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New York & Tri-State  + Downtown New York + New York  + Office  |  September 6, 2023
Emily Fu
By: Emily Fu

Naftali Inks $22M Ground Lease in Gramercy 

Naftali has signed a 99-year long-term ground lease at 301-307 Third Avenue with Snake River Development, managed by BNS Real Estate.  

The long-term lease is valued at approximately $21.5 million and provides flexibility in development plans, which can include market-rate rentals, affordable rentals, or institutional use. The site has the potential for a maximum of 72,268 square feet of zoning floor area or 86,721 square feet with an Inclusionary Housing bonus.  

The owner was represented by Charles Kingsley, Neil Helman, Erik Edeen, James Nelson and Brandon Polakoff of Avison Young. The lessee represented themselves. 

Read More News Stories About: Avison Young
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Inside The Story

Charles Kingsley

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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