This article presents a new estimator of the pseudorange between a global navigation satellite systems (GNSS) satellite and a stand-alone receiver, and its application to GNSS-reflectometry (GNSS-R) altimetry. In our approach, we use as independent observations the difference between the code delay provided by successive acquisitions of the GNSS signal and the code delay truncated using the phase and Doppler information. We show that the mean value of these observations is an estimate of the first pseudorange of the observed time series. The ability of the proposed estimator to provide the centimeter accuracy is theoretically evaluated. In ground-based altimetry applications using GNSS signals, the direct pseudorange and the pseudorange associated to the reflected signal can be assumed to have the same dynamic evolution. Based on this assumption, the proposed estimate uses as observations the difference between the code delays obtained by successive acquisitions of both signals, without using phase measurement. The assessment of the method for ground-based GNSS-R is realized with real data.