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Associate, Commercial and Industrial

nycedc · 8 days ago
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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 MissionCreating a vibrant, inclusive, and globally competitive economy for all New Yorkers. 

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 Associate 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 variety of assets.  The Associate will also provide administrative support to other asset managers in the portfolioThis role will report directly to and work closely with the VP, Commercial & Industrial to oversee districts 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 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 Lease Administration team to ensure the proper abstraction of leases and other agreements and 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. 
  • Oversee the construction or maintenance and update of lease files within the portfolio. 
  • 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. 
  • Liaise between Commercial and Industrial teams to improve processes and drive synergistic efficiencies. 
  • Other duties as assigned.

Minimum Requirements:

  • At least 3 years of experience in real estate development, real estate finance, CRE property management, asset management, private equity, management consulting, economic development and/or related field. 
  • Bachelor’s degree in business administration, finance, real estate and other related fields. 
  • An independent, creative and strategic thinker with ability to structure and “sell” a plan. 
  • Proven project management skills with high attention to detail. 
  • Strong communication skills, both written and verbal. Proven analytic skills. 
  • Fluency in Microsoft Office. 
  • New York City residency is required within 180 days of hire.

Preferred Qualifications:

  • Master’s Degree in a related field. 
  • 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. 
  • Market research and/or appraisal experience. 
  • NYC real estate experience. 
Salary Range
$75,000$77,000 USD

About Us: New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors, with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. 

NYCEDC is committed to offering competitive benefits to support employee health, happiness, and work-life balanceWe offer comprehensive benefits and unique perks to ensure NYCEDC employees flourish in their professional and personal lives:  

  • Generous employer subsidized health insurance 
  • Medical, dental, and pharmacy plans  
  • Vision and hearing benefits
  • Flexible spending accounts for healthcare and dependent care  
  • Short term and long-term disability coverage
  • 100% employer covered life insurance and supplemental life insurance coverage
  • Up to 25 vacation days
  • Floating Holidays and Summer Fridays
  • Parental leave - up to 20 paid weeks
  • Retirement savings programs
    • Company-paid 401(a) defined contribution plan
    • 457(b) tax-advantaged retirement savings plan
  • Tuition Reimbursement program
  • Continuing education and professional development
  • Public Service Loan Forgiveness (PSLF) eligible employer
  • College savings plan
  • Backup childcare  
  • Gym membership discounts
  • A Calm.com membership for mindfulness and mental health support  
  • Employee discounts through Plum Benefits, Student Loan Servicing tools, and much more   

Benefits listed above may vary based on the length and nature of your employment with New York City Economic Development Corporation. These benefits are subject to be modified at any time, at the discretion of the organization. 

The New York City Economic Development Corporation is an Equal Opportunity Employer. Our Diversity, Equity, and Social Responsibility Mission is to create a People First strategy by attracting, retaining, and engaging a diverse and talented workforce. Like the city of New York, NYCEDC knows our strength comes from each of our connected parts, making the fabric of our organization better and stronger because of our unique employees' talents. 

For more information, visit our website at edc.nyc. 

 

 

Last updated on Jun 10, 2024

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