Cornell Pace

What Cornell Pace does

Cornell Pace Inc. is a privately held, fully integrated real estate management and investment company headquartered at 542 Main Street, New Rochelle, New York. Founded in 1993 through an affiliation between Joel Gendels and Len Shendell, the firm is wholly owned and operated by four principals (Gendels, William Stanley, Nicholas Lindsay-Jones, and Celeste Vasquez) with over 100 years of combined real estate management, development, acquisition, and syndication experience. The company manages over 6,000 apartments across Manhattan, Brooklyn, the Bronx, Queens, and Westchester, Rockland, Nassau, and Dutchess counties, with approximately half classified as affordable housing. Operations are built around the Yardi property management platform deployed across 50 networked computers, a lockbox rent deposit system, computerized maintenance tracking, in-house legal/paralegal staff, and ClickPay for online tenant rent payment.

The firm's product portfolio centers on two core service lines: Property Management (Yardi-based accounting, maintenance coordination, in-house legal services, rent collection) and Affordable Housing Services (IRS Section 42 and HUD Handbook certifications and re-certifications, LIHTC marketing and lottery services, and customized compliance reporting for institutional investors including JP Morgan Capital, PNC Tax Credit Capital, Regions Affordable Housing, Hunt Companies, Alliant Capital, and John Hancock Realty Advisors). It holds Pre-Qualified Partner status with the New York City Housing Authority (NYCHA) and Qualified Property Manager status with the NYC Department of Housing Preservation & Development (HPD), qualifying it to manage PACT developments and city-supported affordable housing.

The business model is B2B recurring property management services with fees typically structured as a percentage of collected rent or per-unit charges, billed monthly. Cornell Pace sells to three primary customer segments: private property owners and investors (horizontal), affordable housing developers and LIHTC syndicators, and government housing authorities (NYCHA, NYC HPD). Headcount is 51-100 employees; revenue is not publicly disclosed. Go-to-market is enterprise field sales via direct engagement, supported by regulatory credentials and institutional investor relationships rather than digital marketing channels.

Name

Cornell Pace

Legal name

Cornell Pace Inc.

Website

https://cornellpace.com

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

51–100 employees

Short description

Cornell Pace Inc. is a New Rochelle, NY-based property management firm managing over 6,000 residential apartments across New York City and surrounding counties, with approximately half in affordable housing. It serves property owners, developers, and government housing authorities (NYCHA, NYC HPD) with Yardi-based accounting, LIHTC/HUD compliance, and maintenance services.

Ownership category

akta.pro rank

Product category

Residential Property Management Services

NAICS

Real Estate Property Managers (53131), Residential Property Managers (531311), Services to Buildings and Dwellings (5617)

SIC

Real Estate Agents & Managers (For Others) (6531), Services-To Dwellings & Other Buildings (7340)

akta.pro primary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

Keywords

• Residential property management
• Affordable housing management
• LIHTC compliance services
• Multifamily housing management
• Real estate management services

Headquarters

HQ city

New Rochelle

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Property Management Fees: Property management services for residential apartments in New York City and surrounding counties. Manages over 6,000 apartments with fees typically structured as percentage of collected rent or per-unit charges.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Cornell Pace provides full-service residential property management for over 6,000 apartments in New York City and surrounding counties, including accounting, maintenance coordination, legal services, and rent collection. Approximately half of managed units are affordable housing, with specialized LIHTC and HUD compliance services covering marketing and lotteries, tenant certifications and re-certifications, and customized reporting for tax credit syndicators and investors. The firm is approved as a NYCHA Pre-Qualified Partner and as a Qualified Property Manager by NYC HPD.

Product overview

Cornell Pace is a fully integrated real estate management and investment company offering property management and affordable housing services as its core product portfolio. The company's primary offerings include Property Management (accounting, maintenance, legal services) and Affordable Housing Services (marketing/lotteries, certifications, compliance reporting). These services are delivered through integrated modules including Yardi-based accounting, contractor-managed maintenance, in-house legal services, and specialized affordable housing compliance operations. The company manages over 6,000 apartments across New York City and surrounding counties.

