I work for a family office multifamily developer ($3B AUM) in a high COL city (NYC, DC, Boston) and have been asked prior to my 1st year review about my compensation. I started at $55k out of undergrad and got raised up to $60.5k last December. Is this a fair salary? If I'm asked to give them a number, what would be a good number to respond with?
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Is that just base or base plus bonus? People will probably come saying that’s super low but honestly around what I’ve seen. I’d probably try and ask for 70-75 but development just doesn’t pay like the rest
That's base salary. I got a $1.5k bonus in December.
holy shit kid, they're taking you for a ride. look around the google doc file. $3B isn't little, infact its pretty god damn big for a developer who typically churns deals for fees/promotes. they can certaily afford to pay you ~100K all in (70base+30bonus). Ask for that and settle (but don't settle...)for a little less...run to another company if they're compensating you like that at an expensive northeast city. Only take my advice if you're a high performer at work, if not ermm it's gonna have a negative effect.
Super low for NYC. Might be line for Boston, DC. Also, NYC COL isn’t really comparable to DC,BOS. NYC is only in line with LA and SF. DC and BOS is more similar to CHI. For NYC, a 2nd year development analyst at your kind of firm should probably be getting 85K-90K all-in at minimum.
DC COL is definitely closer to NY than to Chi. If anything I would knock LA down a tier. Salaries probably don’t track as such though
Mhm interesting that you would consider LA a tier below NYC lol.
Yep, this is accurate. DC is almost as expensive as New York, probably in the ballpark of LA. Chi definitely the cheapest of the group
I would say NYC is way more expensive than DC/Boston. But DC and Boston are still a lot of $. I'd say DC is a little more than Boston.
I started out of school in New Jersey at 60k in Dev. I’m at 4th year Dev associate at 95k base with 20k bonus in Chi. Dev can pay well once you get some experience under you. My VP is a 275k guy.
Did you get any bonus your first year?
$60-70k is standard for first year, $70-80k for second year in development. Bonus can vary from 5% up to 100% depending on your firm so that's tough to benchmark.
You're definitely low for a second year in high COL, especially given that $1k bonus... I'd do some research on what other firms are paying in your specific market and take it to your boss with a raise request.
Development pays less early on than acquisitions.
In 2021, heck even 2020, $60K starting salary at a firm that has a busy pipeline in a high COL city is not cutting it. In NYC, at a minimum, $70K should be base with about 15% bonus. And those numbers are really bare bottom if it’s for a firm that has a good amount of deal flow.
Greater Boston:
First year: $60k + $5k
Second year: $70k + $25k
Another data point:
In one of those markets and about to start a development gig at $80K base and 20-25% bonus. Have 2 years of debt/equity experience, no dev though.
What type/size of shop?
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