Assistant Controller

About Penn South Capital

Penn South Capital is a New York City–based real estate investment and asset management company with an expanding collection of mixed-use residential and retail properties throughout Manhattan and Brooklyn. The firm operates with a nimble and entrepreneurial spirit, swiftly advancing acquisitions, financings, and asset management activities.

The Position

The Assistant Controller will closely support the principals in managing the accounting and reporting functions for a multi-entity portfolio. Supported by an in-house Accounts Payable specialist and a virtual assistant handling routine processing and administration, you will take ownership of the month-end close process and its systems. Currently, many processes are maintained via institutional knowledge rather than formal documentation, so this role entails creating detailed checklists, calendars, and controls to make the closing procedures consistent and reproducible.

Key Responsibilities

• Manage month-end and quarter-end close activities across all entities, including journal entries, accruals, and adjustments to maintain accurate general ledger and balance sheet.
• Develop and uphold the closing calendar, checklists, and supporting documentation to ensure organized and systematic closing processes.
• Establish and document internal controls and accounting best practices covering Accounts Payable approvals, cash disbursements, bank access, and review procedures.
• Standardize chart of accounts and coding practices throughout the portfolio.
• Oversee the end-to-end Accounts Payable function by reviewing coding and approvals prepared by the AP specialist, resolving issues, and authorizing weekly payments.
• Manage tenant receivables, address rejected payments and chargebacks, monitor aged accounts, and lead collection efforts.
• Prepare and review monthly bank reconciliations including escrow and reserve balances.
• Maintain intercompany and entity-level accounting records for a multi-LLC structure.
• Direct virtual assistant activities related to document collection, vendor data management, W-9 forms, Certificates of Insurance, and recurring administrative tasks.
• Compile monthly and quarterly property-level financial reports for lenders, loan servicers, and capital partners.
• Support inquiries from lenders and servicers on operating expenses and covenant compliance.
• Prepare reporting packages for joint venture partners and international investors.
• Assist external CPA firms with entity tax returns and K-1 preparation; manage workpaper packages and distribution of K-1s, plus respond to investor and accountant queries.
• Maintain filing deadlines and extension schedules for all entities.
• Monitor debt service, escrow balances, and insurance premium finance agreements.
• Support cash flow forecasting, refinancing analysis, and post-closing projections.
• Help with distribution calculations and capital account maintenance, including preferred equity waterfall calculations.

Required Qualifications

• Between three and five years of accounting experience, with strong preference for exposure to multifamily or mixed-use real estate.
• Solid understanding of core accounting principles, including general ledger, journal entries, balance sheet and profit & loss statements, as well as accrual versus cash basis reporting and conversions for various stakeholders.
• Experience managing or significantly contributing to month-end close processes.
• Fundamental knowledge of property accounting systems; experience with AppFolio or similar platforms like Yardi, MRI, or Entrata is advantageous.
• Comfort with multi-entity LLC structures, partnership accounting, and K-1 reporting or willingness to learn rapidly.
• Strong proficiency in Microsoft Excel.
• Experience with lender or CMBS servicer reporting is a plus.
• Detail-oriented, highly responsive, and confident in independently managing follow-ups and owning responsibilities.

Compensation & Work Environment

Salary is aligned with experience. The role is based primarily in-office in Midtown Manhattan Monday through Thursday, with the option to work remotely on Fridays.

Benefits and Career Growth

This position offers direct, daily interaction with company principals, transparency into acquisitions and financings, immediate support from staff, the autonomy to establish effective accounting functions, and a clear path to advance to Controller as the portfolio expands.