A Significant Setback

New York City is one of the hottest multifamily markets in the country, but the New York State Legislature has put an end to that. A new law enacted last week halts an owner’s ability to convert rent-regulated apartments to market-rate units. The new law will cause the value of rent stabilized apartment buildings to drop up to 40% according to some estimates. The wrinkle is that most of these units are located in neighborhoods where “free-market” rents are not meaningfully higher than stabilized units, so the net effect will be deterioration of affected buildings because landlords will not be able to invest capital enabled by the incremental increase in rents. History has proven time and again that government controls in the multifamily sector leads to the decline of neighborhoods. This is a real setback for New York, and other jurisdictions that are likely to follow suit.

Job Listings

BARTLETT & SKOLFIELD AVP Marketing: World-Class Mixed-Use Destination (ALEXANDRIA, VA) Individual will provide leadership, vision, and direction to successfully integrate all marketing activities including brand management, special events, tourism, strategic partnerships, traditional and digital media, public-relations and community outreach in a manner that supports business growth and enhanced brand awareness.  

NORTHPOND PARTNERS Controller (CHICAGO, IL) Reporting directly to Managing Principals, Controller will act as the key contact in ensuring accounting operations are running efficiently and effectively at the fund, management, and property management level. Specific duties include overseeing fund level accounting, including purchase and sale transactions of various properties, investor capital contributions, investor distributions, and intercompany management fees.  

LIVCOR, LLC VP Asset Operations (Revenue Management and Marketing (CHICAGO, IL) Position will be responsible for overall operational performance and financial goals of the Marketing and Revenue Management teams. VP will also provide guidance on various functions on day-to-day operations, new practices, improvements in systems/programs, and assessments on performance.  

HINES Managing Director – Fund Management (HOUSTON, TX) MD will execute on behalf of the Fund Management team within a specific region to interact with various fund investor/partners in portfolios and support key investment management issues. Position will provide fund considerations as input to major decisions (acquisitions, reviewing and approving asset management, disposition recommendations).  

AIMCO Real Estate Acquisitions Analyst (BETHESDA, MD) Analyst will manage the team’s investment pipeline and monitor potential opportunities across Aimco’s targeted markets; participate in all aspects of the deal process including underwriting, market research, rental and sales comp analysis, IC memos and presentations, due diligence, and closing; and assist with post-closing transition process with Aimco’s operations, finance, accounting, marketing, and construction services’ teams.  

JONATHAN ROSE COS. Senior Asset Manager (NEW YORK, NY) Role will provide financial oversight of the property in context of the overall portfolio, including drafting the initial business plan; providing guidance on operating budgets and 5-year cap-ex plans to meet or exceed business plan goals; and monitoring monthly financials to assess performance against budget.  

LINK INDUSTRIAL PROPERTIES Real Estate Accountant (FORT WASHINGTON, PA) Duties include: preparing monthly individual and/or consolidated financial statements and work papers for assigned portfolios; preparing monthly variance explanations for assigned portfolios; preparing monthly reconciliations of cash accounts and cash reserves; and reviewing straight line rent recognition schedules in accordance with applicable leases.  

CAMBRIDGE REALTY PARTNERS Vice President (NEW HAVEN, CT) VP will contribute to all areas of company operations including assisting in the management of the company’s real estate assets and driving growth via raising capital and sourcing new investment opportunities. Specific duties include underwriting, due diligence, closing, and maintaining investor ledgers.  

MIDWOOD INVESTMENT & DEVELOPMENT AVP, Head of Capital Projects (NEW YORK, NY) Position will be responsible for expediting space turnover to Tenants portfolio-wide at stabilized properties as well as new development projects. Role will also be responsible for developing and managing a comprehensive plan for building improvements, portfolio-wide, to preserve the assets and enhance value. This position will interact across multiple groups within the organization as it relates to coordination of Tenant plans and major capital improvement initiatives.  

STOCKBRIDGE CAPITAL GROUP Analyst, Multifamily Group (ATLANTA, GA) Duties include analyzing leasing, financing, budgeting, joint venture and hold/sell decisions and internal rate of returns, time-weighted returns, sensitivity tables, property valuations, cash-on-cash returns and various other return metrics. Position will also assist in preparing asset-level annual budgets and portfolio-level annual strategic business plans for clients.