Vice President, Asset Management
|Location:||New York New York|
|Category:||Financial : Real Estate|
Position AVP/VP of Commercial Asset Management
Company Major Private Equity Real Estate Investor
Location New York, NY
Reporting Relationship Senior Vice President
Over the 20 years our client has acquired, redeveloped and repositioned over 12 million square feet of commercial office and mixed-use space, as well as 6,000+ units of luxury and workforce housing in the New York metropolitan area. As a fully integrated real estate operating company with a keen eye for uncovering value and transforming neighborhoods, its diverse capabilities are evidenced by its multifaceted success with luxury properties, as well as adaptive reuse and urban revitalization projects. In New York City, the Firm is currently developing many properties and has been an early investor in the Life Sciences sector. The firm also manages various real estate funds on behalf of institutional and pension fund investors.
The AVP/VP of Commercial Asset Management is responsible for maximizing the value and operational performance of an assigned portfolio of diverse commercial properties. The daily asset management responsibilities include a full spectrum of marketing and leasing, property management, analytical, and operational activities including but not limited to the following:
Marketing and Leasing:
Craft marketing and leasing strategy for each project in collaboration with SVP & CEO.
Interview/procure/negotiate 3rd party agency leasing agreement and ensure compliance with JV/fund or lender requirements.
Oversight of all project leasing transactions including new prospects, existing tenant renewals (including FMV arbitration process), and lease modifications in conjunction with leasing agents, outside tenant brokers, leasing counsel and tenants/clients as well as architects, engineers, property management staff, etc.
Track leasing/absorption to ensure leasing objectives are being met as outlined in the business plan.
Analyze market trends and fundamentals for each specific asset/sub-market and regularly report changes to partners. Tour competitive properties and manage relationships with brokerage community.
Negotiate LOIs, track progress, perform financial analyses to project transaction impact, and oversee negotiation of lease through all required approvals and full execution. Work with property management and construction team to ensure terms of executed leases are being met including any TI or landlord work requirements.
In collaboration with management team, devise and implement a comprehensive annual business plan and budget including all contractual and projected revenues, operating expenses and real estate taxes, leasing costs and capital items, and all debt service or equity needs.
Prepare or oversee comprehensive pro formas, reforecasts, and reports in conjunction with financial analyst. Monitor and assess the P&L performance of assigned assets and report regularly to SVP.
Develop and recommend strategies for individual assets and portfolio as an ongoing process based on ever-changing market conditions.
Ensure compliance with all JV/fund and loan requirements/covenants. Secure all required approvals in a timely and sequential fashion in order to achieve project timelines.
Work closely with Director of Operations and property management staff to ensure business plan objectives are being met and that the property is performing at the highest level with regards to client/tenant satisfaction as well as meeting all financial and performance goals.
Work with transaction team to execute disposition of assets including participating in broker interviews, contract negotiation, due diligence, transaction management and closing.
Oversight of the marketing and public relations programs for assigned projects.
Oversee capital improvement projects and/or tenant fit outs in collaboration with property management and/or construction team.
Oversee and monitor financial results. Ensure compliance with JV/fund and loan covenants.
Prepare periodic asset updates and presentations for partners, lenders.
Review arrears at property and craft strategy to address any tenant A/R or defaults.
Review and approve invoices, confirm and present to SVP for approval and coordinate with accounting team for processing. Oversee loan draw package and present for approval.
PROFESSIONAL EXPERIENCE /QUALIFICATIONS
A “hands on” approach and experience with development and/or substantial repositioning of assets, not just core/stabilized assets
Effectively communicate internally and externally. Strong ability in written and verbal presentations, written memos and reports, and ability to effectively lead meetings. Strong management and communication skills to ensure clear and aligned goals with senior management, property management team, outside investors, lending institutions, and third-party vendors.
Directly supervise employees in the Commercial Asset Management group that work on assigned projects.
Ability to understand, analyze, and diagnose financial statements and run financial analyses typical to commercial real estate including NPV, IRR, detailed pro formas, etc.
Experience working with industry software programs including Microsoft Office Suite, Microsoft Excel, Argus, Matterport, etc.
Solid analytical/logical mindset and attention to detail as well as ability to think creatively.
Understand how to manage by using data and other performance and market information.
Self-motivated with ability to work both autonomously and with team.
Able to work under tight time constraints and extended hours as required.
Bring best practices in terms of reporting and procedures and can help develop efficiencies in operations and oversight.