Naftali has signed a 99-year long-term ground lease valued at approximately $21.5 million with Snake River Development, managed by BNS Real Estate. The site offers flexibility in development plans, which can include market-rate rentals, affordable rentals or institutional use and 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.
Charles Kingsley from Avison Young represented the owner while Naftali represented themselves in this transaction. This long-term lease is expected to bring significant value to Gramercy and its surrounding areas.
