Senior Asset Manager in New York, New York at Longacre Asset Management LLC

Why this seat exists

Longacre runs three operating functions that are meant to hold one another accountable: property management executes operations, construction management executes capital, and asset management decides what each building should do and judges whether it did. Asset management is its own vertical, reporting to the CFO/COO alongside Property Management and Construction, so that its judgment is independent of the people it measures — and of the Finance team that produces the numbers it interprets. The Senior Asset Manager is the owner’s representative across the whole book — roughly 4,000 units managed in house in the Bronx and upper Manhattan, plus Houston, Elmira and the third-party-managed Sentinel portfolio — supported by an Asset Management Analyst and by the finance team’s monthly close and reporting.

The seat does not supervise property managers, file with DHCR, schedule building staff or bid contractors. Those belong to the PM/APM teams and the Capital Projects Manager. Where this JD says review, approve or challenge, it means exactly that.

What you own

• The business plan for every asset: annual operating and capital budget, quarterly reforecast, and the written strategy (rent posture, capital sequence, hold period) that the plan expresses. You propose; the CFO/COO approves.
• The monthly per-asset scorecard: NOI vs budget, occupancy and turnover, delinquency and collections, CapEx vs plan, DSCR and covenant headroom, open violations, and receivables owed to Longacre. You explain every variance in plain language and say what should change.
• The capital plan as a ranked list with return logic — what to do, in what order, and why — handed to the Capital Projects Manager to scope and execute. You track the plan against outcome, not the job site.
• Hold / sell / refinance and recapitalization analysis, including debt maturities, rate exposure and covenant risk, delivered as decision memos to the CFO/COO.
• Lender and investor reporting: the asset narrative and forward view, built on the Controller’s financial statements. You are the voice of the asset; Finance is the voice of the numbers.
• Oversight of third-party property managers on assets Longacre does not manage in house (Sentinel today): set expectations, review their reporting and performance, and hold them to the plan.
• Acquisition and disposition support: underwriting review, rent roll and regulatory diligence, and the business plan a new asset arrives with.
• Fee and receivable discipline: ensure every managed asset’s contract, fee and reimbursement to Longacre is billed and collected, and escalate when an owner is not paying.
• Direction of the Asset Management Analyst, who builds the scorecard, models and packages you present.

How you work with the rest of the platform

You walk the buildings — at least one full portfolio cycle a quarter and any asset with a red scorecard line within the month — so that your judgment is grounded in physical reality, not just Yardi. You attend the PM teams’ weekly operating meetings as a listener and questioner, not as their manager. When an operating result is off plan, you say so on the scorecard and to the CFO/COO; you do not direct the fix. Disagreements between asset management, property management and construction go to the CFO/COO for a decision, in writing, the same week.

Required

• Seven or more years in multifamily real estate asset management, or a mix of asset management and institutional-quality ownership-side finance, with a New York City portfolio for most of it.
• Fluency in NYC rent regulation (DHCR registrations, MCI/IAI, HSTPA 2019, overcharge exposure), HPD/DOB compliance and Local Laws 11, 87 and 97 — deep enough to audit and challenge a property manager’s work, and to know when the answer you are given is wrong.
• Working knowledge of 32BJ union building operations sufficient to evaluate staffing plans and cost, without administering the contract.
• Strong modeling and analysis: budgets, reforecasts, DCF and refinance analysis, sensitivity, waterfall mechanics; you can build the model yourself and defend it.
• Experience owning lender and investor reporting and presenting to ownership, lenders and outside owners.
• Experience directing an outside property manager as an owner’s representative.
• Yardi Voyager (or equivalent) and advanced Excel. Comfortable working from the general ledger, not just the summary.
• Clear writer. Most of this job’s output is a one-page memo someone else acts on.

Preferred

• CPA, CFA or an MBA/MS in real estate or finance.
• Experience with 421-a, J-51 or other regulated-affordability programs, and with LL97 capital planning.
• Prior work inside a vertically integrated owner-operator, where asset management sat alongside in-house property management.

Compensation

Base salary of $145,000 to $175,000

Equal opportunity

Longacre Asset Management is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, age, disability, veteran status, or any other status protected by applicable federal, state, or local law.