Property Accountant

Penn South Capital; New York (NY); On-site; USD 95,000 - 130,000; Full time

Job summary

Penn South Capital, a New York City–based real estate investment and asset management firm, is expanding its accounting function to support a multi-entity portfolio across Manhattan and Brooklyn.

You will own the month-end close, build the calendar and controls, and ensure robust accounting practices that scale with growth. The role involves AP, receivables, reconciliations, and lender/investor reporting.

Qualifications

• 3–5 years of accounting experience in real estate (multifamily/mixed-use).
• Solid knowledge of core accounting mechanics: GL, journals, P&L, balance sheet.
• Experience with month-end close and multi-entity accounting structures.
• Familiarity with property accounting systems (AppFolio, Yardi, MRI, Entrata).
• Comfort handling K-1s and partnership accounting.

Responsibilities

• Own the month-end and quarter-end close across all entities; post journal entries and adjustments.
• Build close calendar, checklists, and supporting workpapers; maintain GL hygiene.
• Implement internal controls and procedures across AP, cash disbursement, and month-end reviews.
• Standardize chart of accounts and coding conventions across the portfolio.
• Oversee AP end-to-end, vendor payments, and reconciliations; resolve exceptions.

Skills

Real estate accounting

Month-end close

General ledger & journal entries

Intercompany / multi-entity

K-1s / partnership accounting

Detail-oriented

Tools

AppFolio

Yardi

MRI

Entrata

Job description

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 Role

You'll work 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.

Responsibilities

Close & Controls

• 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

Accounting Operations

• 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 — escape 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

Reporting

• 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

Tax & Compliance

• 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

Treasury & Capital

• Compile lender capex/reserve draw packages and supporting documentation
• 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

Qualifications

• 3–5 years of accounting experience; real estate exposure (multifamily/mixed-use)
• 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; AppFolio or comparable (Yardi, MRI, Entrata) a must
• Comfort with multi-entity LLC structures, K-1s, and partnership accounting — or the appetite to learn them fast
• Detail-obsessed, responsive, and comfortable being the one who owns the follow-up