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From what I’ve heard $70-$90k for either 20% bonus. Pretty normal for dev shops
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Bump
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Usually it’s the opposite. Comp is a bit lower at the big development shops
I think y'all will all be surprised at how low it is. There is a reason that lots of folks leave there to go do their own thing, and it is 90% about the money and the shitty economics they're getting. My understanding is that this carries over to the junior level. It is obviously a phenomenal experience, but I don't think they're well known for their high pay.
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Great spot to be for the next five years, but after that, you have to do some thinking on whether you have more to learn there and if the math and still works for you.
Unrelated, but just moved into a Greystar building....never ever ever ever ever ever again. Understand you guys need returns, but opening a luxury building 3-4 months before it should be open is a little much. Building is still under significant construction, none of the amenities are open, just totally insane.
wouldn’t you have chose to move in though? like how is that greystars fault
Different city, sight unseen. What I did see was a website full of gorgeous amenities and a leasing person who said the amenities are unparalleled in the area etc etc…building is probably less than half way done. They failed to mention none of what they sold me on was open. Whatever live and learn.
Ahh gotcha, yeah that’s pretty poor from Greystar
Yeah, it’s nearly impossible to sleep in given construction begins daily at 8:30am and we’re talking about actual construction. I’d place the building at 1/3 of the way finished.
How is it even legal to open a building that still has heavy construction going on?
Temporary COs, happens all the time.
Welcome to real estate. The leasing agents have quotas and monthly absorption goals.
Gotta get that cashflow when you build to a 5 yield
That’s normal in new construction. You open as you get the Certificate of a occupancy on each floor.
Yeah this. This is very normal for larger urban apartment buildings. You def got a slight discount for it.
The 70-90k is on par with everything I have heard. Interviewed with their investment team a few years back (Went a different route) but have only heard good things as far as experience gained. Their PM doesn’t have a great reputation but the investment and dev teams are completely separate.
Can confirm 70-90k base at analyst level. Obviously development is more market dependent (e.g.SF pays more than Florida)
I left their investment team in Europe. I had fantastic opportunities to learn and grow, work on several huge development projects with exposure to senior management etc. Counterpart is salary way below market and poor bonuses….
This is the tradeoff you make. On the investments side, if you can sit in NYC or Newport Beach you'll be better off, because you can easily exit once you've had your fill of being underpaid but getting great experience. It is a great firm as a young buck, not so much once your older.
Just wanted to let y'all know what it would it looked like down the road. Had an old colleague turn down a Development Director role in their SC offices about 3 or 4 years ago. The comp was 160k and 30% incentive bonus from what I remember. No profit sharing at start. He was told it would be part of the discussion with more tenure.
How many years does a development director typically have ?
He had about 8 years of experience at that point. Also had masters in real development from non target school.
Could an associate in NY expect a base around $120k? Or is that asking too much for a firm that appears to lowball juniors...
bump - any idea at comp for associate level
West Coast (not LA/SF) $120k base
Straight out of UG?
out of any T15 MBA I believe
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