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Assistant Vice-President, Commercial Asset Management

Company is confidential
Salary
Competitive
Employment
Full Time
Real Estate Field
Location
New York
 NY
Postal Code
10011
Country
United States

This job is no longer active.

Description


Position Assistant Vice President, Commercial Asset Management

Company
Confidential

Location
New York, NY

Reporting Relationship
SVP, Commercial Asset Management


Company Background

Our client is a fully integrated owner, operator, and developer of commercial and residential real estate. They invest in high quality assets that offer significant value -add potential, targeting both ground-up development and repositioning opportunities. The firm offers real estate investments, as well as provides investment management and advisory services to private pooled investment vehicles.

Key Responsibilities

The Assistant Vice President of Asset Management will be responsible for maximizing the value and operational performance of an assigned portfolio of diverse commercial properties. The daily asset management responsibilities include the full spectrum of leasing-related, property management, and operational activities within the assigned portfolio.

Some core responsibilities include:
• Lead the leasing team for the assigned assets by managing efforts to coordinate with third party leasing brokers, outside counsel and prospective tenants in term sheet and lease negotiations. In addition, effectively communicate with the team to maintain leasing objectives, as per the business plan. If the business plan objectives are not attainable, communicate the market conditions and make any needed recommendations to the SVP and co-CEOs.
• Review all proposed commercial leasing transactions in conjunction with Chief Legal Counsel and solicit feedback from the property operations group.
• Deal with any lease renewal or existing tenant issues, making recommendations to the SVP.
• Maximize the financial performance of the assigned commercial assets.
• Continuously monitor, develop and recommend strategies for the individual assets based on ever-changing market conditions.
• In conjunction with the leadership team, devise and implement a tactical operating and capital plan and budget for each asset in line with the strategic plan; oversee and manage budgeting for each property and the overall portfolio and monitor financial results.
• Assist the SVP with establishing a standard operating platform for the commercial management group, to include the compilation of best practices, the standardization of policies and procedures and establishing bid criteria and policy.
• Monitor and assess the P&L performance of assigned assets and report regularly to SVP.
• Participate in the investment analysis for all significant construction and redevelopment projects. This include communication with the VP of Construction and the SVP of Property Operations. When necessary, taking a lead as it relates to government relations including planning, zoning and department of building matters.
• Effectively manage and communicate with internal and external stakeholders, i.e. the senior leadership team; property management team, as well as external investors, lending institutions and third-party vendors.
• Assist with the preparation of all operating budgets; submitting to SVP for approval, as per the budget schedule.
• In collaboration with the property operations team, create standardized reporting for all assets.
• Provide coaching, training, mentorship and supervision to Associates and Senior Associates on the Asset Management team.
• Assist with oversight of the marketing and public relations programs for the portfolio. Make changes/ recommendations when necessary, solicit performance data and make strategic decisions to control costs as well as maximize results.
• Review arrears at property; confirm tenants in default and make recommendation on next steps.
• Work with the real estate tax attorneys to complete tax appeals, ensuring property is appealing often enough.
• Review Mortgage Documents and make sure the asset is in compliance with mortgage covenants.
• Review all construction bills and confirm and present to the SVP for payment. In the event the property has a bank loan, review the draw package and present for approval.
• Track all hard cost and soft costs to budget, explain variance.
• Assist with the due diligence in the event of any new acquisition.


Additional Responsibilities

• Development and general oversight of selected project sites through design, approvals, preconstruction and construction; Marketing, sales and lease-up.
• Coordination of all in-house resources (legal, asset management, design, construction and leasing), and external resources (architects, consultants, engineers, contractors).
• Monitor project cost projections, budget variances and schedule progress; identify potential problem areas during construction process; monitor construction for adherence to development strategy and critical path maintenance.
• Ensure project cash flows, forecasts and pro forma lease up projections are maintained on a regular basis and monitor loan draws.
• Directly supervises employees in the Asset Management group that work on assigned projects.
• Assist with interviewing, hiring and training employees.


Professional Experience/Qualifications

• The successful candidate will be a proven real estate professional with demonstrated experience overseeing operations and driving growth through leasing and property repositioning of major urban commercial assets.
• Additional background qualifications include:
• 7+ years of experience in the real estate investment management business and/or related commercial real estate owner/operator/developer working to create value at the asset level with major urban office and mixed use assets.
• Highly-organized and detail-oriented with strong time-management skills. Ability to multi-task, think “outside the box”, prioritize, and thrive in a fast-paced environment in order to meet critical deadlines.
• Strong understanding of commercial real estate fundamentals, financing principles, and capital structures around the office leasing process, real estate operations, project management, underwriting (ARGUS), DCF analysis, and ROI principles and valuation.
• Ability to select and manage third party brokers, project management teams, property management staff and effectively interact with tenants.
• Prior experience implementing repositioning and redevelopment projects; ability to work in cross functional teams with development, construction and design professionals.
• Consistently demonstrate good business judgment and decision making.
• Strong written and verbal communication skills; prior experience interacting with institutional investors is a plus.

Education
:
• Undergraduate degree required; an advanced degree or designation, MBA, JD, CFA will be a significant plus.

 

Job Sector


Not specified

 

Experience


7+ to 10 years


This job is no longer active.

Asset / Portfolio Management New York Full Time NY Accounting / Control, Asset Management, Finance Asset Manager other