Portfolio Manager

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.

OVERVIEW: The Portfolio Manager will oversee 3 NYC luxury rental properties, totaling over 1000 units as well as other NYC projects as necessary. The incumbent will be an integral part of the Company’s leadership team and will be responsible for maximizing both the short-term profitability and long-term value of his/her portfolio ensuring that all portfolio properties are operated with maximum efficiency and excellence.

REPORTS TO: Senior VP, Investments & Asset Management as well as VP of Operations

ESSENTIAL FUNCTIONS: (including, but not limited to)

• Responsible for overseeing the operations of a portfolio of 3 properties comprised of 1000 plus units and serve as the “face” of the Company: serving as the key point of contact between building operations, operating partners, managing agent, vendors and company leadership/owners.
• Work closely with leasing team on leasing and maximize revenue through new lease/renewal gain as well as total income opportunities.
• Participate in introducing and successfully implementing creative concepts for the use, tenanting and marketing of Class A residential rental properties to enhance properties’ overall value, marketability and profitability.
• Maximize investment returns: Assume responsibility to realize the highest possible market rents, minimize operating costs and work closely with operating partners to ensure financial goals and timelines are successfully achieved and all risks are appropriately mitigated.
• Oversee each property’s operations and building management.
• Pursue and evaluate new methods to enhance property results and efficiencies through alternate service providers, new building systems, redistribution of staff responsibilities, etc.
• Build-out and management of internal and external teams: Build, grow and lead an internal leasing team.
• Oversee staff development and training.
• Establish market rents and oversee marketing budget.
• Oversee/negotiate lease renewals, establish renewal rates with a focus on maximizing revenues.
• Oversee onsite lifestyle managers who are responsible for oversite of the amenity spaces, and event planning and execution.
• Oversee on-site teams for each building as well as the various vendors and service providers to ensure consistent building performance.
• Provide timely and effective reporting of building performance.
• Ensure timely responsiveness to tenant issues and building a positive relationship with the tenant community. Developing and maintaining appropriate policies, procedures, and safety guidelines for each building. He or she will be responsible for developing operating budgets, evaluation of budget performance, managing maintenance and repair projects, and coordination / implementation of company-wide programs. He or she will be will accountable for the building’s adherence to, proper tracking of, and compliance with, all relevant laws and regulations.
• Perform frequent site visits to other properties in the portfolio.
• Managing each individual property's adherence to key performance metrics; overseeing monthly budget reviews with a specific focus on total income and total operating expenses.
• Work with managing agent and on-site staff to oversee daily operations.
• Communicate proactively with residents to establish trustworthy relationships and help resolve any resident issues that may arise.
• Oversee capital work and coordinate with onsite staff, managing agent, and ownership as needed.
  
  
  

Qualifications

• 7 - 10 years relevant experience in luxury residential property management, leasing, and building operations.
• Bachelor’s Degree in Finance, Real Estate or Business; advanced degree a plus.
  
  
  

Competencies

• Thorough knowledge of building systems, property management software, operations and finance.
• Demonstrated knowledge of NYC building codes, laws and regulations, union requirements and disciplinary action procedures, 80/20 project requirements, 421A rent stabilization requirements, consistent compliance with the same, and successful experience in managing inspections and other relations with relevant municipal authorities.
• Able to work proactively, independently and as a strategic partner in a team environment and speak to an audience, including residents, staff, third-party management team, company leadership and ownership.
• Effective verbal and written communications skills and strong presentations skills.
• Highly-organized, detail-oriented, and able to multi-task effectively in a deadline driven environment while maintaining strict attention to detail.
• Able to thrive in an environment that is highly entrepreneurial, both strategic and creative, and which requires rapid learning, multitasking and prioritizing under tight deadlines.
• Demonstrated problem solving, decision making, and conflict resolution skills.
  
  
  

Physical/Environmental Requirements

• While performing the duties of this job, the employee regularly works in an office environment in an open cubicle. Physical demands include lengthy periods of sitting, movement within the office environment and use of computer and phones. Communication demands include verbal and written communication in English. Work is typically performed in an office setting during normal business hours. However, depending on business requirements, evening and weekend work may be required.
• In addition, employee may be required to visit construction sites where the employee is exposed to moving mechanical parts; high precarious places; fumes or airborne particles; outside weather conditions and risk of electrical shock. The noise in these work environments is usually moderate to very loud.
  
  
  

Salary - $160 - $200k, plus bonus, offered salary commensurate with experience