Recently, I went to NY for a ski/job interview trip (Thank you to those whose gave me great suggestion, we had a blast)
http://www.nsxprime.com/forums/showthread.php?t=62485
Yesterday, the guy called me to extend an offer with no salary figure mentioned. I'd like to have your input in the negotiation and see the Pros and Cons of moving to NYC.
Before that, I have to give you some background info. I am in commercial real estate due diligence/underwriting and my current job is my second out of college. Within the 5 years here, I got promoted from Analyst to Associate and then VP in 10/04. During that course, my salary increased roughly 25% annually with bonus typically equates 20-35% of my base (semi-annual pay out). I AM happy with my current situation in my company. However, Houston is a nice place to live but NOT where I want to have the major run for my career.
I came across this NY brokerage company in a previous job. I represented the buyer for a $60 MM shopping mall and they represented the seller. I discovered a flaw (not an obvious one, but costly) in their financial model and ended up saving the buyer a hefty chunk of money (IF only I get a % of that). A few months later, this gentleman from that NY company contacted me regarding interest in working in NYC. I want to see what they have to offer and kind of testing the market at the same time. That leads to a 4-hour interview and I met with 4 major partners and 3 senior VPs.
My current employer will more than likely have a counter offer and MIGHT relocate me to our NY office. However, that office has only 4 people and the working environment is not what I desire. The new position I will be hired for is 75% of my current job plus new area and establishing new contact, which are big pluses.
The following are a list of Pros & Cons I have for this move:
Pros:
- NYC is the financial capital of the world. It would reflect nicely on my resume.
- The new company is small (~20 total), but reputable in the industry.
- The new skills and contacts I can obtain from this new position can complement me nicely as I always work on the lending/buying side of the real estate transaction. This new job will lead me to have much better understanding to the sell side and putting deals together and structuring loan (creating value)
- Both my GF and I prefer a more “metro” living environment.
- Even IF this thing doesn’t work out (worst case), I can go back and work for my current employer’s NY office. Plus there are many more opportunities for my line of work in NY.
Cons:
- It’s NYC, one of the most expensive cities to live.
- Quality of life will be different. Where can I afford to park my NSX?
- Similar to the previous one. We own a 2,000 SF TH in Houston and it’s much tougher to buy a TH/condo in NYC for even 3 times the price we bought ours. We will very likely to live off Manhattan (Jersey, Queens, Brooklyn or Bronx…suggestions?).
Aside from that, what relocation package should I ask for (moving expense, temp housing and what else?) and how should I talk to my current employer about this matter? Sorry, this is probably the first time I really switch jobs. Last time I simply quit w/o looking back.
Sorry for the long post. Thank you in advance. :smile:
http://www.nsxprime.com/forums/showthread.php?t=62485
Yesterday, the guy called me to extend an offer with no salary figure mentioned. I'd like to have your input in the negotiation and see the Pros and Cons of moving to NYC.
Before that, I have to give you some background info. I am in commercial real estate due diligence/underwriting and my current job is my second out of college. Within the 5 years here, I got promoted from Analyst to Associate and then VP in 10/04. During that course, my salary increased roughly 25% annually with bonus typically equates 20-35% of my base (semi-annual pay out). I AM happy with my current situation in my company. However, Houston is a nice place to live but NOT where I want to have the major run for my career.
I came across this NY brokerage company in a previous job. I represented the buyer for a $60 MM shopping mall and they represented the seller. I discovered a flaw (not an obvious one, but costly) in their financial model and ended up saving the buyer a hefty chunk of money (IF only I get a % of that). A few months later, this gentleman from that NY company contacted me regarding interest in working in NYC. I want to see what they have to offer and kind of testing the market at the same time. That leads to a 4-hour interview and I met with 4 major partners and 3 senior VPs.
My current employer will more than likely have a counter offer and MIGHT relocate me to our NY office. However, that office has only 4 people and the working environment is not what I desire. The new position I will be hired for is 75% of my current job plus new area and establishing new contact, which are big pluses.
The following are a list of Pros & Cons I have for this move:
Pros:
- NYC is the financial capital of the world. It would reflect nicely on my resume.
- The new company is small (~20 total), but reputable in the industry.
- The new skills and contacts I can obtain from this new position can complement me nicely as I always work on the lending/buying side of the real estate transaction. This new job will lead me to have much better understanding to the sell side and putting deals together and structuring loan (creating value)
- Both my GF and I prefer a more “metro” living environment.
- Even IF this thing doesn’t work out (worst case), I can go back and work for my current employer’s NY office. Plus there are many more opportunities for my line of work in NY.
Cons:
- It’s NYC, one of the most expensive cities to live.
- Quality of life will be different. Where can I afford to park my NSX?
- Similar to the previous one. We own a 2,000 SF TH in Houston and it’s much tougher to buy a TH/condo in NYC for even 3 times the price we bought ours. We will very likely to live off Manhattan (Jersey, Queens, Brooklyn or Bronx…suggestions?).
Aside from that, what relocation package should I ask for (moving expense, temp housing and what else?) and how should I talk to my current employer about this matter? Sorry, this is probably the first time I really switch jobs. Last time I simply quit w/o looking back.
Sorry for the long post. Thank you in advance. :smile:
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