| Our client, a vertically integrated real estate development firm (development, general contracting, and property management), is seeking a Chief Operating Officer for its property management company. The position will be based at the firm’s corporate headquarters in Westchester County, New York. The successful candidate will be a seasoned professional who has significant experience working in multifamily operations and property management.
With strong leadership skills, outstanding administrative capabilities, and excellent financial acumen, the successful candidate will assume a key role in maximizing the financial and operating performance of this well-established yet growing real estate firm. The current portfolio includes 25 complexes totaling 3500 units mostly in the Hudson Valley area of New York. These projects include market rate and affordable units and offer a mix of retail, parking facilities and tenant amenities.
POSITON RESPONSIBILITIES The successful candidate will possess strong analytical and leadership skills along with a collaborative managerial style. The COO will have operational responsibility and P&L accountability. The broad role encompasses a range of responsibilities including accounting, asset and property management, treasury and investor relations, and oversite of administrative concerns including risk management, IT, legal and human resources.
Key responsibilities:
Accounting - Oversee accounting, financial reporting and cash flow forecasting.
- Interface with auditors, JV partners and investors, as necessary.
- Manage the budgeting process, including monitoring financial performance by measuring and analyzing results and initiating corrective actions when necessary.
- Oversee the issuance of monthly, quarterly, and annual financial information as well as the external financial audit process.
- Monitor and assess the P&L performance of the WB Residential portfolio.
Asset and Property Management - Provide leadership in the development of a strategy for each asset in the portfolio and ensure that annual plans for each property are consistent with the long-term strategy.
- Oversee and manage the budgeting for each property and for the overall regional portfolio.
- Provide overall leadership in the operations, management, and leasing.
- Ensure positive resident and community relations through superior customer service.
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- Support new development activities by providing input to the financial underwriting process, developing marketing plans, and leading initial lease up of assets.
Risk Management - Work with external insurance consultants to understand and mitigate key elements of the company’s risk profile. This includes structuring coverage and negotiating and reviewing insurance proposals.
Human Resource - Manage relationships with external Human Resources provider.
- Ensure all HR and related functions are performed properly.
- Provide strong leadership to direct reports in developing, implementing and adhering to state- of- the art HR programs and policies.
Legal - Ensure all legal matters are properly handled by external attorneys.
IT - Act as the point person for IT issues including software and hardware upgrades.
- Become in-house expert on IT and VOIP infrastructure.
- Manage third party IT Administrator.
Personnel Management - Direct Management of VP, Property Management and Director, Accounting and indirect management of entire accounting and property management functions and personnel.
CANDIDATE PROFILE Experience - Minimum 10 years relevant experience in the operations of multi-family assets, including, accounting, administrative, operations and asset management experience with owner/operator(s) of multi-family real estate.
- Five years direct supervision of multi-level team.
- Track record underwriting trends within a market or submarket and identifying the implications for management of the portfolio properties.
- Comparable business unit P&L responsibility.
- Experience working with stakeholders including executive management, public officials, corporate executives, and senior members of the real estate community.
- Experience working with affordable housing a plus.
Technical Capabilities - Proficient with analysis of individual properties and portfolios, including assessment of capital plans and other financial decisions associated with maximizing value for owner.
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