EXHIBIT 99.3


                       CONSENT OF LAZARD FRERES & CO. LLC

         We hereby consent to (i) the use of our opinion letter, dated October
11, 2006, to the Board of Directors of Wellsford Real Properties, Inc. (the
"Company"), included as Annex B to the Joint Proxy Statement/Prospectus which
forms a part of the Registration Statement on Form S-4 relating to the proposed
merger between the Company and Reis, Inc., and (ii) the references to such
opinion in such Joint Proxy Statement/Prospectus. Notwithstanding the foregoing,
it is understood that our consent is being delivered solely in connection with
the filing of the aforementioned Registration Statement. In giving such consent,
we do not admit and we hereby disclaim that we come within the category of
persons whose consent is required under Section 7 of the Securities Act of 1933,
as amended, or the rules and regulations of the Securities and Exchange
Commission thereunder, nor do we hereby admit that we are experts with respect
to any part of such Registration Statement within the meaning of the term
"experts" as used in the Securities Act of 1933, as amended, or the rules and
regulations of the Securities and Exchange Commission thereunder.

Dated: December 22, 2006

                                               LAZARD FRERES & CO. LLC



                                               By: /s/ Alan Riffkin
                                                   --------------------
                                               Name: Alan Riffkin
                                               Title: Managing Director