Senior Manager, RES Lease Accounting -Housing And Transportation Administration Real Estate-BI Corporate-42nd Street-Full-Time-Days
This position handles Contract Review and Administration, Financial Lease Administration, Financial Due Diligence, Financial Audit/Reporting and Special Projects. Mainly responsible for the oversight of the accounting and reporting related to Real Estate Services’ lease transactions, including managing staff and system resources to ensure team goals are achieved, this visible role oversees the lease management, tenancy audit and payment processes relating to all the Hospital’s operating leases.
Responsibilities
CONTRACT REVIEW AND ADMINISTRATION:
- Review and analyze all lease/sublease contracts, estoppel and outside vendor contracts and work proposals. Extract relevant financial terms of the contracts.
- Review and approve invoices for services rendered by Landlord and/or vendors to ensure that costs match the scope of work outlined in the contract.
- Managing the financial aspects of the contract, including monitoring performance/compliance, handling disputes, and addressing/resolving issues.
FINANCIAL LEASE ADMINSTRATION
- Lease Abstraction: Manage the extraction of key information and financial data from the lease agreement into Lease Analysis/Abstract and summarizes the most essential clauses defining the commercial/legal/functional terms of the transaction.
- Database Management: Oversee database management of real estate portfolio (in Excel and Visual Lease software) and ensure an accurate and up-to-date real time database system. Interface with the acquisition and disposition group to obtain information necessary to properly account for all leases, including possession date, co-tenancy and other requirements. Maintain comprehensive lease database. Track and monitor critical dates, and co-tenancy thresholds.
- Rent Processing: Provide management supervision of lease accountants’ lease payment processing of MSHS real estate portfolio (i.e. ensure that charges for lease expenses, real estate taxes, CAM and Operating Expense charges are accurate in accordance with the terms of the leases). Ensure proper accounting of all lease-related costs, including free-rent periods and construction allowances. Manage landlord/vendor relationship including resolution of lease related issues.
- Accounting & Budgeting: Oversees the management of month-end closing processes related to leases including journal entry and reconciliation review. Coordinate preparation of budgets and projections for lease-related expenses (i.e. CAM, RET, etc.,) Reviews/explains any variances to budget/projection on a regular basis.
- Lease Audit: Perform periodic (monthly/annual) landlord statements’ reconciliation of rent, real estate tax calculations, CAM and OPEX charges and communicate, follow-up and resolve with landlord errors and discrepancies identified in the process. Design and execute desktop audit strategies which include identifying focus areas that will maximize recoveries and partnering with acquisitions and disposition group to ensure audit findings are incorporated in future lease negotiations. Perform in-house full lease audit or in coordination with outsourced auditors as deemed necessary. Manage the development of processes and systems to streamline the lease administration and real estate management functions while recommending improvements to internal control process.
FINANCIAL DUE DILIGENCE
- Assists in reviewing financial data, real estate tax liabilities, utilities and penalties for possible violations whenever there are acquisitions/dispositions or refinancing of properties; assist consultants by providing required information and preparing financial data/analysis and budgets as needed.
- Provide analytical accounting support to real estate and divisional finance relating to lease scenarios and structures to ensure the best possible outcome for MSHS lease transactions.
FINANCIAL AUDIT / FINANCIAL REPORTING AND SPECIAL PROJECTS
- Work closely with internal and external auditors’ in meeting their audit requirement during interim and year end audits. Prepare reports/schedules/ analysis as required by internal and external Auditors.
- Support the RES Department on additional real estate management and financial reporting responsibilities and ad hoc reporting for special projects and senior management requests related to leases.
STAFF SUPERVISION/PERFORMANCE EVALUATION
- Train, coach, prioritize workflows and review day-to day work of Lease Accountants. Provide performance feedback of Lease Accountants and perform their annual staff evaluation.
Qualifications
- Bachelor's Degree in Accounting required.
- CPA (preferred)
- 5 years minimum accounting experience in financial reporting with knowledge of Real Estate Accounting and at least 4 years minimum experience in managing role.
Job Type: Full-time
Pay: $78,884.00 - $118,326.00 per year
Benefits:
- 401(k) matching
- Dental insurance
- Health insurance
- Paid time off
- Vision insurance
Schedule:
- 8 hour shift
- Monday to Friday
Experience:
- Microsoft Excel: 1 year (Preferred)
- Accounting: 5 years (Required)
License/Certification:
Ability to Commute:
- New York, NY 10017 (Preferred)
Ability to Relocate:
- New York, NY 10017: Relocate before starting work (Required)
Work Location: In person
