Assistant Vice President, Asset Management - Portfolio Management

New York, New York, United States

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: Creating a vibrant, inclusive, and globally competitive economy for all New Yorkers. 

Position Overview: 

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). 

Reporting to the VP – Portfolio Management, the Assistant Vice President (AVP) is responsible for supporting the growth and management of a portfolio of real estate assets consisting of industrial and distribution facilities within the Hunts Point Food Distribution Center campus in the South Bronx.  The AVP will focus on creating the physical assets and supporting initiatives in New York City that fulfills NYCEDC’s double-bottom line strategy of producing both economic and social returns. 

Essential Duties & Responsibilities:

  • Create strategies and executing upon negotiations and contracting in 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  
  • Evaluate and then execute upon 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 managing team members in 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 internal and external meetings 
  • Participate in special projects with city agencies as well as with City Hall 
  • Ensure strategic goals are being met at the project and tactical levels 
  • Develop the financial underwriting of proposed investments and build financial models 
  • Prepare contracts, requests for proposals (RFPs), reports, and key correspondence 
  • Perform other typical asset management duties, including consistent 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 
  • Other duties as assigned 

Qualifications:

  • A Bachelor’s Degree and at least 5 years of experience in real estate development, asset management, urban planning, private equity, management consulting, economic development and/or related field 
  • Master’s degree in a related field preferred  
  • Experience with property management, lease administration, negotiations, and tenant relations 
  • An independent and strategic thinker with the ability to structure and sell a plan 
  • Enthusiastic, creative, and detail-oriented, with strong project management and financial analysis skills 
  • Demonstrated communication skills, including written, verbal, and analytical skills with an emphasis on strategic and persuasive communication 
  • Proficient in Microsoft Office 
  • New York City residence is required within 180 days of hire 

Salary Range

$90,000 - $93,000 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 balance.  We 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 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. 

 

 

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