In this ‘Day in the Life of a Commercial Real Estate Professional’ post, we hear from a Development & Acquisitions Associate working at a Family Office in New York where she person has been located for the past year. This professional has been kind enough to share what she does on a daily basis as well as discuss what it takes to land a similar position in CRE.
Day in the Life of a Development & Acquisitions Associate
The Albanese Organization is a small to mid-sized real estate development firm, with approximately 50 people. The majority of people are located at the company headquarters in Garden City, Long Island – I work with in Manhattan with two other people in Acquisitions and Development. Given the size of our team, I’ve been fortunate enough to gain broad exposure to all aspects of the real estate acquisition and development process. Every day is different and the role is very fast paced. On any given day my duties range from underwriting potential opportunities, processing Confidentiality Agreements and Offering Memorandums, conducting market research, negotiating term sheets, pitching to potential equity partners, meeting with architects or reviewing Due Diligence materials.
About the Professional
Name: Caitlin Elliott
Location: New York
Years in Real Estate: 2
Years in Current Position: 1
Undergraduate Education: BAH, Global Development Studies, Queen’s University (Kingston, ON, Canada)
Graduate Education: MPS RE (Baker Real Estate Program) & MRP (Urban Planning), Cornell University
Approx. Annual Income: $100,000 – $149,999
About the Position
Job Title: Development & Acquisitions Associate
Job Type: Acquisitions, Development
Company Name: The Albanese Organization
Company Type: Development Firm, Family Office
Property Type: Multifamily
Min. Education Recommended: Masters Degree
Min. Education Required: Masters Degree
Min. Experience Recommended: 1 – 3
Min. Experience Required: 0 – 1
Advanced Technical Skills Required: MS Excel, Costar, MS PowerPoint
Advice for those interested in this position
Finding a company that is the scale of Albanese (mid-size development firm doing large, high-profile projects) is rather rare because most other either (1) continue to grow and become large-size firms or (2) the family business breaks up so individuals can do their own thing. I’ve found that there is immense value in working at a development firm that is “lean and mean.” There are endless opportunities for exposure and broad experience. On the flip side, it may be a good idea to get a couple years under your belt at a larger firm with a brand name and then make the move to a smaller company. Happy to discuss with anyone looking for a smaller gig!