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Retail Lease Administrator - Brooklyn, NY
Rainbow USA Inc. is one of the fastest growing junior, kids, plus, and petite specialty apparel chains. Headquartered in Brooklyn, NY and founded in 1935, Rainbow is a fashion leader to its 14-49 year old customers.
There are almost 1100 stores in 38 states including Puerto Rico,and the Virgin Islands operating under various trade names, such as Rainbow, Rainbow Plus, Rainbow Kids, 579, and Marianne's. Rainbow's customers appreciate and purchase fashion apparel, but are value conscious and look to Rainbow to provide fashion forward trends at inexpensive price points.
We are very successful in our market niches and enjoy growing sales and profit above the market average. We are in growth mode and add 60-80 new stores per year on average.
Rainbow employees enjoy being part of a progressive and rapidly growing organization. Our staff is hard working, loyal and dedicated. In addition, we provide many opportunities for growth and a career path. Indeed over 60% of our management team is promoted internally.
A Lease Administrator provides a financial analysis for property management and lease administration by overseeing all aspects of the Data Management and Lease Accounting functions for approximately (number of location) collecting value of property and rental rates in the market. Insure management that all rent-related costs have been thoroughly documented, verified & accounted for and that pertinent lease terms are correctly entered into Rainbow's system, activated, updated & enforced.
Responsibilities Include:
Thorough knowledge of RETAIL LEASE terms and conditions- including the ability to abstract leases and comprehend rent obligations
Ability to perform accounting functions relating to construction allowances; Monthly Rent & Escrow Payments; Accruals of unpaid invoices; Allocation of prepaid expenses
Undertake financial reviews on owned and leased properties
Keep records of property values and rents in the market
Rent analysis and rent payment processing
Client/vendor relationship management
Maintain lease tracking database
Activate general Ledger accounts and starting dates for all monthly payments.
Prepare accrual schedule for all significant rent-related costs which are not being paid currently for store.
Oversees landlord's audits of sales & any subsequent charges
Ensuring lease documents are interpreted accurately, all payments of rent and operating expenses are in compliance with lease terms, and payments are timely processed
Verification and abstraction of lease information, including updating our database of lease information
Responsibility for new store setup, such as obtaining vendor payment information and contacts, welcome packages, and database updates
Drafting lease correspondence and notices, addressing and resolving landlord/tenant issues, and monitoring leases/amendments for rent commencement, operating expense changes, changes in ownership, and lease terminations
Overseeing day-to-day landlord relationships regarding account receivables, sales reporting and maintenance issues
Researching and preparing comparative and financial analysis of real estate matters, and keeping current records of all leased properties
Reviewing operating expense payments, reconciliations, billings and estimates. This includes comparing calculations to lease requirements/provisions
Monitoring commencement and ongoing co-tenancy requirements worldwide
Analyze and validate Leases, sub-leases, Mater Leases, Amendments, Letter Agreements and Waivers to accurately reflect data in database
Accurately process Legal Notices and payment
Maintain thorough knowledge of the Lease provisions. Interact with Landlords and/or their property managers to provide required information to perform the job requirements
Act as a liaison between the Company and its Landlords regarding all matters concerning the lease commencement and notice requirements
Update required information into the database management system
Work with Operations/Construction Department on Construction Allowance Schedule & Recovery Process to ensure we collect from Landlords timely
Coordinate Certificates of Insurance for all new stores and renewals for existing stores
Backup other Lease Administrators in performance of review and approval related to Data Management and Lease Accounting obligations
Conduct Lease Analysts with regard to procedures, lease interpretation, and billing calculations
Special Projects as assigned by manager
Required Skills and Experience:
Minimum education level of Bachelor's degree or significant related experience.
Minimum of 3 years work experience in Retail Lease Administration, Real Estate , Accounting, Real Estate Law, Property Management or related field
The developed ability to interpret lease provisions is a must
Negotiating experience, attention to detail and strong interpersonal skills required
Demonstrated ability to understand/influence the business and build effective partnerships
Analytical (assessment, decision making, problem solving)
Ability to work independently with minimal supervision, and take initiative to investigate and resolve problems using sound judgment
Must have ability to understand legal terminology and interpret Lease clauses; and ability to verbally discuss issues with Landlord agents
Excellent oral and written communication.
Project management and prioritizing skills.
High quality detail.
Results orientated.
Team oriented and team player