Small NYC Development Shops

Prospect in RE - Comm

Coming up at 1 year of experience as a development analyst here in NYC at a national developer. I'd like to move over to a small shop where I'm working directly alongside the principals wearing a variety of hats. Preferably a newer, small shop that is just getting started by principals that have strong backgrounds and track records. I understand it is hard to find these sorts of shops to begin with and moreover, I'm not sure if they would view me as a value add given my minimal experience.

Small shops need people too, and the smart ones realize that finding someone who doesn't need their hand held, but is also young and hungry, can be a good ticket to finding a long term employee who will grow with the company.

Does anyone have suggestions how to find these types of shops and if there's typically an opportunity to co-invest, share in promote since you're taking the risk of a joining an unestablished firm?

There isn't risk to joining a new firm - there is risk to starting a new firm. This is a fundamentally wrong approach to viewing risk.  You will be an employee - you'll get a paycheck every two weeks, there isn't any risk there.  Maybe there is opportunity cost, but there are pros to balance against the cons.

It is exceptionally unlikely you'll get carry; the principals at these firms struck out on their own specifically because they wanted ownership of their deals (most likely); they're not about to turn around and give away their upside to someone with little experience for... reasons.  This isn't tech, where giving away small bits of equity is smart because you're either going to make an absurd amount of money or none at all.

If you want to find these shops, network.  Talk to people at the big companies, and see who is leaving and why and where.  Keep an eye on industry news and look for new names.  The truth is that even some established and successful companies are still pretty small - maybe not "two founders in a room" small, but once you grow more than 10-12 people you probably are getting pretty big.  

But yeah, it seems like your priority is getting as much carry as possible, as soon as possible, which is a good goal, but not one you are in a great position to follow through on.  At the risk of sounding like an asshole - why should anyone give you carry?  You don't actually provide any real value - I'm sure you are good at your job, and you should be compensated for that, but a developer's promote is repayment for risk, not for being able to technically accomplish a job.  I'd be saving equity for people who have relationships and skills that aren't easy to find or replace, and a first year project manager/analyst is pretty much the definition of replaceable.