Asset Manager- New York City Office

$150,000 - $150,000/Yr

Unclassified - New York, NY

Full-time - Mid Level

New York, NY

About the position

The Asset Manager (AM) at Jonathan Rose Companies plays a crucial role in ensuring that the properties under management meet the company's financial, social, and environmental objectives. This position involves a comprehensive oversight of property performance, requiring the AM to reforecast business plans for each asset at least annually. This reforecasting is essential for comparing current performance against initial investment goals and adapting strategies based on market conditions and property performance. The AM will engage in monthly reviews of property financials with property management teams and will be responsible for quarterly reporting to investors and the executive team, ensuring transparency and accountability in financial performance. In terms of financial oversight, the AM will work closely with the Asset Management Analyst to develop business plans, guide operating budgets, and create five-year capital expenditure plans aimed at meeting or exceeding financial goals. The role also includes performing variance analysis and monitoring the reporting process to assess performance against budgets and underwriting. The AM will manage cash reserves and recommend distribution amounts, ensuring that all partner, agency, and investor inquiries are addressed promptly and effectively. Asset optimization is another key responsibility, where the AM will coordinate with various property management companies to enhance performance. This includes collaboration with teams from Accounting, Facilities, and Marketing, as well as supporting initiatives aimed at improving environmental performance and social programming. The AM will also conduct property visits on a rotational basis to maintain a hands-on approach to asset management. The position requires the preparation and submission of year-end audit information to external accounting firms, including investor updates and special requests. The AM will review and process financial statements and tax returns, ensuring compliance with engagement requirements. Additionally, the AM will draft detailed and accurate reports by synthesizing information from various sources for both internal and external reporting purposes. The AM will also participate in meetings and contribute to special projects, providing support to the Director and Managing Director of Asset Management. This may include addressing HUD issues, researching partnership documents, and handling various state tax matters. Finally, the AM will analyze and distribute cash flow from properties through partnership waterfalls, ensuring timely and accurate financial management.

Responsibilities

• Provide financial oversight of the property with support from the Asset Management Analyst, including development of business plans.
• Guide operating budgets and 5-year capital expenditure plans to meet or exceed goals.
• Perform variance analysis and monitor the monthly, quarterly, and annual reporting process to assess performance against budget and underwriting.
• Monitor cash reserves and recommend distribution amounts.
• Manage all partner, agency, and investor inquiries, requests, and issues.
• Organize proper documentation, record maintenance, and accounting issues relating to ownership transfers and partnership buyouts.
• Coordinate with various property management companies to optimize performance, including teams from Accounting, Facilities, and Marketing.
• Support Impact initiatives for continuous improvement of environmental performance and implementation of Communities of Opportunity initiatives.
• Visit properties on a rotational basis.
• Assist the Director of Asset Management with the process of determining the refinancing or disposition of properties, including research, analysis, marketing, negotiation, and successful completion.
• Prepare and submit year-end audit information to outside accounting firms, including investor updates and special requests as needed.
• Review and process all financial statements, tax returns, and coordinate engagement requirements.
• Draft timely, detailed, and accurate reporting by synthesizing relevant information and extracting data from several sources for both internal use and external investor reporting on a quarterly and annual basis.
• Attend and contribute to meetings, providing support to the Director and MD of Asset Management, Impact, and others as needed.
• Assist with special projects as requested, including working through HUD issues, researching partnership documents, and handling various state tax issues.
• Analyze and distribute cash flow from the properties through the partnership waterfalls on an annual or semi-annual need.

Requirements

• Bachelor's Degree in Finance, Business, Real Estate, or other related discipline required.
• Master's Degree in Business or Real Estate is a plus.
• 2-5 years of experience in the asset management of affordable housing.

Nice-to-haves

• Experience with HUD regulations and compliance issues.
• Strong analytical and financial modeling skills.
• Excellent communication and interpersonal skills.

Benefits

• Medical, Dental, Vision insurance
• Flexible Spending Accounts
• Life insurance
• Short-Term Disability
• Long-Term Disability
• 401K with company match
• Competitive paid time off policy
• Paid holidays
• Parental bonding leave
• Educational assistance