Asset Management: Real Estate and Public Private Partnerships
The responsibilities of Cornell University Real Estate and P3 Departments include:
- Acquisition, sale, leasing, development, encumbrance, and strategic planning of all of Cornell's real property assets
- Management, construction, and financing of non-academic real estate
- Management of Cornell's Public Private Partnerships
The office also manages Cornell's two real estate subsidiaries:
- Cornell Real Estate Services, Inc., a non-profit corporation
- Lenroc Real Estate Brokerage, Inc., a for profit corporation which performs taxable brokerage services
Real Estate Taxes
Cornell is one of the top 10 tax payers in Tompkins County. During 2019, $5.5 million in real estate taxes were paid on Cornell real estate.
Only university-owned land and buildings that are used for educational purposes are tax exempt. Many properties managed by the Real Estate Department pay property taxes, including the Business & Technology Park and the East Hill Plaza Shopping Center.
Questions about Cornell's real estate taxes and other financial contributions to the community should be directed to Gary Stewart, phone 607.255.4666.
Cornell's real estate projects help to strengthen the community by creating jobs. Companies in the Tech Park employ about 2,000 persons with an annual payroll of about $57 million being put into local economy. Seneca Place provides space for over 400 employees in the heart of downtown.
Part of the Real Estate Department's mission is to help "keep Ithaca a great place to live". A strong, vibrant Ithaca is very important to Cornell as it:
- Competes in attracting students
- Competes in recruiting and retaining faculty and staff
- Maintains a strong and happy workforce
- Encourages alumni to visit Ithaca and develop strong ties to Cornell
- Promotes the general reputation of the University
Cornell University Real Estate is a strong partner in the following local economic development organizations: