What are the responsibilities and job description for the Development Associate position at Extell Development Company?
The Company:
Founded and headed by Gary Barnett, Extell Development Company is a nationally acclaimed real estate developer of residential, office, retail and hospitality properties, operating primarily in New York City, and other premier cities across the nation, including Deer Valley, Utah. Experiencing outstanding growth since its founding in 1989, the company’s portfolio exceeds twenty-five million square feet.
Summary of Responsibilities:
The Development Associate is responsible for driving real estate development projects from beginning to end, supporting the Vice President or Senior Vice President, Development, and working in collaboration with legal, accounting, construction and asset management. The Development Associate is responsible for preparing and reviewing various analyses necessary to implement the development business plan; participates in the underwriting of development proformas, preparation of various reports and memorandums necessary for the day to day management of projects; and assists the development management team throughout all project phases such as site acquisition, contracts, programming, design, finance, construction, sales/marketing.
Essential Functions:
- Create and modify complex financial models, including cash flow projections, valuation models and sensitivity analyses
- Prepare pre‐development and development schedules
- Prepare and modify development budgets for new and on‐going projects
- Track and analyze market comparables and benchmark projects
- Evaluate credit data to determine the degree of risk involved in order to prepare investment memos for debt and equity providers, assist with due diligence for lenders
- Prepare comprehensive monthly reports for investors
- Assist on execution of development agreement obligations
- Assist on execution of major project agreement (hotel management agreements, loan agreements, etc.) obligations
- Coordinate monthly budget and variance analysis and interpret financial performance with senior management
- Coordinate capital calls and prepare project updates to investors
- Assist with negotiation and execution of contracts with design teams, track project costs and approve consultant and contractor requests for payment
- Assist in review of design documents, participate in consultant coordination meetings, and use discretion for solving project design coordination issues
- Assist in preparation of offering plans and marketing efforts
- Participate in the process of sourcing new development and acquisition opportunities
- Participate and assist with preparation of government agencies program applications
- Review and analyze Request for Proposals (“RFP”), as well as participate in the preparation of RFP submission packages
- Perform any additional duties assigned by manager
Competencies:
- Strong financial, interpersonal, and analytical skills
- Ability to work as part of a team in an entrepreneurial environment
- Great attention to detail, work ethic and administrative skills
- Sound business judgement
- Excellent oral and written communication skills, ability to present recommendations and interact with the senior management and investment partners
Education /Experience Preferences:
- Advanced degree preferred
- Bachelor’s degree from an accredited university or college required
- 2‐4 years of relevant experience in real estate development or investment, business management, architecture or other related activities in the real estate industry
- Knowledge of general workflow and processes for the construction of buildings
- Advanced knowledge of budgets, cost reports and accounting terms
- Excellent knowledge of MS Office (Excel, Word, Outlook)
Work Environment:
- Office environment with the usual office equipment and minimal noise level
- Project site with dust, construction equipment and moderate noise level
- Travel to the New York City office, as necessary
*Equal Opportunity Employer