New York, NY
Salary Estimate: $150,000.00 - $174,999.00
Employment Type: Full Time
Work Place: Office
Experience Required: 5+ to 7 years
Education Required: 4 Year College
Job Description
COMPANY OVERVIEW:
Lightstone, founded by David Lichtenstein, is one of the most diversified privately held real estate companies in the United States. Headquartered in New York City, Lightstone is active in 26 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With 209 existing properties, Lightstone’s over $9 billion portfolio currently includes over 12 million square feet of industrial, life sciences, and commercial properties, over 30,000 residential units, and over 5,100 hotel keys. Lightstone’s development portfolio includes over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.
Industrial and Logistics Investments
Through a creative and disciplined approach to acquisitions and property-level execution, Lightstone continues to strategically expand its holdings in the industrial and logistics sector, capitalizing on a generational shift toward ecommerce and continued supply chain evolution. Lightstone is able to utilize its multidisciplinary team and direct third-party relationships to identify operational inefficiencies prior to acquisition and optimize cash flow through hands-on leasing and asset management, generating exceptional risk-adjusted returns in a competitive market segment.
Starting in 2020 Lightstone has annually successfully transacted on more than $1 billion dollars of new industrial product in institutionally proven submarkets with proximity to key logistics infrastructure. Lightstone anticipates an ongoing annual investment target of $1 billion to $2 billion for the industrial platform with the expectation to continue expansion not only in their current markets but new strategic markets in the west. The current portfolio exceeds 10 million square feet nationally, with assets located throughout the Southeast, East, Mid-Atlantic and Midwest regions.
POSITION OVERVIEW:
The Associate reports into the Senior Vice President, Industrial Asset Management and assists in all aspects of property-level operating activities and strategies for Lightstone Logistics, which include 10 million square feet across 25 properties in the U.S.
Responsibilities include financial review and reporting, leasing/revenue analysis and reporting, due diligence with Acquisitions/Investments, budget preparation, and assisting with oversight of third-party property management firms.
The ideal candidate has experience in industrial operations and/or industrial asset management, strong analytical skills, ability to decipher financial data to effectively review and evaluate operational and investment opportunities. Required to have the ability to assess and help drive the performance of assets in the Lightstone Logistics portfolio. Must be able to work independently with minimal supervision and thrive in an environment that is highly entrepreneurial, both strategic and creative. Requires rapid learning, multitasking and prioritizing under tight deadlines. Some travel is required.
Essential Functions
- Review and analyze monthly financial and income statements, prepare benchmarking and/or other analyses related to maximizing revenues and minimizing expenses that lead to strategies to improve asset performance and value.
- Review and work with Regional Asset Managers to ensure the portfolio assets’ are operating at maximum efficiency and executing all profit opportunities, including but not limited to:
- Reviewing leasing and revenue potential for each asset
- Ensuring proactive and accurate management of all enterprise management systems that pertain to Asset Management
- Exploring and executing all value-add opportunities in the portfolio
- Validating all data required for effective leasing management
- Maintaining financial models
- Analyzing for all potential cost savings; tracking implementation of initiatives
- Produce ad-hoc analyses to evaluate the performance of assets and drive decision- making
- Collect market data and conduct benchmarking analysis
- Regularly track and analyze factors affecting markets and submarkets associated with the portfolio, including demographics and changes in supply and demand
- Collect market data and conduct benchmarking analysis
- Produce ad-hoc analyses to evaluate the performance of assets and drive decision- making
- Exploring and executing all value-add opportunities in the portfolio
- Coordinate and support in annual budget and underwriting process
- Prepare regular presentations for Executive Team and outside counterparties such as joint venture partners and 3rd party managers
- Collect market data and develop tools to assist in the determination of strengths, weaknesses, opportunities and threats facing the portfolio
- Analyze financial models to evaluate investment returns on proposed capital projects and acquisitions
- Manage all projects with Asset Management Analysts.
- Assist with asset management of portfolio, including periodic property visits and interfacing with third-party management companies, property/project managers, leasing brokers, and other third-party vendors/resources
- Participate in site visits and market tours to obtain firsthand knowledge of our properties, competition and demand generators
Qualifications
- Minimum 5 years related experience
- BA or BS degree
- Familiarization of industrial operations, and leasing concepts preferred
- Demonstrated aptitude for problem solving and problem identification
- Ability to collect, analyze and interpret operations and leasing performance data
- Must effectively manage and adhere to deadlines
- Proficiency in Yardi or MRI required
- Extensive proficiency in Excel, Word, and PowerPoint required and ability to manipulate data essential
- Extensive understanding of underwriting concepts and methodologies
- Attention to detail required
- Ability to operate in a team environment
- Excellent written and verbal communication skills
- Excellent interpersonal skills and demonstrated professionalism
- Ability to manage multiple tasks
Salary - $150 - $170k, offered salary commensurate with experience
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