Cornell Pace Inc. (CPI) manages over 3500 apartments and 70 commercial properties located in New York City and surrounding counties. Of those apartments, approximately 2400 are LIHTC units. Hundreds of transactions occur each day including billing, collecting and posting rent receipts, receiving, approving and paying vendor bills as well as payroll and payroll tax maintenance.
All accounting functions are transacted via the use of Yardi the most sophisticated property management software available for this market. We have networked 30 computers that in addition to recording all transactions, issue encoded checks and rent deposit tickets. In addition we employ a lock box for rent deposits which adds to our efficiency as well as security. A fringe benefit of the lock box is quicker access to the funds deposited.
Maintenance is handled by our staff who employs the services of independent contractors. Each contractor has had a great deal of experience in our buildings and accordingly is familiar with our properties and our superintendents. They understand our desire for quick, clean, safe and reasonably priced repairs. All repairs are monitored by our building agents and are also tracked by our computer system. Jobs are automatically posted to the appropriate building and/or apartment so that a record can be maintained for each job. This system is beneficial in maintenance management and is invaluable as evidence in court proceedings.
Legal matters are handled in-house by our paralegal staff and our landlord tenant law firm. We track ongoing steps of the legal proceeding by computer and each action of the process is posted to our tenant records so that at any time we can determine the status and result of the litigation.
A comprehensive set of standard monthly reports are provided to owners of each building to review all details of their property’s status at a quick glance.
In short we are equipped to manage a substantial number of buildings efficiently and productively and to provide detailed, accurate and timely management reports.
Cornell Pace Inc. was originally the result of an affiliation between Joel Gendels and Len Shendell. More recently they were joined by Bill Stanley, Mike Rogers and Nicholas Lindsay-Jones. Between them there are some 100 years of experience in the acquisition, syndication, financing, rehabilitation and management of various types of real estate properties. The purpose of this affiliation was to create an efficient, productive and profitable management organization with state of the art accounting and back office management systems as well as a highly trained staff. The result has been astonishingly successful.
If you would like more information, please contact:Joel Gendels