Differentiator

Problem solved

Functional benefit

Products and services

• Property Management Comprehensive property management services for residential apartment buildings in New York City and surrounding counties, covering accounting via Yardi software, maintenance coordination, legal services, rent collection, and tenant management. The service is delivered to property owners and investors across a portfolio of more than 6,000 apartments.
• Affordable Housing Management Services Specialized affordable housing management for LIHTC and HUD subsidized housing, including marketing and lottery services, tenant certifications and re-certifications, compliance reporting, and coordination with NYCHA, NYC HPD, NYSHCR, NYCHDC, and HUD oversight agencies. Used by affordable housing developers and investors managing tax credit and subsidized properties in the New York metropolitan area.
• Marketing and Lottery Services Preparation of Management and Marketing Plans for HUD subsidized housing, handling of lottery processes, applicant screening, and initial tenant placement in compliance with NYSHCR, NYCHDC, and NYC HPD guidelines.
• Accounting Services Full accounting services via Yardi property management software, covering billing, rent collection, vendor payment, payroll, and lockbox deposits, with monthly owner reporting. Offered to owners of managed residential properties.
• Maintenance Services Building maintenance delivered via in-house staff and independent local contractors, with computer-tracked job posting and oversight of repair work across the managed residential portfolio.
• Legal Services In-house paralegal staff and an affiliated landlord-tenant law firm handle legal matters for managed properties, with computer-tracked litigation proceedings and tenant record updates supporting court evidence.
• Tenant Certifications and Re-Certifications Initial move-in certifications following IRS Section 42 regulations for tax credit projects and HUD Handbook guidelines, plus annual re-certifications completed in-house by CPI staff for affordable housing tenants.
• LIHTC Compliance Reporting Monthly and quarterly property status reports, plus customized reports delivered to LIHTC syndicators and investors including Regions Affordable Housing, JP Morgan Capital Corporation, Hunt Companies, Alliant Capital, PNC Tax Credit Capital Group, and John Hancock Realty Advisors.

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• New York City Housing Authority (NYCHA)coreStrategic or Co-development PartnerCornell Pace is approved by NYCHA as a Pre-Qualified Partner, enabling them to manage PACT developments and public housing properties.
• NYC Department of Housing Preservation & Development (HPD)coreStrategic or Co-development PartnerCornell Pace is approved by NYC HPD as a Qualified Property Manager for managing affordable housing developments.

Scale indicators3 records

Expansion highlights5 records

Regional players

• Two Trees Management: Brooklyn-focused residential property manager affiliated with Two Trees Development. Comparable on NYC residential management expertise and owner/investor services, though with more development-adjacent positioning.
• Bettina Equities: NYC-based residential property manager handling market-rate and affordable housing across the five boroughs. Comparable on regional focus and B2B owner management services, though with different asset class mix.

Direct peers

• The Andrews Organization: Specialized affordable housing and LIHTC property manager serving NYC and surrounding regions. Highly comparable to Cornell Pace on affordable housing compliance focus, NYCHA/HPD engagement, and mid-market institutional investor reporting.
• Wavecrest Management: Affordable and mixed-income housing manager in the NYC metro with LIHTC and HUD specialization. Directly comparable to Cornell Pace on affordable housing compliance, tenant certification services, and syndicator reporting.
• Rose Associates: New York-focused residential and mixed-use property manager with deep affordable housing expertise. Closely comparable to Cornell Pace on NYC geographic focus, multifamily services, and affordable housing compliance capability.
• Clinton Management: NYC-based residential property manager with substantial affordable housing portfolio. Comparable to Cornell Pace on geographic concentration, LIHTC expertise, and B2B owner/investor service model.
• Lemle & Wolff: NYC-based residential property manager with significant affordable housing portfolio. Comparable to Cornell Pace on NYC market focus, multifamily management, and engagement with city housing programs.

Broad incumbents

• FirstService Residential: One of the largest residential property managers in North America, operating across luxury, market-rate, and affordable housing. Directly comparable to Cornell Pace on core residential property management services and institutional owner relationships, though at vastly greater scale and geographic breadth.
• Greystar Real Estate Partners: Largest apartment manager in the U.S. with extensive affordable and LIHTC exposure. Competes with Cornell Pace for institutional LIHTC mandates and large-portfolio contracts, while offering significantly greater scale and technology investment.

Others

• Yardi Systems: Industry-standard property management software platform that Cornell Pace uses as its core operating system. Adjacent peer as the underlying technology infrastructure provider, with strategic dependency on continued Yardi capabilities and roadmap.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cornell Pace