Asset Manager

Position Summary

The Asset Manager (AM) is responsible for the analysis, review, and oversight of a large and diverse portfolio of affordable real estate projects. The AM will assist in the creation of business plans and recommend strategies and solutions to optimize performance and maximize the value of each property. The Asset Manager will report directly to the President of the Company.

Duties and Responsibilities include the following:

• Monitor management operations of multiple projects with four thousand units of affordable housing including LIHTC, Project Based Section 8, PACT, Retail and Community Facility.
• Coordinate and participate in transition of housing projects from construction completion and new acquisitions to property management operations.
• Assist in the assessments of the physical condition of the properties, evaluate current and long-term financial health, ensure the on-going financial sustainability of the properties including needed capital improvements.
• Inspections of properties when necessary to ensure that they are meeting company high quality standards including HUD REAC, HQS, HPD and other requirements.
• Monitor building performance, income, expenses, and compliance including violation removal and local law compliance.
• Work closely with property management, accounting, and leasing teams to ensure smooth operations.
• Assist the Chief Financial Officer in submissions and reporting of monthly, quarterly, or annual reports to the various Partners/Lenders/Investors. Along with the review of the operating revenue and expense accounts, the AM will be asked to provide variance analysis for year-over-year and month-over-month comparisons.
• Coordinate the budget and reforecast process for the properties with the various departments responsible for their sections.
• Manage the capital call and distribution processes, in coordination with Accounting, for each projects that warrant such transactions.
• Review the debt covenants for each project and finalize the reporting to Lenders.
• Assist in underwriting and due diligence of property acquisitions and new developments.
• Create budgets, track variances, communicate with teams and recommend strategies to improve performance. This includes tracking of expiring J51 tax abatements, energy initiatives, utility purchasing, and accessing reserves when necessary.
• Stay abreast of new and changing local laws and make recommendations as to the best courses of action.
• Seek sources of subsidies for energy improvements.
• Communicate with lenders, investors, partners, syndicators, and other stakeholders.
• Assist in underwriting for new projects.
• Assist in the development of and execution of business plans.
• Perform other duties that may be requested by the President.

Qualifications:

• Bachelor's Degree with high GPA required in Real Estate, Urban planning, Management, Accounting, or related fields.
• Minimum 5 years of experience in asset management with a deep understanding of property management.
• Ability to understand budgets (Assets & Liabilities) and other financial reports. (Income statements, and Balance sheets)
• Experience in NYC compliance, building regulations and extensive knowledge of multi-family building systems. preferred.
• Problem solving and resourcefulness with and creative ideas and critical thinking.
• Experience in NYC compliance, building regulations and extensive knowledge of multi-family building systems preferred.
• Understanding private and public debt financing, equity, and compliance reporting needs for typical affordable housing projects as well as public traded companies and other limited partner investors.
• Ability to work well with a diverse group of professionals, excellent written and oral communications skills, and a can-do attitude is required.
• Deep understanding of affordable housing and real estate concepts.
• Financial analysis and project management experience, and familiarity with subsidized funding programs, a plus.
• Ability to juggle multiple priorities and maintain attention to detail.
• Microsoft Office 365 with outstanding Excel skills required.
• Adobe Creative Suite experience a plus.
• Remote systems literate.
• Ability to generate reports from Yardi Voyager 7s.