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Associate, Development Asset Management

New York City

Headquartered in New York with a nationally-scaled platform, RXR is a 450+ person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies.

Job Summary:

The Associate will work closely with the team on the investment and asset management process for all development opportunities and projects of all asset classes. The Associate will partner with junior and senior-level professionals on various projects at all stages of the development process, from acquisition, through construction, to operations, and should anticipate devoting time in equal parts to asset management of assets entering or under construction and the underwriting of new development opportunities.

Responsibilities:

 

  • Modeling:
    • Create and/or maintain sophisticated financial models of new development opportunities as well as currently owned development projects utilizing both Microsoft Excel and Argus.
    • Interact with internal systems and software to effectuate daily responsibilities.
    • Assist in performing refinancing analyses, quarterly valuations, leasing NPV/NER, and other ad hoc analyses.  
  • Development Asset management:
    • Assist in the structuring, capitalization, and closing of transactions related to development projects.  
    • Possess a working knowledge of leases, loan documents, partnership agreements, and other agreements to assist with general asset management responsibilities.
    • Support review of capital call process working closely with Development teams.
    • Assist in the preparation of annual budgets and business plans for both newly acquired and existing development assets.  
    • Conduct market research and due diligence on a variety of potential transactions within larger master planned developments. 
  • Business Plans and Reporting:
    • Prepare and present investment committee memoranda for new investments and strategic opportunities for existing development assets.  
    • Assist in preparation of monthly, quarterly, and annual lender and investor reports and presentations, including annual business plans.  
    • Provide support in the preparation of quarterly re-forecasts and variance analyses.  

 

 

 

Qualifications:

 

Top Competencies

  • Excel Proficiency: Excel modeling proficiency for all areas including the most complicated items (waterfalls, promotes, portfolio/unique structures). Able to “own” models independently and accurately.
  • PowerPoint Proficiency: Growing proficiency in building decks used for both internal and external audiences, with minimal oversight.
  • Knowledge of the Real Estate Industry and RE Legal Contracts Negotiation: Familiarity with various product types & investment structures. Has advanced knowledge of a wider variety of documents/concepts and can analyze, identify, and communicate the appropriate position on complicated documents with minor business and legal oversight.
  • Tech Savvy: Strong ability to utilize systems to support decision making, efficiently execute and use short cuts, present a strong narrative in Powerpoint. Including but not limited to: AIRM, Yardi (Residential & Commercial), Kardin, Monday.com, Prophia, Yardi Matrix, VTS, Costar, Chatham Direct (debt platform) Excel, Powerpoint, Argus
  • Teamwork/Network Building/Interpersonal Savvy: Cooperates and works effectively with others. Productive relationships exist.
  • Analytical: Independent ability to conduct complex analyses.
  • Organizational Skills: Detail oriented, proactive, efficient, strategic, ability to multitask. Able to complete defined scope and anticipate some likely follow-up.  Able to take several sequential steps toward completion with less guidance.
  • Communicates Effectively: Communicates effectively, both verbally and in writing, with Internal and External Stakeholders. Presents a clear argument on straightforward topics. Requires guidance from superiors on articulating more complex ideas.

 

Experience and Education

  • 3-6 years of experience working in real estate finance, acquisitions, development or investment banking  
  • Experience with multi-phase projects, residential development and/or office development is a plus
  • Bachelor’s degree. Major in real estate, finance, accounting, or economics preferred
  • Passion for real estate development and finance  

The salary range and/or hourly rate listed is a good faith determination of potential base compensation that may be offered to a successful applicant for this position at the time of this job advertisement and may be modified in the future. When determining a team member's base salary/rate, several factors may be considered as applicable (e.g. location, years of service, specialty, education, relevant experience).

Bonus eligible. 

Pay Range

$120,000 - $140,000 USD

RXR is an Equal Opportunity Employer committed to recruiting, hiring and promoting qualified people of all backgrounds regardless of gender, race, color, creed, national origin, religion, age, marital status, pregnancy, physical or mental disability, sexual orientation, gender identity, military or veteran status, or any other basis protected by federal, state, or local law. 
RXR is committed to the full inclusion of all qualified individuals. As part of this commitment, RXR will ensure that persons with disabilities are provided reasonable accommodations. If reasonable accommodation is needed to participate in the job application or interview process, to perform essential job functions, and/or to receive other benefits and privileges of employment, please contact 516-506-6847.

 

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