Description
Company Overview:
Our client is a New York-based, 500+ person, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including ground up real estate development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge real estate technologies and value-added lending. Their primary investment strategy is focused on New York City and the surrounding region. The platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $20 billion, comprising approximately 26 million square feet of commercial properties, a multi-family residential portfolio of approximately 3,400 units under operation or development, and control of development rights for an additional approximately 2,900 multi-family and for sale units in the New York Metropolitan area as of December 31, 2020.
Position Description:
The Asset Manager will be responsible for the asset management of 4-8 assets within the New York Metropolitan area portfolio. The covered portfolio will primarily include office assets but may also include other product types as well as debt investments, prop-tech, and development assets. The Asset Manager shall be responsible for owning, driving, and reporting on business plans and performance, including the development, analysis, and interpretation of financial data in order to evaluate operating results in terms of profitability and performance as well as other matters bearing on the fiscal soundness and operational efficiency of the assets. This position entails a focus on the long-term strategic real estate performance and financial planning and monitoring of individual assets and portfolios. The Asset Manager will report to Senior Vice President and is based in New York City.
Primary Responsibilities:
- Stay current on local market dynamics and thoroughly understand each investment and how it is positioned in its respective market to maximize the value of the investment
- Interface with outside parties, partners, investors, lenders. Obtain requisite approvals (lease transactions, budgets, etc.) as directed
- Operate as the asset “owner” and lead all internal discussions and analysis for the creation and execution of annual business plans, ad-hoc refinancing analysis and execution, quarterly valuations, sell/hold analysis, recapitalizations, and related analysis
- Evaluate and recommend value enhancement opportunities (i.e. development, redevelopment, repositioning of asset, etc.)
- Prepare, own, and present business plans, budgets and reforecasts (internal and external):
- Determine budget requirements, discuss with property management personnel any factors that can affect budgets and reforecasts
- Coordinate lease up and rollover assumptions with leasing team
- Coordinate capital project budget with construction and fund manager
- Prepare business plan/reforecast presentations, custom reports and communicate it to senior management and partners
- Create and maintain Argus and Excel models for each asset with assistance from junior members of the team
- Oversee the preparation and distribution of various annual, quarterly and monthly reports, including:
- Revenue and expense compliance and control
- Lease analysis and financial modeling
- Loan compliance and joint venture compliance
- Accounts receivable and collections
- Revenue and expense variance reporting
- Quarterly asset management report
- Prepare, maintain and manage cash flow models for property and/or portfolio
- Analyze and monitor capital improvement and renovation programs, as required, for property maintenance, competitive positioning or market re-positioning
- Responsible for risk mitigation through identification of unexpected trends
- Responsible for the management and execution of portfolio or property level loan draws and required partner draws
- Participate in the closing process and assist with the transitioning of new acquisitions into the RXR portfolio and systems, interacting with other departments
- Review real property and other tax billings and participate in tax certiorari claims
- Participate during the due diligence phase of the acquisition process and analysis, assist in the coordination of recapitalizations, debt refinancing, restructurings and asset dispositions
- Interface with property management, leasing, and construction in order to gather information and/or provide assistance with regard to financial analysis of future leasing deals and expense analysis
- Assist in assembling and distributing financial reporting data as required by partners/lender’s in a timely and efficient manner
- Work with senior management and appraisers on valuations
- Collaborate with senior management to ensure best practices and consistent execution for the asset management function
Qualifications:
- Minimum of 5-10 years of prior asset management or portfolio management or related experience with commercial assets required. Experience with other product types is a plus but not required
- Understanding of real estate fundamentals, financing principles, and capital structures
- Proactive with issues and highly responsive to management. Must have experience working under pressure with various projects and deadlines, while reporting effectively and in a timely manner to senior management
- Cognizant of big picture and task objectives, yet also detail-oriented and willing to take a hands-on approach
- Demonstrated organizational, problem-solving, analytical and technical skills
- Self-directed, experienced leader and financial executive with appropriate industry experience
- Self-starter that can work independently and be an effective member of senior management
- Capable of multi-tasking; balancing multiple objectives to a successful conclusion
- Proficient in Microsoft Word, Excel, PowerPoint, and ARGUS required. Experience with Yardi and Kardin is a plus but not required
- Effective oral and written communication skills
- Ability to work both independently and as a team member while keeping management/peers apprised on a regular basis
- High degree of personal and professional integrity
- Take charge personality; effective decision maker
- Bachelor’s Degree in finance, real estate, accounting, or related field
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