with internal Operations and Finance groups to prepare the annual Budget Book, which looks at historical and projected revenue/expense budgets.
- Develop and/or participate in special projects with city agencies as well as City Hall, including direct interaction with the Deputy Mayor and City Hall staff.
- Anticipate critical path items to ensure timely progress and coordinate with other department heads and City officials regarding major project issues and challenges.
- Monitor performance; provide coaching and feedback on an ongoing basis.
- Create a culture within the group that supports professional development and career growth.
- Foster an open environment within the group that is conducive to high employee engagement and satisfaction.
- Communicate effectively and inclusively at all levels of the organization.
- Other duties as assigned.
- Bachelor’s Degree and 7+ years of experience in commercial real estate development, asset management, private equity, management consulting, economic development and/or related field. Master’s degree in a related field preferred
- Experience with commercial real estate sector, executive communication, negotiations, and tenant relations
- Highly proficient in real estate financial analysis, including NPV, DCF, ROI, ROE, alternatives analysis and other forms of quantitative decision-making
- 5+ years of proven success with leading and managing a diverse and professional staff
- Experience with zoning and land use to evaluate development plans
- An independent and strategic thinker with ability to structure and “sell” a plan
- Energetic, creative, and detail-oriented project management skill set
- Strong analytical and communication skills both written and verbal
- Available to respond to occasional emergency/critical situations
- 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.
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.