Senior Property Accountant

Client is a full-service real estate investment company specializing in the acquisition and development of healthcare, mixed-use, office, industrial, retail and residential properties in the New York Metro area.

The privately held company owns and manages an extensive portfolio of properties including multi-building office campuses, medical office buildings, industrial/flex space and retail centers. The company's portfolio includes more than 120 commercial properties totaling over 7 million square feet.

Client also develops a wide range of residential properties including high-end luxury estate homes, high-rise condominiums and restored Manhattan townhouses.

Client is not offering remote positions at this time.

Reports to: VP Accounting

Full time: Monday to Friday. early departure on Friday.

Primary Responsibility:

• Perform/manage all aspects of accounting and financial management for assigned properties.
• Tax Related Responsibilities:
• · Review all tax returns prepared by outside CPA firm, including proving all numbers to our books and records
• ­ Record journal entries provided by outside CPA firm for tax items
• ­ Review tax returns for any overlooked tax issues
• · Prepare annual tax-based financial statements and full work papers
• ­ Verify and analyze all general ledger accounts
• ­ Review and document all fixed asset additions, retirements and depreciation
• ­ Prepare schedules for tax returns
• ­ Retire tenant improvements related to past tenants
• ­ Review accounts receivable and payable at year-end
• ­ Reconcile and prove mortgage balances and related escrow accounts and interest expense, etc., to year-end bank statements
• ­ Analyze activity in capital accounts with special emphasis on distributions and contributions made throughout the year
• ­ Prepare schedules for lease commissions, mortgage cost additions, write-offs and amortization
• ­ Record k-1 activity for pass through entities
• ­ Produce other work papers and analyses as required for each individual property
• · Prepare filings for payment of all taxes related to properties
• ­ Property taxes
• ­ LLC fees

Tenant Billing Responsibilities

• · Review the Commercial Billing Report and approve monthly rent charges
• · Calculate and bill all monthly property management fees
• · Manage security deposits
• ­ Reconcile amount of deposit between Yardi and lease documents
• ­ Monitor individual bank accounts for security deposits
• · Calculate charges related to move outs
• ­ Final CAM charges prior to tenant move out and release of security deposit
• ­ Final taxes and insurance, etc., due from tenant before move out
• · Review and process tenant adjustments in the tenant ledger i.e., write offs and other adjustments
• · Calculate estimated and actual escalation billings, RE taxes and CAM including the annual reconciliation. Administer correspondence and invoicing process related to escalations.
• ­ Review leases for applicable CAM provisions and document CAM related provisions accordingly
• ­ Prepare analysis of expenses with detailed descriptions
• ­ Work with the Property Manager to review vendor invoices to determine if expense is subject to CAM
• ­ Verify expenses billed to tenants
• ­ Calculate individual CAM pools for each tenant based on the specifics of their lease
• ­ When necessary, recalculate base year
• ­ Meet with the VP of Construction and Property Management, the Director of Leasing, the VP of Leasing and Property Management Operations, and/or in-house counsel to resolve vague or unclear lease provisions
• ­ Calculate true up billings
• ­ Calculate estimated CAM for following year
• ­ Prepare CAM invoices for mailing to tenant, including true up, detail of CAM expense pool, and next years estimate
• ­ Resolve issues and make changes arising from property management review

Budgeting and Forecasting Responsibilities

• · Prepare cash forecasting statements when required
• ­ Project short-term and medium-term cash needs and work with CFO to manage cash flows
• ­ Monitor cash balances daily for excess cash or potential shortages
• ­ Interact with banks to resolve discrepancies and problems
• · Review A/P at the beginning of each month for payment priority and cash needs
• · Enter all required accounting information into Yardi budget program
• · Review output and identify issues and concerns
• · Reforecast budgets when requested
• Vendor Payment Responsibilities

· Review all vendor invoices for the following:

• Sales tax
• Accuracy
• Approvals
• Description
• Chargeability to tenant

General Bookkeeping Responsibilities

• · Maintain accuracy and integrity of general ledgers
• ­ Review all accounts for correctness
• ­ Prepare journal entries needed to adjust or reclassify account balances
• · Record monthly mortgage payments and reconcile to bank statement
• · Respond to tenant inquiries concerning complex financial issues that the Property Manager is unable to deal with

Financial Analysis and Reporting Responsibilities

• · Prepare pro forma valuations for financing of properties when needed
• · Prepare year-end summary report of cash flow for all properties, as required by various banking relationships
• ­ Summarize and adapt tax return information as needed for report
• · Prepare/compile comprehensive quarterly reporting packages to communicate all financial data related to the property
• ­ Report to outside partners
• ­ Monthly/quarterly reporting to banks
• · Review loan agreements related to properties and assure compliance with all reporting and reserve requirements
• · Monitor compliance with loan covenants on an ongoing basis, including Debt Service Coverage Ratios, maturity dates, minimum balance requirements and other potential events of default
• · Handle special projects and requests

Construction Related Responsibilities

• · Project cash needs for loan payments and first of month obligations
• · On a monthly basis, manage capital calls for properties with partners
• ­ Determine amount of capital call and issue request
• · Respond to audits when required
• · Calculate and create invoices for Construction Management Fees when applicable

Leasing Responsibilities

• · Enter new leases in Yardi
• · Provide/confirm Real Estate Tax and CAM information for new leases and lease renewals
• · Review Term Sheets to insure that quoted Real Estate Tax and CAM information is correct

Job Type: Full-time

Salary: $100,000.00 - $125,000.00 per year

Benefits:

• 401(k)
• 401(k) matching
• Dental insurance
• Health insurance
• Life insurance
• Paid time off
• Vision insurance

Experience level:

• 5 years

Physical setting:

• Office

Schedule:

• Monday to Friday

Work Location: In person