Assistant Vice President, Asset Management - Portfolio Management

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 devel