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Vice President, Sunset Park - Asset Management Revenue more...
Location:New York, NY
Company:New York City Economic Development Corporation
First posted:May 16, 2017
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Vice President, Sunset Park - Asset Management Revenue

Asset Management Revenue New York, New York

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 Asset Management Revenue (AMR) Division manages the overall real estate strategy for conventional properties and non-traditional assets across all five boroughs of New York City including commercial sites as well as transportation, critical infrastructure, and energy assets. The Asset Management Revenue division pursues a double-bottom line strategy, targeting not just economic returns but also multiple social metrics including but not limited to job creation, sustainability, thrive in place, affordability and cultural vitality. 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 portfolio. The division-wide portfolio encompasses all property types including those that are standard in the real estate industry (Retail, Office, Mixed-Use/Commercial, Industrial) with individual Portfolio Managers also managing assets particular to public sector and public/private partnerships (Transportation assets including Ferry, Cruise, Freight/Rail, and Aviation; Public Retail and Wholesale Markets; and Cultural assets).

Your Role: Reporting to the Senior Vice President, the Vice President, Asset Management Revenue 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,structure and P&L for a given portfolio of assets.  The Vice President's goals are to help enable and enhance the collaborative and cohesive functioning of the AMR Division as a performance and thought leader in asset management approaches amongst double bottom line (DBL) real estate portfolios nation-wide. 

The Vice President will focus on implementing a vision and strategy for the equitable development of the Sunset Park waterfront through planning, leasing and management of three industrial properties owned by the City of New York: the Brooklyn Army Terminal, Bush Terminal, and the Brooklyn Wholesale Meat Market.  The Vice President will also be responsible for implementing tenanting strategies that advance NYCEDC's Sunset Park portfolio as hub for innovation, economic opportunity and community vitality while providing stable financial returns to NYCEDC and the City, and managing internal and external planning processes focused on the future upgrades to and development of the Sunset Park waterfront. 

Essential Duties and Responsibilities:

The ideal candidate will have outstanding interpersonal and communication skills, exceptional organizational and administrative skills and a collaborative working style to do the following:

  • Implement industrial campus planning, asset management and placemaking strategies to ensure diverse tenant mixes, vibrancy, growth, innovation and opportunity at Sunset Park
  • Negotiate lease agreements, acquisitions and renewals for the Sunset Park District consistent with budget targets, market rents and AMR's double bottom line mandate
  • Support integrated marketing and leasing programs across all properties to source new businesses for available space

Other essential duties and responsibilities include:

  • Diligently support and maintain good working relationships with internal and external project stakeholders.
  • Propose, develop and execute cross-portfolio strategies targeting double-bottom line and/or policy outcomes.
  • Work with portfolio 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 direct interaction with the Deputy Mayor and City Hall staff.
  • Contribute to the preparation of various contracts, requests for proposals (RFPs), and reports according to company and management expectations and guidelines and consults with Senior Management as directed regarding preparation of key correspondence and investment memoranda.
  • 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.
  • Develop strategic Monthly Management Reports that highlight asset operating performance based upon historical operating margins and reforecast projections.
  • Work with Portfolio Surveillance to ensure the proper abstraction of leases and other agreements. Oversee the construction or maintenance and update of lease files within the portfolio.
  • Assist lease administration team with lease enforcement and collection activities as needed. Liaise with accounting department to ensure proper billing in accordance with lease terms.
  • Coordinate the transition of projects from the Real Estate Transaction Services Division (RETS) to AMR and oversee the development of process and procedures in conjunction with RETS and EDC's Legal Division to assume management of financial models and contractual obligations.
  • Assist is in the continuous development of standard process and operating procedures for the management of portfolio. Additionally, work with portfolio team to develop a set of guidelines and recommended best practices for the corporation to use in new ground lease transactions.
  • Ensure strategic goals are being met at the project and tactical levels.
  • Provide support to all areas of the division as directed or where service or assistance is needed.
  • Other duties as assigned.

Required Qualifications:

  • At least 6 years of experience in real estate development, urban planning, architecture, asset management, private equity, management consulting, economic development, transportation/logistics (freight/rail/aviation), and/or related field.
  • Experience with financial analysis and other forms of quantitative decision-making
  • Energetic, creative, and detail-oriented project management skill set
  • Strong interpersonal written, verbal and analytic skills
  • Fluency in Microsoft Office
  • New York City resident (required within 180 days of hire)

Preferred Qualifications:

  • Master's Degree in in related field
  • Experience with architecture, industrial campus planning, construction management, industrial policy, and/or manufacturing and distribution sectors
  • Experience with zoning and land use to evaluate development plans.
  • Highly proficient in real estate financial analysis, including NPV, DCF, ROI, ROE, alternatives analysis and other forms of quantitative decision-making.
  • Experience with negotiation and document drafting
  • MRI Fluency and Experience
  • Market research and/or appraisal experience
  • 3+ years of direct management experience
  • NYC Real Estate experience

About NYCEDC:  New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate job growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Additional information on NYCEDC can be found by visiting (please use the apply button below) .

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