As Putin sets his sights on Crimea and the Ukraine, a chill is beginning to be felt in the ultra-high-end luxury apartment market in certain areas. This is especially true for safe-haven markets in the West such as New York and Toronto, where cranes are on every corner, building yet more condominium projects. Russian oligarchs have been writing checks as large as $88 million to buy a cozy 3,000 square foot pied-à-terre on Central Park West.
Interestingly, 40% of condominium and townhouse buyers in Manhattan are foreigners, and Russians are at the top of the list. Alas for the high-end markets, wealthy Russians are worried that Vladimir might not look kindly on investments in the US, given that Putin is talking-up economic sanctions and visa restrictions that may make purchases impossible for his countrymen.
There is a lesson here. Sometimes it doesn't take but one act to stall a market. Let's see what happens in New York and elsewhere as more uber-high-end product gets dumped onto the market.
PS BUSINESS PARKS, INC.
Managing Director
(RICHARDSON, TX) The Managing Director will execute the marketing and leasing strategy for commercial real estate properties. Position will oversee the entire leasing process (start to finish) from generating initial prospect interest through qualification, lease negotiation and document execution; manage support team and third-party brokers; assist the Portfolio and/or Regional Manager in the overall marketing and leasing of a select group of commercial properties; screen incoming leasing inquiries and broker calls; supply property information, show (tour) lease space, and quote lease rates; and qualify lease prospects.
STANFORD UNIVERSITY
Project Engineer
(PALO ALTO, CA) The Stanford Real Estate office under the University's department of Land, Buildings & Real Estate (“LBRE”) is seeking to hire a Project Engineer. The Project Engineer will be a critical member of the Real Estate Services Group within the Stanford Real Estate unit of LBRE, reporting to the Managing Director of Development. Purpose will be to contribute to the Stanford Real Estate Services group's efforts to create and optimize commercial land or property value through the active project management, planning, entitlement, development and redevelopment of Stanford's non-academic lands, including office, residential, retail, hotel and other uses. This position will report to and assist the Managing Director of Development and other members of the Real Estate Services Group with all aspects of project management, design, and construction, in addition to planning, entitlement, and general real estate development responsibilities.
NATIONAL MULTIFAMILY HOUSING COUNCIL
Vice President of Capital Markets
(Washington, DC) Position will primarily be responsible for managing and guiding NMHC's multifamily finance policy as it relates to federal legislative and regulatory issues impacting housing finance reform, the Federal Housing Administration, and the regulation of financial markets. The incumbent would be NMHC's principal resource for strategic and tactical direction relating to multifamily mortgage finance, the capital markets, and regulatory matters.
MOODY'S CORPORATION
Global Real Estate Project Manager
(NEW YORK, NY) Duties include managing interior fitout project teams in various countries and global time zones; able to independently manage each project team from project inception to completion, through each phase of a given project: project budgeting, financial reporting, feasibility studies, schematic design, design development, construction documentation, bidding, construction, moves and close-out; creating budgets and schedules for each project, and for insuring they are adhered to by the project team; and act as the primary point of contact for a given project, requiring effective communication with all involved parties including the local project team, Moody's IT department, Moody's local office head, Moody's senior management.
ARES MANAGEMENT
Controller
(PLANO, TX) Controller will manage and oversee the Company's accounting activities; establishing tight internal control policies that mirror those of ACRE and ensure consistent control processes, procedures and documentation of such; manage financial policies, systems, and procedures for all facets of the company's financial efforts in accordance with GAAP; monitor compliance, and make improvements as necessary; manage Manage Sarbanes-Oxley efforts and evaluation processes, including updating internal control narratives, designing test protocols and interpreting and concluding on testing results; oversee the preparation of monthly, quarterly and annual financial statements, including balance sheet, income statement, statement of cash flows, and other detailed analyses as necessary; and capitalize on computer based financial systems and develop and maintain systems to verify the accuracy of transactions as they pertain to the general ledger, budgets and business plan standards.
PIEDMONT OFFICE REALTY TRUST
Manager, Financial Reporting
(JOHNS CREEK, GA) Successful incumbent will perform and manage all activities relevant to the responsibilities of the Financial Reporting role, to include being the primary “data miner” of the organization by facilitating analysis and reporting needs through the use of TM1, MRI, and Argus (in support of key business analysis functions, such as the completion of corporate forecasts and budgets, identifying trends and variance drivers (performance measurement), and other portfolio management activities). Additional responsibilities include gathering analysis and reporting needs of the business; and coordinating with and gathering information from various departments in the Company (primarily Accounting and Asset Management) for use in financial projections, data analysis, and financial report preparation.
FANNIE MAE
Director, Corporate Facilities Operations
(WASHINGTON, DC) Position will direct a unit whose staff provide services within facilities to ensure that infrastructure systems, facilities, offices, and work spaces are appropriately maintained and kept in service so ongoing work or specific meetings or conferences can be accomplished. Director will set standards for staff and contractors to maintain, repair and build out mechanical, electrical and automated systems essential to the functioning of the corporation's offices and business units.
HOLLIDAY FENGOLIO FOWLER, L.P.
Real Estate Analyst Investment Sales
(CHICAGO, IL) Position will assist in the marketing and placement of commercial real estate sales for the HFF multi-housing team; prepare commercial real estate sales packages and submissions for presentations to buyers; respond to buyer questions regarding properties and the overall commercial real estate market; perform complicated financial modeling and spreadsheet analysis in Excel; prepare and maintain financial models in Argus; review legal documents and third party reports as part of the due diligence process; and coordinate information regarding market data, occupancy data, expense analysis, aerials, maps, rent/sales, comparables.
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