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.
Division Overview: NYCEDC’s Portfolio Management Division manages real estate properties and non-traditional assets across all five boroughs of New York City including commercial and industrial real estate properties as well as transportation, critical infrastructure, and energy assets. The Portfolio Management division pursues a triple- bottom line strategy, targeting economic returns and multiple social metrics including job creation, and growing equitable neighborhoods; as well as ensuring a thoughtful approach to incorporating sustainable and resilient measures. The overall assets are divided into multiple portfolios, with a Lease Administration 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.) as well as the public sector and public/private (Transportation assets including Cruise, Freight/Rail, and Aviation, Retail and Market assets, Cultural assets).
Position Overview: Reporting to VP, Executive Director of Commercial & Industrial, the VP, Portfolio Management is responsible for managing the oversight, development, and direct management of real assets located within the Borough of Staten Island that includes assets such as Empire Outlets, Staten Island Stadium, the Lighthouse Museum, Lighthouse Point, St. George Ferry Terminal, Teleport and various others. The VP, along with a Senior Associate direct report, manages the project goals for assets within the portfolio including relationship management, leasing, redevelopment planning, and financial optimization for the portfolio.
Essential Duties & Responsibilities:
- Lead the team in creating strategies and executing upon negotiations and contracting on 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.
- Develop a new leasing and attraction strategy to focus on maximizing the leasing potential of all assets within the portfolio.
- Propose, develop and execute cross-portfolio strategies targeting triple-bottom line and/or policy outcomes.
- Manage the cadence of 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.
- Train, manage and oversee junior staff to execute on real estate finance, communications (including presentations), project management, asset management and negotiations.
- Work collaboratively interdepartmentally to successfully execute initiatives as well as with internal Operations and Finance groups to prepare the annual Budget Book, which looks at historical and projected revenue/expense budgets.
- Develop and/or participate in special projects with city agencies as well as City Hall, including direct interaction with the Deputy Mayor and City Hall staff.
- Direct 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.
- Other duties as assigned.
Qualifications:
- Bachelor’s Degree and 5+ years of experience in commercial real estate development, asset management, private equity, management consulting, economic development and/or related field. Master’s degree in a related field preferred
- Demonstrated experience with commercial real estate sector, property management, lease administration, negotiations, and tenant relations
- Proficiency in real estate financial analysis, including NPV, DCF, ROI, ROE, alternatives analysis and other forms of quantitative decision-making
- Experience working within the Staten Island Borough market and with Staten Island elected and government officials preferred
- 2+ years of supervisory experience
- Ability to develop and execute strategic plans independently and “sell” a plan
- Possesses a detail-oriented project management skillset
- Demonstrated analytical and communication skills both written and verbal
- New York City residence is required within 180 days of hire
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, Student Loan Servicing tools, 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.
