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: To create shared prosperity across New York City’s five boroughs by strengthening neighborhoods and growing good jobs.

Position 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).

Reporting to the Vice President, Portfolio Management, the Associate is responsible for supporting the oversight, development, and direct management of real assets located within the Boroughs of Brooklyn and Queens, including the Kaufman Astoria Campus, East New York Industrial Building, Coney Island Amusement portfolio, Bedford Union Armory redevelopment, assets within Downtown Brooklyn, and various others. The Associate will also provide administrative support to the portfolio

Essential Duties and Responsibilities:

• Negotiate, draft and execute on a variety of agreement types, including Operating Agreements, Leases, Amendments, Permits, Renewals and other contracts, in partnership with the EDC Legal team, City Law and outside counsel where appropriate
• Identify opportunities for redevelopment within the portfolio, including leasing opportunities and capital projects to modernize, expand or reposition assets
• Manage RFP process, in coordination with the Legal and Contracts departments, from inception to completion, such as writing proposals, conducting site visits, selecting respondents, and executing written legal documents
• Lead project status update meetings as well as prepare thorough presentation materials for engagement with internal and external parties
• Work collaboratively with various internal departments, such as Real Estate Transaction Services, Government and Community Relations, Neighborhood Strategies, Land Use and Legal to develop multi-disciplinary plans on asset and portfolio-wide levels. Update and present evolving project developments to senior executives
• Manage tenant, third party contractor and various City agency relationships, analyze issues, negotiate terms and document outcomes appropriately
• Manage tenant leasing opportunities, such as vetting financial performance, evaluating proposals and terms, and negotiating and executing leases
• Collaborate with the Design and Construction Team to manage the progress of construction projects, monitor completion schedules, ensure payment of bonds and subcontractor payments, and resolve building violations and liens, among other duties
• Collaborate with Property Operations Team to manage building repairs, maintenance and security matters and budget issues, from time to time as property-level concerns arise
• Work with Business Operations team to prepare annual revenue/expense budgets. Verify forecasted revenues for specific portfolio and utility reimbursement calculations
• Review and reconcile tenant statements, including financial performance, parking operations, percentage and other types of rent. Identify potential risks to assets or income within portfolio
• Work with Lease Administration team to ensure maintenance and update of lease files within the portfolio, reconcile management budgets, plan for lease expirations, evaluate tenant financial reports, manage arrears and collections, investigate insurance issues, advise on any ongoing litigations and other ad hoc issues. Liaise with accounting division to ensure proper billing in accordance with lease terms
• Develop and/or participate in special projects with City Hall, including interaction with the Deputy Mayor and City Hall staff
• Assist in the continuous development of standard process and operating procedures for the management of portfolio
• Ensure strategic goals are being met at the project and tactical levels
• Other duties as assigned

Qualifications:

• Bachelor’s Degree and 3-4 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
• Experience with commercial real estate sector, property management, lease administration, negotiations, and tenant relations
• Proficient in real estate financial analysis, including NPV, DCF, ROI, ROE, alternatives analysis and other forms of quantitative decision-making
• An independent and strategic thinker with ability to structure and “sell” a plan
• Energetic, creative, and detail-oriented project management skill set
• Strong analytical and communication skills both written and verbal
• Proficiency with Word, Excel, Powerpoint
• New York City residence is required within 180 days of hire
• All new hires must be vaccinated against the COVID-19 virus as defined by the CDC, unless they have been granted a reasonable accommodation for religion or disability

Salary Range: $70,000 – 72,000

About Us: NYCEDC is New York City’s primary vehicle for promoting economic growth in each of the five boroughs. Our mission is to create shared prosperity across New York City’s five boroughs by strengthening neighborhoods and growing good jobs. We do this by developing, managing, and implementing expansion and redevelopment programs that encourage investment and strengthen the city’s competitive position.

NYCEDC is dedicated to the creation of a dynamic, equitable, and sustainable urban economy. We are making sure that whatever happens next, happens right here in New York City—and that all New Yorkers are a part of it.

NYCEDC offers many unique advantages for an exciting and fulfilling career. As part of our team, you’ll enjoy:

• The unique opportunity to make an impact on New York City
• Working on diverse, unique, and challenging projects
• Working closely with teams of creative, highly motivated, and passionate people
• Learning opportunities designed to enhance the practical skills and business knowledge of our employees
• Excellent benefits, including company-paid 401(a) pension plan, 457(b) tax-advantaged retirement savings plans, medical, dental and vision benefits, generous paid family leave and paid time off, and other perks

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.

To help build an inclusive workplace culture, NYCEDC supports six employee resource groups that strive to engage members and advocate for their respective communities within NYCEDC. Those groups are: Accessibility group, Elevation group (BIPOC), Mindful group, Out/EDC group (LGBTQAI+), Parents group and Women's Leadership group. NYCEDC employees work as part of a highly engaged, passionate and inclusive team where everyone’s contributions are valued, respected, and have an impact on one of the best and most diverse cities in the world!

For more information, visit our website at edc.nyc.