- In December 2018, Mayor de Blasio and New York City Housing Authority (NYCHA) released NYCHA 2.0, a comprehensive plan to fix and preserve public housing. NYCHA’s Real Estate Development Department (REDD) is charged with leading and structuring real estate transactions that will address over $15 billion in capital needs. REDD will utilize the following three tools to generate the necessary revenue:
- Supervise and provide direction on all aspects of real estate project management and land lease negotiations and conduct transaction negotiations to maximize return to NYCHA.
- Display strong understanding of real estate development practices, preferably specific to New York City and affordable housing finance.
- Establish short and long-term project goals and time frames and review all relevant project documents.
- Present projects to executive staff, boards and City officials.
- Identify new projects and/or development opportunities for NYCHA.
- Build and maintain relationships with governmental and quasi-governmental agencies, real estate developers and business groups, consultants, civic and community stakeholders, and cultural and professional organizations.
- Demonstrate managerial experience/ability with specific focus on ability to lead and motivate teams to set and meet goals, expectations and deadlines with limited oversight.
- Mentor and cultivate junior staff knowledge and skills development.
- Possess a strong sense of professional judgment and ability to solve problems creatively.
- Exhibit leadership abilities, including interpersonal, communication and public speaking skills and a strong sense of personal accountability to ensure project completion.
1) Permanent Affordability Commitment Together (PACT) – PACT will use U.S. Department of Housing and Urban Development (HUD) Section 8 programs to fund renovations and convert public housing (Section 9) apartments to permanently affordable housing. NYCHA plans to convert 62,000 apartments over 10 years, which will address $12.8 billion of capital needs.
2) Build to Preserve (BTP) – New mixed-income buildings will be constructed on some underutilized spaces across the NYCHA portfolio. NYCHA expects to address $2 billion in capital need across approximately 10,000 apartments.
3) Transfer to Preserve (TTP) – NYCHA will sell a portion of its estimated 80 million square feet of unused development rights (“air rights”) to adjacent privately-owned sites. TTP will generate $1 billion for capital repairs at adjacent developments.
Under the direction of the Senior Vice President for Real Estate, the Vice President, Transactions will be responsible for supervising a team of real estate finance and affordable housing development professionals on project central to achieving the goals of NYCHA 2.0 and other NYCHA programmatic objectives. The Vice President will lead projects from inception to closing by directing the financial analysis on a project’s feasibility, managing negotiations on land leases, PACT conversions, and air rights with developers, overseeing project management and progress, establishing and maintaining relationships with residents, community groups and elected officials. The ideal candidate has real estate industry experience and has a strong track record of closing deals. Candidates having experience with New York City development projects and affordable housing finance are preferred.
In addition to playing a leadership role in executing NYCHA 2.0, the Vice President will also work on projects under NYCHA’s 100% Affordable Housing Program. The program aims to build 10,000 units of affordable housing on underused NYCHA-owned land. The key responsibilities for this position include, but are not limited to the following:
NOTE: This position is open to qualified persons with a disability who are eligible for the 55-a Program. Please indicate in your cover letter that you would like to be considered for the position under the 55-a Program. For detailed information regarding the 55-a Program, please click on the following link: http://www.nyc.gov/html/dcas/downloads/pdf/psb/100_1.pdf
Please read this posting carefully to make certain you meet the minimum qualification requirements before applying to this position.
Incumbents must remain Members of the New York State Bar in good standing for the duration of this employment.
A master’s degree from an accredited college with course work related to business, real estate, housing finance, public policy, urban planning or law, and seven (7) to ten (10) years of full-time experience in real estate development, lending or related public service.
Desired Skills:
1. Technical knowledge related to finance, real estate, public administration, and other related professional fields to ensure accurate interpretation of policies, legislation, regulations and standards applied to problems involving land use, zoning, infrastructure, finance and other planning issues.
2. Proven strength in the use of spreadsheets, database and presentation applications, including Excel and PowerPoint.
3. Knowledge of New York City, New York State, and Federal affordable housing programs and the housing development process.
4. Strong interpersonal, written, verbal, and analytical skills.
5. Experience in Microsoft Office (Word, Excel, Access, Project and PowerPoint).
2. NYCHA residents are encouraged to apply.
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