Assistant VP, Investment Management Group

Full Time @RXR Realty posted 7 months ago

Job Description

RXR Realty LLC (“RXR”) is a New York-based, 500+ person, vertically integrated real estate operating and development company with expertise in a wide array of value creation activities, including ground up real estate development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge real estate technologies and value added lending. RXR’s primary investment strategy is focused on New York City and the surrounding region. The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $20 billion, comprising approximately 26 million square feet of commercial properties, a multi-family residential portfolio of approximately 3,400 units under operation or development, and control of development rights for an additional approximately 2,900 multi-family and for sale units in the New York Metropolitan area as of December 31, 2020. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.

Position Description:

The Asset Manager will be responsible for the asset management of multiple assets within RXR’s New York Metropolitan area portfolio.  The covered portfolio will primarily include newly constructed residential assets out of the 6,300 unit development pipeline but may also include residential portfolio investments, mixed use or office product types as well as debt investments, prop-tech, and development assets.  The Asset Manager shall be responsible for owning, driving, and reporting on business plans and performance, including the development, analysis, and interpretation of financial data in order to evaluate operating results in terms of profitability and performance as well as other matters bearing on the fiscal soundness and operational efficiency of the assets. This position entails a focus on the long-term strategic real estate performance and financial planning and monitoring of individual assets and portfolios.

Primary Responsibilities:

  • Stay current on local market dynamics and thoroughly understand each investment and how it is positioned in its respective market to maximize the value of the investment
  • Interface with outside parties, partners, investors, lenders. Obtain requisite approvals (lease transactions, budgets, etc.) as directed
  • Operate as the asset “owner” and lead all internal discussions and analysis for the creation and execution of annual business plans, ad-hoc refinancing analysis and execution, quarterly valuations, sell/hold analysis, recapitalizations, and related analysis
  • Work collaboratively and in partnership with the RXR Residential Operations to directly interact with and assist in overseeing 3rd party managers, leasing agents, construction managers, parking operators, counsel, and other 3rd parties
  • Work in partnership with the RXR Residential Operations team to execute on revenue management strategies in order to maintain high occupancy and rents
  • Evaluate and recommend value enhancement opportunities (i.e. development, redevelopment, repositioning of asset, etc.)
  • Prepare, own, and present business plans, budgets and reforecasts internally and externally
  • Oversee the preparation and distribution of various annual, quarterly and monthly reports
  • Analyze and monitor capital improvement and renovation programs, as required, for property maintenance, competitive positioning or market re-positioning
  • Responsible for the management and execution of portfolio or property level loan draws and required partner draws
  • Participate in the closing process and assist with the transitioning of new acquisitions into the RXR portfolio and systems, interacting with other departments
  • Review real property and other tax billings and participate in tax certiorari claims
  • Participate during the due diligence phase of the acquisition process and analysis, assist in the coordination of recapitalizations, debt refinancing, restructurings and asset dispositions
  • Interface with property management, leasing, and construction in order to gather information and/or provide assistance with regard to financial analysis of future leasing deals and expense analysis
  • Collaborate with senior management to ensure best practices and consistent execution for the asset management function

Qualifications:

  • Minimum of 5-8 years of prior asset management or portfolio management or related experience with residential assets required. Experience with affordable housing, office or other product types is a plus but not required
  • Understanding of real estate fundamentals, financing principles, and capital structures
  • Proactive with issues and highly responsive to management. Must have experience working under pressure with various projects and deadlines, while reporting effectively and in a timely manner to senior management
  • Cognizant of big picture and task objectives, yet also detail-oriented and willing to take a hands-on approach
  • Independent self-starter capable of multi-tasking; balancing multiple objectives to a successful conclusion
  • Effective oral and written communication skills
  • High degree of personal and professional integrity
  • Proficient in Microsoft Word, Excel, and PowerPoint required. Experience with Argus, Yardi and Kardin is a plus but not required.

RXR Realty 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.

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