Portfolio Manager

Base Pay Range

$160,000.00 / yr - $205,000.00 / yr

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.

Job 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 : Vice President of Operations

Essential Functions

• 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

Competencies

Physical / Environmental Requirements

Seniority Level : Director

Employment Type : Full‑time

Job Function : Finance and Sales

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