New York City
The Asset Manager will be joining a team focused on Value-Add multifamily investments primarily in New York City, within a firm that currently has $7.4 billion of real estate assets under management on behalf of domestic and international clients. S/he will be responsible for the asset management life cycle of a portfolio of thirty-one multifamily properties in the boroughs of Brooklyn and Manhattan. The Asset Manager will oversee and manage the owner- manager relationships with two separate third-party property management firms. Additionally, the Asset Manager will prepare periodic operational reports for both internal review and investor reporting. Annually, the Asset Manager will be responsible for overseeing the preparation of the properties’ budgets for the upcoming year’s operations. In addition to monitoring the performance of existing assets, the Asset Manager will assist the Acquisition Officer in the process of new acquisitions (as it pertains to due diligence reviews, site inspections and market analyses).
The following are the day-to-day responsibilities of the Asset manager:
- Monitor performance of the assets – including monthly reviews of operating statements, general ledger changes and variances – to assess the assets’ operations and trends.
- Conduct frequent site visits to review property staffing, appearance, marketing programs and ongoing/potential capital projects.
- Review the progress of the Fund’s unit renovation program, including the advertising, leasing, and pricing strategies for the re-renting of those units.
- Track capital expenditures and filings pertaining to building-wide capital improvements.
- Prepare debt and quarterly reports for investors, with information on the assets’ leasing progress, operating results, capital projects and other pertinent developments.
- Generate annual business plans and strategic initiatives for the portfolio.
- Establish operating budgets (in conjunction with the property management company).
- Analyze the operating, leasing, marketing, and structural issues of the assets.
- Review prior-year capital expenditures and develop a forward-looking capital plan.
- Maintain the Fund’s valuation model on a quarterly basis, including updating all financial and relevant rental data.
The candidate must have strong organizational skills, fluency in accounting, and an advanced level of excel knowledge. Yardi experience a plus. The candidate should have five years of real estate experience (preferably multifamily) and the ability and desire to learn about building systems and construction in pre-war apartment buildings in New York City.
Only qualified candidates will be considered.
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