Assistant Controller

Assistant Controller — Penn South Capital

Location:

New York, NY (Midtown) — in-office, with work-from-home Fridays
· Type:
Full-time

Penn South Capital is a New York City–based real estate investment and asset management firm with a growing portfolio of mixed‑use residential and retail properties across Manhattan and Brooklyn. We are a lean, entrepreneurial team that moves quickly across acquisitions, financings, and asset management.

The Assistant Controller works side by side with the principals on the accounting and reporting function across a multi‑entity portfolio, supported by an in‑house AP specialist and a virtual assistant who handle routine processing and administrative legwork.

You will own the month‑end close and the systems around it. Much of the process today runs on institutional knowledge rather than documented procedure, and we're looking for someone who will build the checklist, the calendar, and the controls that make the close repeatable — then run it.

Own the month‑end and quarter‑end close across all entities: prepare and post journal entries, accruals, and adjusting entries; maintain a clean general ledger and balance sheet

Build and maintain the close calendar, checklists, and supporting workpaper structure

Implement internal controls and accounting best practices across AP approval, cash disbursement, bank access, and month‑end review — and document the procedures behind them. Standardize the chart of accounts and coding conventions across the portfolio

Own the AP function end to end: review GL coding and approval routing prepared by our AP specialist, resolve exceptions, and approve weekly payment runs across all entities

Manage tenant receivables — escalated rejected payments and chargebacks, monitor aging, and drive collections follow‑up Prepare and review monthly bank reconciliations, including escrow and reserve balance tie‑outs Maintain intercompany and entity‑level books across a multi‑LLC structure

Direct the virtual assistant on document collection, vendor files, W‑9s, COIs, and recurring administrative workflows

Assemble monthly and quarterly property‑level financial packages for lenders, loan servicers, and capital partners

Pull backup and draft responses to lender and servicer inquiries on operating expenses and covenant items, working with the principals

Prepare recurring reporting packages for joint venture partners and international investors

Support outside CPA firms on entity tax returns and K‑1 preparation; own the workpaper package

Distribute K‑1s and field investor and accountant follow‑ups Maintain the filing deadline and extension calendar across entities

Track debt service, escrow balances, and insurance premium finance agreements

Support cash flow forecasting, refinancing analysis, and post‑closing projections

Assist with distribution calculations and capital account maintenance, including preferred equity waterfalls

• 3–5 years of accounting experience; real estate exposure (multifamily/mixed‑use) strongly preferred
• Command of core accounting mechanics: general ledger structure, journal entries, balance sheet and P&L construction, and the difference between accrual and cash basis reporting — including converting between the two for lender, investor, and tax purposes
• Experience running or materially contributing to a month‑end close
• Solid property accounting fundamentals;
  App Folio or comparable (Yardi, MRI, Entrata) a plus
• Comfort with multi‑entity LLC structures, K‑1s, and partnership accounting — or the appetite to learn them fast
• Strong Excel skills
• Exposure to lender or CMBS servicer reporting a plus
• Detail‑obsessed, responsive, and comfortable being the one who owns the follow‑up

Compensation commensurate with experience. In‑office in Midtown Monday through Thursday, with work‑from‑home Fridays.

Direct daily exposure to the principals, full visibility into acquisitions and financings, support staff to lean on from day one, real latitude to build the accounting function the way it should be built, and a clear runway to Controller as the portfolio grows.